Canada: Clarification to reporting requirements for financial institutions under FATCA and CRS regimes

Changes apply from 1 January 2023

Financial institutions under FATCA and CRS regimes

New guidance from the Canada Revenue Agency (CRA) released on 10 March 2022 clarifies the reporting requirements when multiple financial institutions maintain the same financial account that are subject to FATCA and common reporting standard (CRS) due diligence and reporting requirements, among other changes.

The new guidance also adds anti-avoidance provisions that may apply when a person enters into an arrangement, or engages in a practice, the primary purpose of which can reasonably be considered to avoid their FATCA and CRS obligations.

Read a March 2022 report [PDF 180 KB] prepared by the KPMG member firm in Canada

 

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