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.

Due date

The Part XVIII Information Return (slips and summary) must be filed before May 1st of the following calendar year to which the information return applies.

When a due date falls on a Saturday, Sunday or public holiday recognized by the CRA, your return is considered on time if the CRA receives it or if it is postmarked on or before the next business day.

For example, returns for the 2020 tax year were due before May 2, 2021. Since May 1, 2021 was a Saturday, the due date was May 3, 2021.

Topics

• Registering for a U.S. identifier or CRA program account
  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 Web Forms or Internet file transfer (XML)
  Filing by using the Web Forms and Internet file transfer (XML) applications, XML specifications and schema.
• After you file a Part XVIII or Part XIX Information Return
  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 Electronic mailing list - Enhanced financial account information reporting to receive an email notice when new or updated information is posted on our website.

If you have any questions, go to Contact the Canada Revenue Agency (CRA).

If you need help

For more information on the electronic transmission of the return or the content, call 1-800-959-5525.

Related topics

• Enhanced financial account information reporting
  
• Guidance on the Canada-U.S. Enhanced Tax Information Exchange Agreement
• Intergovernmental Agreement for the Enhanced Exchange of Tax Information under the Canada–U.S. Tax Convention
• Income Tax Act: Part XVIII – Enhanced International Information Reporting
• FATCA foreign financial institution registration