Tim just provided to me these Canada Revenue Agency (CRA) documents (some last modified 3/22/2017) on implementation of the new Common Reporting Standard (CRS). You can imagine how the Government will use this in FATCA litigation.
Please look through these documents and their links. Anything unexpected?:
“…The automatic exchange of financial account information with the United States (U.S.) exists under the Canada-U.S. intergovernmental agreement for the Enhanced Exchange of Financial Account Information with respect to taxes signed on February 5, 2014.
Canada’s automatic exchange of financial account information arrangements with jurisdictions other than the U.S. has been implemented in accordance with the Common Reporting Standard (CRS). The implementation of the CRS legislation is effective July 1, 2017.” See link.
“…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…” Link
“Declaration of Tax Residence for Individuals – Part XVIII and Part XIX of the Income Tax Act If you are an individual and you are planning to open a financial account or if you already have a financial account with a Canadian financial institution, it may ask you to fill out this or a similar form.
Canadian financial institutions are required under Part XVIII and Part XIX of the Income Tax Act to collect the information you provide on this form to determine if they have to report your financial account to the Canada Revenue Agency (CRA). The CRA may share this information with the government of a foreign jurisdiction that you are resident of for tax purposes. In the case of the United States, the CRA may also share the information with that country’s government if you are a U.S. citizen…
Section 2 – Declaration of tax residence
Tick all of the options that apply to you.
— I am a tax resident of Canada. If you ticked this box, give your social insurance number.
— I am a tax resident or a citizen of the United States.
If you ticked this box, give your taxpayer identification number (TIN) from the United States. If you do not have a TIN from the United States, have you applied for one? Yes No
— I am a tax resident of a jurisdiction other than Canada or the United States.
If you ticked this box, give your jurisdictions of tax residence and taxpayer identification numbers…”