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ARTICLE · 05 SEPTEMBER 2016

New Penalty To Support The Common Reporting Standard

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Canada is now implementing a new international standard for the automatic exchange of financial account information between tax administrations referred to as the common reporting standard.

CanadaTax
John Sorensen
John Sorensen
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Canada is now implementing a new international standard for the automatic exchange of financial account information between tax administrations referred to as the common reporting standard ("CRS"). Implementation of the CRS in Canada will result in Canadian financial institutions reporting to the CRA regarding financial accounts they maintain for non-residents and certain other reportable persons. It is proposed that the new CRS requirements take effect starting on July 1, 2017. 

Previously, the draft CRS legislation released by the Department of Finance in April 2016 included requirements for the collection of information identifying reportable persons, including name, address, residency, taxpayer identification number ("TIN") and date of birth. The 2016 Legislative Proposals now supplement the earlier draft legislation by introducing a $500 penalty for the failure by a reportable person to provide their TIN when required. 

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