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Home News & Awards Canadian Revenue Agency Updates FATCA, CRS forms & XML Schema


CANADIAN REVENUE AGENCY UPDATES FATCA, CRS FORMS & XML SCHEMA

By Abigail Hawthorn
17.02.2022
Read Time: 3 minutes



CRA UPDATES FATCA, CRS FORMS & XML SCHEMA

Canada and their tax authority the Canada Revenue Agency (CRA) are one of many
countries that in the recent years joined the global tax cooperation to combat
international tax evasion.To increase tax transparency and ensure a fair and
equal tax system it was decided that a global coordinated approach to exchanging
and disclosing account information between tax authorities and participating
jurisdictions was needed and thus the Automatic Exchange of Information (AEOI)
agreement and the FATCA and CRS Regulations were created.

The most recent Canadian  AEOI update took place on the 5th of November 2021.
The Canada Revenue Agency (CRA) issued an updated XML schema, to be used for
filing information returns in 2022. The updated XML schema version 1-22-2 covers
information reporting under the Foreign Account Tax Compliance Act (FATCA) and
Common Reporting Standards (CRS). In addition the CRA also published revised
versions of the FATCA and CRS self-certification forms, and are expected to
release updated versions of the FATCA and CRS guidance. Forms listed below have
updated instructions and for individuals the inclusion of social insurance
number field. This number only needs to be provided by US persons or non
residents.


FATCA AND CRS SELF CERTIFICATION FORMS CRA UPDATES:

 * RC518 for declaration of tax residence for individuals for part of XVIII and
   Part XIX of the Income Tax Act

 * RC519, for declaration of the tax residence for entities for part XVIII and
   part XIX of the Income Tax Act

 * RC520, for declaration of tax residence for individuals for Part XIX of the
   Income Tax Act

 * RC521, for declaration of tax residence of the Income Tax Act




IGAS AND FATCA COMPLIANCE IN CANADA

Canada’s exchange and reporting of financial account information under the FATCA
regulation is governed by an International Agreement (IGA), which Canada signed
in 2014. This IGA stipulated that FFIs, located in Canada, will have to perform
tax due diligence by identifying and reporting all relevant account information
on all accounts held by U.S. residents or U.S. citizens living in Canada to the
CRA. The CRA then exchanges this information with the International Revenue
Service beginning 2015.

In June 2014, Part XVIII Enhanced International Information Reporting was added
to the Income Tax Act, which details the requirements and reporting obligations
of Canadian financial institutions to prove FATCA compliance.


CANADIAN FINANCIAL INSTITUTIONS REQUIREMENTS UNDER PART XVIII:

 * Canadian FIs must apply due diligence procedures to identify U.S. reportable
   accounts and accounts held by non–participating financial institutions

 * Canadian FIs must annually report to the CRA all relevant information
   required on a Part XVIII Information Return (slips and summary) before May
   2nd following the calendar year to which the information return applies.


 


CRS COMPLIANCE IN CANADA 

Canada’s exchange and reporting of financial account information with other
jurisdictions is governed under the CRS regulation. Canada is one of more than
100 jurisdictions that have committed to CRS since it was developed by the
Organisation for Economic Co-operation and Development (OECD) in 2014. CRS
similar to FATCA requires FFIs resident in a participating jurisdiction, in this
case Canada, to identify and report any tax residents or reportable accounts on
an annual basis to  the relevant tax authority, in this case the CRA. The CRA
then exchanges this information with the  participating jurisdictions beginning
in 2018. In addition FFIs in CRS adopter countries will need to ensure that they
stay up to date with the list of participating jurisdictions, as they’re
obligated to report their account holders from all of these participating
countries. 

In December, 2016, Part XIX Information Returns was added to the Income Tax Act,
which details the requirements and reporting obligations of Canadian financial
institutions to  prove their CRS compliance.


CANADIAN FINANCIAL INSTITUTIONS REQUIREMENTS UNDER PART XIX:

 * Canadian FIs must apply due diligence procedures to identify reportable
   accounts

 * Canadian FIs must annually report to the CRA all relevant information
   required on a Part XIX Information Return (slips and summary) before May 1st
   the following calendar year to which the information return applies.




CRA COMPLIANCE AUDIT AND NON-COMPLIANCE

It is expected that the CRA will soon commence FATCA and CRS compliance audits
to assess whether Canadian FIs have obtained valid FATCA and CRS
self-certification forms that establish whether their account holders are
reportable under either AEOI regime. Failure to maintain appropriate
documentation on financial accounts, failure to report information or submit
FATCA and CRS filings by the deadlines, or inaccurate reporting on reportable
accounts may all result in penal consequences including withholding and
financial penalties. Canadian FIs that fail to meet their FATCA and CRS
obligations may be liable for penalties up to $2,500 per account, per regime. 

In addition to the financial penalties, non-compliant Canadian FIs may be at
risk of serious reputational damage as in some cases tax authorities have been
known to publish cases of non-compliance with FATCA and CRS regulations, leading
to naming and shaming in the industry and media.

The CRA have been known to provide  discretionary  penalty  relief  based  on a
FIs remediation  efforts and the implementation of strong control measures. 


HOW CAN TAINA HELP?

With CRA audits and reporting deadline just around the corner, a large majority
of FFIs in  Canada are adhering to the FATCA and CRS requirements. These
Canadian FIs should be looking to address any potential implementation  gaps 
in  the  collection  and  validation  of  self-certifications forms for both the
onboarding of new accounts and ongoing monitoring of changes on existing
accounts.

TAINA’s fully-automated FATCA and CRS Validation Platform can help financial
institutions in  Canada lighten their compliance burden and prove their FATCA
and CRS compliance whilst improving efficiency, reducing cost, mitigating risk
and improving their overall customer and investor experience. Using our flexible
and lightweight platform you can automate and streamline your FATCA and CRS
validation process whilst ensuring you have good year-end data that will result
in clean FATCA and CRS reporting to tax authorities..

We would love to talk to you more about your current documentation validation
process and how our award winning FATCA and CRS Validation platform may add
value to your organisation.


For more information on how our fully automated FATCA and CRS Validation
platform can add value to your business, get in touch or request a demo to see
it in action.

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