The Canada Revenue Agency (CRA) recently posted updated guidance relating to the implementation of (and intersection between) the Canadian Common Reporting Standard (CRS) and the U.S. Foreign Account Tax Compliance Act (FATCA).

The guidance is meant to streamline the tax information collection and exchange requirements of the two regimes, and is being heralded by industry participants as beneficial to both financial services institutions and clients. In particular, the IIAC has lauded the guidance for having the dual benefit of minimizing net new requirements and costs for financial services institutions, and reducing confusion faced by clients. As well, the new guidance provides useful standardized tax residency certification forms for both the CRS and FATCA that can be used by financial services institutions if they so choose.