Understanding CRS

The Common Reporting Standard (CRS), generally known as the Global FATCA, is a regulation initiated by the Organization for Economic Cooperation and Development (OECD), aimed at preventing tax evasion and leading to a global automatic exchange of information between CRS-participating jurisdictions. Canada, along with over 100 other countries, agreed to comply with CRS. Canada incorporated CRS into the Income Tax Act on December 15, 2016. As a Canadian financial institution, ATB complies with all CRS requirements as outlined by the Government of Canada.

How it works

All financial institutions in Canada--including ATB--are required to identify and report annually on clients with tax residency outside of Canada to the Canada Revenue Agency (CRA). Similarly, financial institutions around the world report the tax residency status of their clients to their own country’s governing tax body so these agencies can share relevant information with each other to help maintain the integrity of their federal tax systems by making it more difficult to conceal investments through foreign financial institutions.

Effective July 1, 2017, ATB and other financial institutions are required by law to ask customers to self-certify their tax residency each time we open a new account (not all account types fall under this legislation--see information on exempt account types below) and when making changes to your personal information. In compliance with federal regulations, ATB will disclose reportable account information to CRA so it can be shared with relevant countries. ATB will not directly report information to foreign tax authorities.

Account types and financial products that are deemed low risk for tax evasion are exempt from CRS, including:

• Registered Retirement Savings Plans (RRSPs)
• Registered Education Savings Plans (RESPs)
• Registered Retirement Income Funds (RRIFs)
• Registered Disability Savings Plans (RDSPs)
• Registered Pension Plans (RPPs)
• Tax-Free Savings Accounts (TFSAs)
• Agri-Invest accounts
• Mortgages, Loans, Lines of Credit
• Mastercard

Please note this is not an inclusive list. To confirm whether your ATB account is exempt from CRS reporting requirements, contact the ATB team member you typically deal with, call us at 1-800-332-8383 or drop by any branch.

What information is shared under the CRS

If an account is reportable, by law ATB will report the following information to the CRA:

• Account holder’s:
• Name
• Address
• Taxpayer Identification Number(s) (TIN)
• Date of birth (for individuals)
• Country (or countries) of tax residence
• The country where an individual or an entity pays or should be paying taxes
• Account number
• Account balance or value (or the closure of the account)
• Amount of interest, dividends, gross proceeds and other payments made or credited to the account (if applicable)

If you're impacted by CRS, we’re here to help—but we recognize that we're not tax experts. ATB cannot provide tax advice to customer. If you are unsure about your tax residence, speak with a professional tax advisor.

Learn more

For more information on CRS, please visit CRA - Common Reporting Standards

If you are a US. reportable person (a US citizen or tax resident), the Foreign Account Tax Compliance Act (FATCA) may have an impact on you. Find information on FATCA here.

Resources

Personal Self Certification Form
Business Self Certification Form ​​​​​​​​​​​​​​​