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. 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 identifying a foreign tax residency are required to complete a self-certification form attesting to their tax residency status.
For more information about CRS, visit http://www.oecd.org/