CRA Releases Updated CRS Guidance: CRS 2.0 And Other Matters

On July 2, 2026, the Canada Revenue Agency (CRA) published its updated Guidance on the Common Reporting Standard (Updated CRS Guidance).

The Updated CRS Guidance includes:

• Long-awaited changes addressing the legislative amendments to Part XIX of the Income Tax Act (CRS) relating to the amendments to the Common Reporting Standard set out in the Standard for Automatic Exchange of Financial Account Information in Tax Matters, as amended and approved by the Council of the Organisation for Economic Co-operation and Development in June 2023 (commonly referred to as CRS 2.0, Amended CRS or ACRS); and
• Other changes, referred to by the CRA as “small clarifications”, pertaining to CRS compliance.