What is CRS?
The CRS is a global standard developed by the Organization for Economic Co-operation and Development (OECD) to enable the exchange of tax-related information between participating countries. Over 100 countries world-wide are currently participating. The Government of Canada passed laws to implement CRS in Canada in 2016.
CRS requires financial institutions to identify clients with tax residency outside of Canada and the U.S. and to report these clients and their account information to the Canada Revenue Agency (CRA). The requirements for CRS in Canada are effective July 1, 2017. CIBC will comply with the domestic laws requiring CRS compliance in the jurisdictions in which we operate.
What does this mean for CIBC clients?
Clients, including individuals, businesses, and other entities, together with the controlling persons of entity clients, will be asked to declare their country or countries of tax residency, as part of the account open process. Some existing clients will also be requested to declare their tax residency when making any changes to their personal information. In some cases, additional documentation may be required. Information on non-resident clients and on accounts held by non-residents will be reported to the Canada Revenue Agency (CRA), to be shared with the relevant countries.
The privacy of our clients is of the utmost importance to CIBC. In complying with local laws and regulations, we will maintain high standards of client privacy and client service at all times.
Where can I find more information?
CIBC will keep clients informed of any new developments through updates on CIBC.com. Additionally, detailed information about CRS is available on the following sites: