What is The Common Reporting Standard?
The Common Reporting Standard (CRS) is a new international standard for the automatic exchange of financial account information between tax authorities of over 100 countries. All information in respect of accounts in banks and other financial institutions held by individuals and entities identified as Canadian tax residents will be collected and sent to the CRA by tax authorities in over 100 countries. It is expected that the disclosure will be provided by over 80,000 banks, financial institutions and financial intermediaries in these countries.
Canada will begin sharing the banking and financial information in 2018 and will start collecting its share in July 2017.
TaxChambers LLP can help taxpayers, their financial advisors and accountants resolve any issues that may arise as a result of these new reporting requirements.
If you have any questions, please do not hesitate to contact any of our lawyers.
Please click here to download the April 2017 Edition of TaxChambers LLP Newsletter on The Common Reporting Standard (CRS).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.