11 May 2016 Canada's Department of Finance issues legislative proposals on implementation of OECD Common Reporting Standard The federal Department of Finance released draft legislative proposals on April 15, related to the implementation of the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard, as well as related explanatory notes, which provide the proposed framework for the implementation of the OECD Common Reporting Standard in Canada. Under the proposed legislation, a new part, Part XIX, will be added to the Income Tax Act (Canada) (the Act), which will contain the reporting and due diligence requirements of the standard as well as definitions that will apply for purposes of Part XIX of the Act. The proposed legislation also contains proposed amendments the Income Tax Regulations (Canada), adding section 9005 regarding prescribed non-reporting financial institutions and Section 9006 regarding prescribed excluded accounts. Document ID: 2016-0846 |
