The Conservative budget for 2015 Supplementary Information contains an Update on the Automatic Exchange of Information for Tax Purposes including:
Under the new standard, foreign tax authorities will provide information to the Canada Revenue Agency relating to financial accounts in their jurisdictions held by Canadian residents. The Canada Revenue Agency will, on a reciprocal basis, provide corresponding information to the foreign tax authorities on accounts in Canada held by residents of their jurisdictions. In order for the Canada Revenue Agency to obtain the information to be exchanged, the common reporting standard will require financial institutions in Canada to implement due diligence procedures to identify accounts held by non-residents and report certain information relating to these accounts to the Agency. It will not require reporting on accounts held by residents of Canada with foreign citizenship. The standard includes important safeguards to protect taxpayer confidentiality and ensure that the exchanged information is used only by tax authorities and only for tax purposes.
Note the statement:
It will not require reporting on accounts held by residents of Canada with foreign citizenship.
Unfortunately I don’t think that statement includes us–but I would love to be wrong about that.
Thanks to Tim for this find. Stephen has sent it to Joe Arvay.