Canada Signs Multilateral Competent Authority Agreement
From the Canadian government website:
“The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P, Minister of National Revenue, today signed the international Multilateral Competent Authority Agreement (MCAA), an important step towards implementing the Common Reporting Standard for the automatic exchange of financial account information with other tax jurisdictions.
Economic Action Plan (EAP) 2015 reiterated the Government of Canada’s pledge to working with international partners to address international tax evasion and improve tax compliance, including a proposal to adopt the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard starting on July 1, 2017, with the first exchanges of financial account information beginning in 2018. Canada is one of more than 90 jurisdictions that have to date committed to implementing the Common Reporting Standard. As of May 2015, a number of jurisdictions, including Germany, the United Kingdom, and France have signed the MCAA.
By signing the MCAA, Canada will benefit from a coordinated arrangement to exchange financial account information efficiently and securely with other tax jurisdictions. This information will improve the Canada Revenue Agency’s (CRA) ability to detect and address cases of tax evasion and to protect the integrity of Canada’s tax system.”
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