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Canada: Updated CRS guidance

Updated guidance for due diligence and information reporting obligations under CRS

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January 23, 2026

The Canada Revenue Agency (CRA) on December 19, 2025, issued updated guidance for due diligence and information reporting obligations under the common reporting standard (CRS).

The CRA clarified the obligations of fund managers and dealers, expanded its guidance on the due diligence and reporting obligations of fund structures, clarified the guidance for undocumented accounts, and expanded the circumstances under which a partnership may be considered a Canadian resident for CRS purposes, among other changes.

The CRA did not update its FATCA guidance. As a result, new CRS guidance may differ from existing FATCA requirements.

Read a January 2026 report prepared by the KPMG member firm in Canada

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