Reporting and sharing of financial account information with other jurisdictions

These pages provide information for Canadian financial institutions and their account holders to help them understand the administrative aspects of the Common Reporting Standard (CRS).

The automatic exchange of information is a new international standard of tax cooperation. The new international standard exists as the CRS. More than 100 jurisdictions, including Canada, are committed to implement the CRS.

Under the CRS, financial institutions must take steps to identify certain accounts held by, or for the benefit of, non-residents and to report such accounts to the Canada Revenue Agency (CRA). The information would then be available for sharing with the jurisdiction in which the account holder resides for tax purposes under the provisions and safeguards of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters or the relevant bilateral tax treaty.

On December 15, 2016, Part XIX was added to the Income Tax Act, implementing the CRS due diligence and reporting obligations in Canada. This legislation together with the administration by the CRA will allow the CRA to exchange financial account information with participating jurisdictions beginning in 2018.

Forms and publications

• RC518 - Declaration of Tax Residence for Individuals – Part XVIII and Part XIX of the Income Tax Act
• RC519 - Declaration of Tax Residence for Entities – Part XVIII and Part XIX of the Income Tax Act
• RC520 - Declaration of Tax Residence for Individuals – Part XIX of the Income Tax Act
• RC521 - Declaration of Tax Residence for Entities – Part XIX of the Income Tax Act

Related links

• Legislation implementing the CRS

Organisation for Economic Co-operation and Development

• Standard for Automatic Exchange of Financial Account Information in Tax Matters
• CRS Implementation Handbook
• Multilateral Convention on Mutual Administrative Assistance in Tax Matters

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If you have any questions, please contact us.