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ARTICLE · 14 JANUARY 2026

New Year, New Compliance Obligations: CRA Releases Updated CRS Guidance

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Canada's implementation of the Organisation for Economic Co-operation and Development's Common Reporting Standard under Part XIX of the Income Tax Act...

CanadaFinance and Banking
Grace Pereira
Grace Pereira
Tony Zhang
Tony Zhang
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Canada's implementation of the Organisation for Economic Co-operation and Development's Common Reporting Standard under Part XIX of the Income Tax Act (CRS) imposes due diligence and reporting obligations on financial institutions. Financial institutions with CRS obligations include a wide array of entities such as banks, credit unions, insurance companies, trust companies, custodians, securities dealers, portfolio managers and collective investment vehicles (including, but not limited to, mutual funds, exchange traded funds, private equity funds, hedge funds, venture capital funds and leverage buy-out funds).

On December 19, 2025, the Canada Revenue Agency (CRA) released revised guidance on the CRS obligations of financial institutions (Amended Guidance).1 Of note, the CRA has not released revised guidance on the obligations of financial institutions under Part XVIII of the Income Tax Act (commonly referred to as FATCA) to harmonize these changes.

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