As part of the G20 discussions, Canada has signed on as a second wave adopter for the Organisation for Economic Co-operation and Development (OECD) Common Reporting Standard (CRS) which means our clients must be prepared by completing their due diligence on time and ready to report for the 2017 tax year.
The OECD CRS handbook has "rules" that are to be followed; however, each "rule" can be overwritten by each jurisdictional country. These types of rules can be broken down into the following:
- Due Diligence
- Reporting to the CRA (through an XML format)
As part of our OECD CRS readiness initiative, we are working very closely with our clients to identify functionality that is relevant to their business process needs. Through thought partnership we distribute overview documentation on a monthly basis providing industry, regulatory and project updates as well as conduct monthly meetings with our clients to ensure that their business needs are met through a collaborative solution.
L&T Canada’s compliance team also participates in many IFIC and CLHIA groups/sub-groups around the OECD CRS discussions.
Note: The CRS is known by a few names out there in case you hear them… GATCA, OECD, CRS, OECD CRS, AEoI, Global FATCA