Consultation Draft – for limited distribution
March 6, 2014
Guidance on Enhanced Financial Account Information Reporting – Part XVIII of the Income Tax Act
This guidance is released in draft to financial industry associations for comment in the context of a targeted consultation and is not for distribution to the broader public. Final guidance will be published on the website of the Canada Revenue Agency (CRA) subsequent to this consultation.
Legislative changes are required to implement the “Agreement between the Government of the United States of America and the Government of Canada to Improve International Tax Compliance through Enhanced Exchange of Information under the Convention between the United States of America and Canada with Respect to Taxes on Income and on Capital”, signed on February 5, 2014. On that day, the Department of Finance also published legislative proposals for comment and the guidance being offered is dependent on legislation being approved by Parliament in its proposed form. Industry associations are asked to provide feedback on this draft guidance by April 4, 2014 to CA-LPD.AC-DPL@cra-arc.gc.ca.
Again, those affected are out of the loop in discussion / consultation.