How long has CRS been in effect?

CRS was developed in response to a G20 request and approved by the Organization for Economic Co-Operation and Development (OECD) on July 15, 2014. Canada, along with over 100 other countries, has agreed to comply with CRS, and incorporated CRS into our Income Tax Act on December 15, 2016.

July 1, 2017 was the start date, pledged by the Department of Finance, for all Canadian financial institutions to have procedures in place that identify, and report accounts held by non-residents to the Canada Revenue Agency (CRA).