Canada: Automatic Exchange of Tax Information with Switzerland
Department of Finance announced today:
“Canada intends to implement the CRS [Common Reporting Standard] starting on July 1, 2017, allowing a first exchange of information in 2018. As of the implementation date, Canadian financial institutions will be expected to have procedures in place to identify accounts held by non-residents and to report the required information to the Canada Revenue Agency (CRA). As the CRA formalizes exchange arrangements with foreign jurisdictions, having verified that each jurisdiction has appropriate capacity and safeguards in place, the information will begin to be exchanged on a reciprocal, bilateral basis.
Draft legislative proposals for implementing the CRS in Canada will be released for public comment in the near future.”
The complete Joint Declaration of the Government of Canada and the Swiss Federal Council is available here.
Robert Robillard, Ph.D., CPA, CGA, MBA, M.Sc. Econ.
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