Canada: Updated FATCA and CRS guidance
The Canada Revenue Agency issued updated guidance under the FATCA and CRS regimes.
The Canada Revenue Agency issued updated guidance under the FATCA and CRS regimes.
The Canada Revenue Agency (CRA) issued updated guidance under the FATCA and common reporting standard (CRS) regimes.
Both sets of revised guidance note that, in addition to obtaining the global intermediary identification number (GIINs) to determine an account holder’s status, Canadian financial institutions need to also obtain an attestation from the relevant jurisdiction confirming the entity’s status as a financial institution, or an attestation from the licensing authority confirming the validity of its license.
In addition, the FATCA guidance notes that First Home Savings Accounts (FHSAs) will be added under new subsection M to the list of excluded accounts. These accounts are exempt from review, identification, and reporting obligations.
Read a May 2024 report prepared by the KPMG member firm in Canada
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