Common Reporting Standard (Canada)
In an effort to combat cross-border tax evasion, the Organization for Economic Cooperation and Development (OECD) created the Common Reporting Standard (CRS) for over 100 participating jurisdictions to implement into local law in 2016 or 2017. Canada has announced that it intends to implement CRS effective July 1, 2017.
In accordance with the Common Reporting Standard and in line with existing obligations under Know Your Customer (KYC) regulations, Scotiabank will be collecting foreign resident tax information, including the Tax Information Number (TIN) from all new and existing customers opening an account, effective July 1, 2017.
For more information about Common Reporting Standard, visit the OECD.