Canada: Updated CRS guidance
The update broadens the circumstances under which a partnership may be considered a Canadian resident for CRS purposes.
The Canada Revenue Agency (CRA) in December 2025 released an updated version of its common reporting standard (CRS) guidance.
The update broadens the circumstances under which a partnership may be considered a Canadian resident for CRS purposes, while narrowing the conditions under which a trust will be treated as a Canadian resident. As a result of this change, certain partnerships may now have CRS due diligence and reporting obligations in Canada, even if they are subject to CRS obligations in another jurisdiction.
Read a January 2026 report prepared by the KPMG member firm in Canada