Consultation on the Canada Revenue Agency’s guidance related to the draft Common Reporting Standard amendments
The Common Reporting Standard (CRS) is a global framework that helps participating jurisdictions automatically exchange financial account information. It was introduced by the Organization for Economic Co-operation and Development (OECD) to combat international tax avoidance and evasion.
On August 15, 2025, the Department of Finance Canada released draft legislative amendments to the CRS in response to the increasing digitization of financial markets. The draft amendments aim to enhance the scope of reported financial account information, improve the overall effectiveness of the standard, and help detect and prevent tax avoidance and tax evasion.
The Canada Revenue Agency (CRA) is responsible for providing guidance to help financial institutions meet the new requirements once they come into force.
To allow them to prepare for new requirements, the CRA is updating its guidance and reporting schema based on the draft amendments, new OECD schema, and other required changes specific to Canada’s domestic reporting framework to better align with the CRS.
Consultation process
From October 27 to November 26, 2025, the CRA will consult financial institutions for their feedback on the draft guidance and the schema updates. The feedback will be used to publish CRA guidance that is practical and clear and that helps financial institutions prepare for the changes once royal assent is received.
Please note that the draft updates are based on the draft legislative amendments released by the Department of Finance on August 15 and may not be representative of the final legislation that may be tabled in the future. Please also note that the updates to the reporting schema are based on the new OECD schema, and other changes required to align Canada’s reporting framework with the CRS.
How to participate
Participation is by invitation only. The CRA will invite financial institutions to attend a meeting to discuss the draft CRS guidance and the reporting schema.
Related information
- Guidance on the Common Reporting Standard
- Part XIX Information Return, International Exchange of Information on Financial Accounts
Contact us
For more information about the consultation, email us at crsigag@cra-arc.gc.ca.