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) which over 160 participating jurisdictions have implemented into local law since 2016. In Canada, CRS was implemented on July 1, 2017.
In accordance with the Common Reporting Standard and in line with existing obligations under Know Your Customer (KYC) regulations, Scotiabank collects foreign resident tax information, including the Tax Identification Number (TIN) from all new customers.
Existing customers opening new in-scope accounts or providing information indicating a foreign tax residency are required to complete a self-certification form attesting to their tax residency status.
For more information about CRS, visit https://www.oecd.org/