Note: This blog was written by William Dos Santos,
CA
As part of its continuing drive to clamp down on international
tax evasion and aggressive tax avoidance, on January 7, 2015, the
Federal Government announced the rollout of the Canada Revenue
Agency's (CRA) new Electronic Fund Transfer (EFT) Reporting
regime.
EFT Reporting has been with us for some time now, with information
on bank transactions already being provided to the Financial
Transactions and Reports Analysis Centre of Canada (FINTRAC) under
separate crime prevention legislation. FINTRAC requires financial
institutions to report international EFTs in certain cases. The
requirements to complete this reporting falls to "reporting
entities" in Canada, is very wide-ranging and is designed to
capture as much of Canada's financial system as possible.
Reporting Entities include banks, co-operative societies, trust and
loan companies, savings and credit unions, casinos, Crown
corporations and money service
