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Canada To Adopt Latest Tax Transparency Standard

by Mike Godfrey, Tax-News.com, Washington

19 April 2016


The Canadian Government has released for consultation draft legislative proposals to implement the Common Reporting Standard (CRS) from July 1, 2017.

As of that date, Canadian financial institutions would be required to have procedures in place to identify accounts held by non-residents. They would then need to report certain information to the Canada Revenue Agency (CRA).

Canada is one of more than 90 jurisdictions committed to implementing the CRS. The CRA is currently formalizing exchange agreements with other jurisdictions. It will seek to verify that each jurisdiction has the appropriate capacity and safeguards for the exchange of information. The information would then be exchanged on a reciprocal, bilateral basis with the jurisdiction in which the account holder is resident.

The Finance Department said that the information the CRA receives from partner jurisdictions will help Canada to better fight tax evasion, ensure tax compliance, and protect the integrity of the tax system.

The consultation closes on July 15, 2016.

This consultation follows the announcement of a raft of new anti-evasion measures.

The Government has said it will establish an Offshore Compliance Advisory Committee (OCAC) to develop strategies to help alleviate and discourage offshore non-compliance and provide the CRA with advice on measuring the tax gap. The CRA will also hire additional auditors and specialists, and increase the number of examinations focused on high-risk taxpayers from 600 to 3,000 a year. 100 additional auditors will investigate high-risk multinational corporations, and the CRA will create a special audit program dedicated to stopping the organizations that create and promote tax evasion and avoidance schemes.

TAGS: compliance | Finance | tax | tax compliance | banking | financial services | audit | tax authority | offshore | agreements | multinationals | Canada | revenue statistics | financial reporting | services

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