Canada: Updated CRS 2.0 guidance
Effective January 1, 2027
The Canada Revenue Agency (CRA) on July 2, 2026, released an updated version of its CRS guidance to reflect the OECD's 2023 amendments to the CRS 2.0. The CRA has indicated that CRS 2.0 is scheduled to take effect under Canada's domestic framework from January 1, 2027.
The key updates include:
- Enhanced reporting requirements (Chapter 12.60)
- Transitional provisions (Chapter 12.57)
- Amended due diligence requirements
- Expansion of reporting entities and reportable accounts
- New categories of excluded accounts
- Non-reporting financial institutions
Read an August 2026 report (updated) prepared by the KPMG member firm in Canada