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Information about how the CRS may affect Global Banking and Markets clients.
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Information about how the CRS may affect Private Banking clients.
Commercial Banking – Canada
The Common Reporting Standard (CRS) is a new information-gathering and reporting requirement for financial institutions in participating countries, to help fight against tax evasion and protect the integrity of tax systems.
The CRS seeks to establish the tax residency of customers. Under Canadian legislation relating to the CRS, financial institutions are generally required to identify customers who appear to be tax resident outside of Canada and the U.S., and report certain information to the Canada Revenue Agency, which may then be shared with the tax authority where you are tax resident.
Under Canadian legislation relating to the CRS, tax authorities require financial institutions such as HSBC Bank Canada to collect and report certain information relating to their customers’ tax status.
If you open a new business account, invest in new financial products or change your circumstances in some way, we will ask you to certify a number of details about yourself. This process is called “self-certification” and we are required to collect this information under the CRS.
All financial institutions – that includes banks, insurers and asset management businesses – in Canada are required to comply with the CRS legislation in Canada.
In line with the CRS requirements, we may ask for:
Generally, an entity will be a tax resident of a jurisdiction if, under the laws of that jurisdiction, it pays or should be paying tax there because of its domicile, residence, place of management or incorporation, or a similar criterion. Please contact a professional tax adviser or visit the Canada Revenue Agency website for more information on how to determine your tax residency, as HSBC Bank Canada cannot give tax advice.
Canadian legislation relating to the CRS requires financial institutions to identify account holders who are tax resident outside Canada and the U.S. Canadian legislation relating to FATCA requires financial institutions to identify account holders who are U.S. Persons.
Under Canadian legislation relating to the CRS, we are required to determine the tax residency status of all our account holders.
If there is a change to your tax residency or U.S. Person status please notify us immediately. We may ask you for a new or updated self-certification form.
Canadian legislation relating to the CRS generally requires financial institutions to report account information for account holders tax resident outside Canada and the U.S.
Yes. Customer information is protected by a strict code of secrecy and security (82KB, PDF) which all members of the HSBC Group are subject to, including our staff and third parties. HSBC Bank Canada will only disclose this information to the Canada Revenue Agency if it is legal to do so under local law.
Customer information is protected by a strict code of secrecy and security (82KB, PDF) which all members of the HSBC Group, their staff and third parties are subject to.
The information provided in the self-certification form, and details about the accounts, products and services you have with us, including:
For a list of countries participating in the CRS, alongside the dates that they will start exchanging information, please see the OECD CRS portal – CRS by jurisdiction.
For further information on your tax residency, please refer to the rules governing tax residence that have been published by each national tax authority. You can also find out more on the Canada Revenue Agency website and the OECD CRS portal.
Page last updated September 2018
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