ARTICLE · 22 AUGUST 2016

Common Reporting Standard Legislative Proposals Published In Canada

Stikeman Elliott LLP

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On July 29, 2016, the Department of Finance Canada released for public comment a package of draft legislative proposals and explanatory notes relating to a number of measures announced in the 2016 federal budget.

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Stikeman Elliott LLP

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On July 29, 2016, the Department of Finance Canada released for public comment a package of draft legislative proposals and explanatory notes relating to a number of measures announced in the 2016 federal budget, which included, amongst other proposals, the introduction of a Common Reporting Standard penalty and relating consequential amendments to the Income Tax Act (the ITA).

Specifically, the proposed amendments will incorporate new section 281 into the ITA and will require that a "reportable person" must provide its taxpayer identification number, or "TIN" (the number used by the Minister of National Revenue to identify an individual or entity), to any person required to make an information return under the Common Reporting Standard (CRS) to be implemented in Canada as of July 1, 2017. This section also empowers the Minister of National Revenue to assess a $500 penalty against any reportable person for each failure to provide its TIN upon request.

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