Obligations
Enhanced Financial Account Information Reporting is a requirement under Canadian law which obligates financial
institutions to provide certain information to the Canada Revenue Agency (CRA), which in turn transfers that
information to:
The US as a result of US law commonly known as FATCA (reflected in Part XVIII of Canada’s Income Tax Act)
Other countries as a result of Canada’s adoption of the Common Reporting Standard (CRS) (incorporated under Part XIX of Canada’s Income Tax Act).
CRA’s Enhanced Financial Account Information Reporting (for both FATCA and CRS)