New reporting requirements for financial accounts

June 8, 2017 – Under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS), effective June 30, 2017 financial institutions have to identify account holders who are non-residents of Canada or U.S. citizens by following due diligence procedures. Members may be asked to certify or clarify their tax residence to Kindred including declaring Canada or U.S. citizenship and producing documents, such as a driver’s license. Canadian financial institutions require this information from account holders to satisfy their obligations for tax reporting to the Canada Revenue Agency (CRA).

FATCA and the CRS, also known as the international standard for the automatic exchange of financial account information between tax administrations, are designed to improve tax compliance. The agreement with the U.S. and the CRS are strictly information-sharing agreements, do not involve any new or higher taxes, and have no effect on your foreign filing or reporting requirement.

For more information on the agreement with the U.S. and on the CRS, please visit the Department of Finance Canada or the Organization for Economic Co-operation and Development (OECD) sites.

NOTE: This is provided as a general source of information and should not be considered personal taxation advice. We are not tax advisors and we recommend that members seek independent advice from a professional advisor on tax related matters. For additional information, including a more detailed overview of these new reporting requirements or the associated self-certification forms, please visit the Canada Revenue Agency (CRA) site at www.cra-arc.gc.ca.

 

Online Banking

Toggle the login portlet up and down to login.