Share on LinkedInShare on LinkedIn

ARTICLE · 29 MARCH 2022

Latest FATCA/CRS Guidance: Changes Relevant To The Asset Management Industry

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Contributor
Borden Ladner Gervais LLP

Borden Ladner Gervais LLP

With over 750 lawyers, intellectual property agents and other professionals, BLG services...

View firm profile
Explore more from Borden Ladner Gervais LLP

Most participants in Canada's asset management industry are Canadian financial institutions (FIs) that are subject to due diligence and reporting obligations in respect of the Foreign Account Tax Compliance Act (FATCA)...

CanadaFinance and Banking
Grace Pereira
Grace Pereira
Tony Zhang
Tony Zhang
Author LinkedIn connections

What you need to know

  • Most participants in Canada's asset management industry are Canadian financial institutions (FIs) that are subject to due diligence and reporting obligations in respect of the Foreign Account Tax Compliance Act  (FATCA) and the Common Reporting Standard (CRS) as set out in Parts XVIII and XIX of the Income Tax Act1 (ITA), respectively.
  • On March 10, 2022, the Canada Revenue Agency (CRA) released updated guidance on Parts XVIII and XIX of the ITA (collectively referred to as the Latest Guidance) that impact these FIs.
  • This article addresses the changes in the Latest Guidance that affect arrangements where multiple FIs maintain the same account.

The Latest Guidance also clarifies or amends the CRA's administrative positions on FATCA and CRS compliance issues that impact FIs more broadly. To see our discussion on these other changes, please refer to our article Latest FATCA/CRS Guidance: What Canadian financial institutions need to

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Prediction Markets In Canada: A Category-by-Category Regulatory Framework

Canadian regulators have established a category-by-category framework for prediction markets, permitting certain economic and financial event contracts through securities dealers while directing sports and entertainment contracts outside that regime. This emerging approach creates distinct regulatory pathways depending on contract structure and underlying event type, raising critical questions about classification, market integrity, and compliance for platforms, dealers, and financial institutions navigatin
CanadaFinance and Banking
Bennett Jones LLP
Bennett Jones LLP
Article

Speculation Or Security: Canada’s Evolving Regulatory Framework For Prediction Markets

Canadian securities regulators have established a limited framework for prediction markets, restricting which event contracts can be offered to investors and under what conditions. While certain economic and financial forecasts may be traded through authorized dealers, contracts based on political events, sports, or entertainment remain prohibited, and compliance with securities law does not resolve potential exposure under criminal gambling provisions.
CanadaFinance and Banking
McMillan LLP
McMillan LLP
Article

OSC Releases Crypto Asset Survey Results

The Ontario Securities Commission's 2026 survey reveals significant shifts in Canadian cryptocurrency adoption, awareness, and sentiment. With ownership rates more than doubling since 2023 and a growing belief that crypto will play a key role in Canada's financial system, the findings paint a picture of an evolving landscape where traditional financial advisors increasingly recommend crypto investments, yet regulatory awareness remains surprisingly low among the general population.
CanadaFinance and Banking
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Article

From Duties To Import Bans: The Canada–U.S. Tariff War After The Collapse Of Negotiations

The United States has escalated its trade dispute with Canada by imposing import bans on alcoholic beverages, dairy products, and motorcycles under Section 338 of the Tariff Act of 1930, while Canada responds with matched counter-tariffs on $27.6 billion worth of U.S. goods. Following the collapse of bilateral negotiations in August 2026, both nations have entered an unprecedented phase of trade restrictions that extends beyond traditional tariffs to include procurement exclusions and threatens further auto
GlobalInternational Law
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

Canada Investment Summit 2026: What Business Leaders Need To Know

Canada's inaugural Investment Summit in September 2026 aims to attract $1 trillion in investment across defence, infrastructure, Indigenous partnerships, technology, energy, critical minerals and agriculture. This analysis examines the federal measures shaping the Summit's agenda and outlines the key legal, regulatory and structuring considerations businesses and investors should evaluate when assessing nation-building opportunities in Canada.
CanadaGovernment, Public Sector
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

New Churchill Falls Agreement: Key Terms For Newfoundland And Labrador, Québec And Canadian Power Markets

Newfoundland and Labrador's House of Assembly has approved a landmark definitive cooperation and implementation agreement that would replace the 1969 Churchill Falls Power Contract, pair the redevelopment of Churchill Falls with the Gull Island project, and establish new transmission pathways through Québec. The agreement faces political uncertainty in Québec ahead of the October 2026 provincial election...
CanadaEnergy and Natural Resources
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

SCC Clarifies When Administrative Errors Are “irregularities” Requiring Annulment Of Election

The Supreme Court of Canada annulled a federal election in Terrebonne, Quebec after a single mail-in ballot went uncounted due to an Elections Canada administrative error—a postal code mistake that directly affected the one-vote margin of victory. In a 6-3 decision, the majority clarified that serious administrative errors can constitute "irregularities" under the Canada Elections Act even without fraud or intentional wrongdoing, fundamentally reshaping how courts balance electoral integrity against v
CanadaLitigation, Mediation & Arbitration
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

New AI Safety Standard Relevant To Canadian School Boards

A major U.S. vendor agreement has established a rigorous new AI safety standard for educational technology, prohibiting the use of student data for AI training and enforcing strict data minimization. While the standard does not directly bind vendors in Canada, Canadian school boards can leverage this precedent to demand equivalent contractual protections and strengthen their own AI governance frameworks.
CanadaTechnology
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP