What is CRS?

Common Reporting Standard (CRS) was introduced to help governments around the world combat tax evasion and protect the integrity of tax systems.

CRS requires financial institutions to report details of all non-registered, foreign-held accounts to the tax authorities in the investor’s country of residence. This impacts all non-registered accounts held by investors who live outside of Canada—including accounts owned by individuals, companies, trusts or foundations.

What does this mean for non-resident investors?

Effective July 1, 2017, we require a self-certification form for all non-resident accounts held by investors who reside in foreign countries. The form tells us which country the investor lives in for tax purposes.

What should you do to comply with CRS?

If you have clients who are tax residents of a jurisdiction other than Canada or the United States, arrange for them to complete the following form. Once they’ve completed it, you should mail or fax it to us. (These same forms can also be found in the ‘FATCA & CRS Self-Certification Form’ section of this page.)

RC518 - Declaration of tax residence for individuals or RC519 - Declaration of tax residence for entities