Share with your friends

Canada: Updated post-filing instructions for FATCA, CRS returns

Canada: Updated post-filing instructions for FATCA, CRS

The Canada Revenue Agency (CRA) updated the post-filing instructions for FATCA and common reporting standard (CRS) returns.


Related content

Some of the updated post-filing instructions include the following:

  • Information regarding procedures to be followed in order to obtain information related to the notification of errors from the CRA
  • Updated general instructions related to amending, cancelling or fixing records after they are filed or when addressing a notification of errors from the CRA
  • Updated instructions indicating that amended returns cannot be filed without a “slip” and any reporting financial institution record can be cancelled only when all of its associated slips are cancelled
  • New provisions on elements required for amending, cancelling or fixing a record and the procedures for targeting records and maintaining appropriate chains

Additionally, from May 2021, if more than one original return has been filed, or a “fixed return” has been filed, this will result in the creation of more than one chain for the reporting financial institution. The correct chain must be targeted when filing an amendment, cancellation of or fixing a record, and the reporting financial institution must keep track of which slips belong to which chain.

Read a July 2020 report [PDF 80 KB] prepared by the KPMG member firm in Canada

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Want to do business with KPMG?


loading image Request for proposal