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CRS

Do you know the world is officially a global village?

on Tue, 08/01/2017 - 10:23

Effective July 1, 2017, Common Reporting Standard (CRS) was implemented in Canada under Part XIX of the Canadian Income Tax Act. CRS was developed by the Organization for Economic Co-operation and Development (OECD), with support of Canada and other G20 countries to combat global tax evasion and improve tax compliance. In another words, it is going to be harder and harder to try to avoid paying tax, no matter where you go in the world (except if you live in the third world countries).

What does that really means and what was changed?
All financial institutions are now required to collect and