Canadian financial institutions will have until September 1, 2020 to make certain filings due to the COVID-19 outbreak.
The CRA announced that it would extend the reporting deadlines for information returns related to the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) to September 1, 2020 (from May 1, 2020). In addition, the CRA indicated that for accounts opened before January 1, 2021 it would not apply penalties for failure to collect a self-certification under the FATCA and CRS rules at the time the account is opened.
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