Common Reporting Standard (CRS)

Background

The Common Reporting Standard (CRS) is a new international standard for the automatic exchange of financial account information between tax jurisdictions for the purposes of fighting tax evasion and promoting voluntary compliance with tax laws. Canada and close to one hundred other jurisdictions have committed to the implementation of CRS and the CRS is endorsed by the Organization for Economic Co-operation and Development (OECD), the G20 and other international bodies as the new international standard for the automatic exchange of tax information.

The Government of Canada passed laws to implement CRS in Canada in 2016.

What this means for members

Effective July 1, 2017 Prospera, along with all other Canadian financial institutions, will be required to collect foreign resident tax information, including the Tax Information Number (TIN) from all new members (individuals and businesses) that open an account. Some existing members will also be requested to declare their tax residency when making any changes to their personal information.

Member and account details of foreign tax residents and U.S. Persons will be reported to the CRA.

How can I get more information?

If you would like more information on the CRS, please visit the Canada Revenue Agency or OECD website.

Our response to the Canadian tax regulations associated with CRS will be held to the same high standard we use today to comply with British Columbian privacy laws and our commitment to member privacy.

 

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