How to complete and file a Part XVIII Information Return – International Exchange of Information on Financial Accounts slips and summary
Under Part XVIII of the Income Tax Act, Canadian financial institutions are required to:
- apply due diligence procedures to identify U.S. reportable accounts and accounts held by non–participating financial institutions; and
- annually report to the Canada Revenue Agency (CRA) the information required on a Part XVIII Information Return.
The following information relates to the reporting aspect — how to complete and file the new return. These instructions are to be used in conjunction with the Guidance on Enhanced Financial Accounts Information Reporting – Part XVIII of the Income Tax Act, XML specifications and schema. The guidance document provides details on due diligence and reporting obligations. It is also designed to help financial institutions prepare for the release of that information return.
The Part XVIII Information Return (slips and summary) must be filed before May 2nd following the calendar year to which the information return applies. For example, returns for the 2016 tax year are due before May 2, 2017. If May 1st is a Saturday or a Sunday, your information return is due the next business day.
As of January 2018, you are able to enter a trust number in the "business number" field. We also introduced the "fixed" return type for Part XVIII information returns.
As of January 2019, a new tag, called “Filer Category” will need to be added and completed under Reporting FI or Sponsor. The Individual and Controlling Person TIN field(s) is also changing to allow specific alpha characters.
For more information, go to Completing Part XVIII Information Return slips and summary and the XML specifications.
- Registering for a U.S. identifier, CRA RZ program account, access to CRA My Business Account or Represent a Client and Web access code
Do you need a separate BN RZ program account? Did you know you need access to My Business Account or Represent a Client? Do you need a Web access code?
- Completing Part XVIII Information Return slips and summary
Substantial variations from other information returns and how to complete account holders' slips and summary information.
- Electronic filing only by using Internet file transfer (XML) or Web Forms
Filing by using the Web Forms and Internet file transfer (XML) applications, XML specifications and schema.
- After you file
Amending, cancelling or adding records, accessing your list of incomplete records on the CRA login services (My Business Account or Represent a Client).
- Penalties and interest
Late–filing and failure to file, failure to provide information, using the identification number, interest, cancelling or waiving penalties and interest, notices.
Electronic mailing list
Subscribe to Enhanced financial account information reporting electronic mailing list to receive an email notice when new or updated information is posted on our website.
If you have any questions, please contact us.
If you need help
For more information on the electronic transmission of the return or the content, call 1-800-959-5525.
- Enhanced Financial Account Information Reporting (home page)
- Guidance on Enhanced Financial Accounts Information Reporting (due diligence and reporting obligations)
- Intergovernmental Agreement for the Enhanced Exchange of Tax Information under the Canada–U.S. Tax Convention
- Legislation (select "Part XVIII – Enhanced International Information Reporting")
- Registering for a GIIN
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