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ARTICLE · 26 OCTOBER 2022

Winter And FATCA/CRS Audits Are Coming For Financial Institutions

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The Canada Revenue Agency (CRA) will shortly begin on-site audits of financial institutions (FIs) for purposes of Part XVIII (FATCA) and Part XIX (CRS) of the Income Tax Act.

CanadaAccounting and Audit
Natalie Goulard
Natalie Goulard
Tony Zhang
Tony Zhang
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The Canada Revenue Agency (CRA) will shortly begin on-site audits of financial institutions (FIs) for purposes of Part XVIII (FATCA) and Part XIX (CRS) of the Income Tax Act. Earlier this year, CRA officials responsible for FATCA/CRS provided useful information on the scope of such audits, as well as what FIs can expect with respect to the assessment of penalties for non-compliance.

What you need to know

  • The CRA has already been conducting desk reviews of certain FIs. These reviews are off-site "audits" that generally involve the CRA examining the FI's FATCA/CRS policies and procedures.
  • The CRA expects to begin on-site FATCA/CRS audits sometime in late 2022 or early 2023. The occurrence of a desk review is not a prerequisite to an on-site audit.

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