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CRS overview

Retail Banking and Wealth Management - Canada

Governments around the world are introducing a new information-gathering and reporting requirement for financial institutions to help fight against tax evasion and protect the integrity of tax systems. This is known as the Common Reporting Standard (“the CRS”), as coordinated by the Organisation for Economic Development (OECD). Draft legislation to support the implementation of the CRS in Canada was announced on April 15th, 2016.

Canada will implement the CRS starting July 1, 2017.

What it means to you

Under the CRS, we need you to self-certify where you are “tax resident”. Even if you have previously provided us with information relating to Foreign Account Tax Compliance Act (FATCA), we need you to provide it again for CRS purposes – the CRS is governed by different provisions of Canadian law.

If you are tax resident outside Canada or the U.S., then we may be required to provide details, to the Canada Revenue Agency (CRA), along with other information relating to your account(s). The CRA may then share this information with the tax authority of the country (or countries) where you are tax resident.

What do you need to do?

To confirm your status under the CRS, we may ask you to complete the appropriate self-certification form and return it to your branch or relationship manager. If you have multiple relationships with us, you may receive more than one request for information.

There are two types of self-certification forms for the CRS.

Questions?

If you have any specific questions regarding tax residency or the CRS, please contact a professional tax advisor as we are unable to provide tax advice. You may also visit the CRA website for more information Canada Revenue Agency.

Page last updated June 2017