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Quick Facts on CRA’s Efforts to Combat Offshore Tax Evasion and Aggressive Tax Evasionin Canadian Government News and Updates
- In 2017, Canada implemented the Common Reporting Standard (CRS) to provide CRA with information on Canadian’s overseas financial accounts.
- Under the CRS, Canadian financial institutions are required to identify non-resident’s financial accounts and to provide account details annually to CRA. The CRA then shares this information with foreign jurisdictions.
- Information collected under the CRS includes names, addresses, account numbers, balances and interest payment amounts.
- More than 100 jurisdictions are participating in this initiative.
- Canadians who have financial accounts in jurisdictions that are CRS partners with Canada will now have their account details shared with CRA annually.
- Since January 2015, the CRA has been automatically accessing all international Electronic Funds Transfers (EFTs) of more than $10,000 entering or leaving the country.