New Reporting Rules for Banks Under International Tax Information Sharing

Official title: Changes to Part XIX of the Income Tax Act pertaining to the Amended Common Reporting Standard

Closed Regulations & Permits Finance & Consumer
The CRA consulted banks and insurers on how to implement updated international tax reporting rules. These changes help Canada share financial account information with other countries to catch tax evaders. The consultation focused on technical guidance and data formats—not whether to adopt the rules, but how to make them work.

Why This Matters

Have a bank account, investment, or insurance policy? Your financial institution already reports your account info to the CRA. These updated rules expand what gets shared internationally. For most Canadians, nothing changes day-to-day. But if you have accounts abroad or foreign ties, tax authorities worldwide will have better tools to spot unreported income.

What Could Change

Banks and insurers will need to collect and report more detailed information about account holders. The reporting format is being updated to match new OECD standards. Financial institutions may need to update their systems before the rules take effect.

Key Issues

  • Is the draft CRA guidance clear and practical for financial institutions?
  • Are the updated reporting schema and data formats workable?

How to Participate

  1. The consultation ran from October 27 to November 26, 2025. Financial institutions could email feedback on the draft guidance and schema updates to crsigag@cra-arc.gc.ca.

What Happened

The CRA will share the outcomes of the consultation following a review of the feedback received. No specific results have been published yet.

Key Documents