Common Reporting Standard

The Common Reporting Standard (CRS) is a global standard developed by the Organization for Economic Co-operation and Development to enable the exchange of tax related information between participating countries. The purpose of the CRS is to combat cross-border tax evasion.

Over 100 countries are currently participating, with CRS being implemented in Canada effective July 1, 2017. To be compliant with CRS, Implicity will be collecting foreign resident tax information from all new memberships starting July 1, 2017.

More information about CRS is also available on the Canada Revenue Agency's website.

 

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