CRA publishes new compliance guidance for CRS, FATCA
Partly in response to the U.S.'s FATCA initiative to collect taxes from its citizens who live abroad, 60 other countries, including Canada, have signed on to the Common Reporting Standard, which creates an international tax-collection system
The Federal Court of Canada has addressed the legality of exchanging tax information, but left open the question of its constitutionality
The CRA’s update of its guidance notes will include several changes
Initial deadline for compliance with U.S. tax legislation is July 1
The revisions to the program are good news for Americans living in Canada
Deferral would place a more costly and difficult compliance burden on Canada’s investment industry
Looming July 1 implementation deadline raises concerns
Complying with domestic regime
Agreement benefits mutual fund investors