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ARTICLE · 08 SEPTEMBER 2025

Proposed Changes To Compliance Obligations Under CRS

Borden Ladner Gervais LLP
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On Aug. 15, 2025, the Department of Finance released for consultation draft legislative proposals that would implement a number of previously announced and other tax measures.

CanadaTax
Grace Pereira
Grace Pereira
Tony Zhang
Tony Zhang
Alexander (Alex) Gall
Alexander (Alex) Gall
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On Aug. 15, 2025, the Department of Finance released for consultation draft legislative proposals that would implement a number of previously announced and other tax measures. These proposals included amendments to Part XIX (CRS) of the Income Tax Act (Tax Act), which implements the Organisation for Economic Co-operation and Development's Common Reporting Standard in Canada.

The proposed amendments to CRS introduce various changes to the obligations of a reporting financial institution (FI), as explained further below. FIs include members of the asset management industry (including investment funds, securities dealers, investment advisors and custodians), credit unions, banks, insurers and trust companies.

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