Status: Closed

The Common Reporting Standard (CRS) is a global framework that helps participating jurisdictions automatically exchange financial account information. It was introduced by the Organization for Economic Co-operation and Development (OECD) to combat international tax avoidance and evasion.

On August 15, 2025, the Department of Finance Canada released draft legislative amendments to the CRS in response to the increasing digitization of financial markets. The draft amendments aim to enhance the scope of reported financial account information, improve the overall effectiveness of the standard, and help detect and prevent tax avoidance and tax evasion.

The Canada Revenue Agency (CRA) is responsible for providing guidance to help financial institutions meet the new requirements once they come into force.

To allow them to prepare for new requirements, the CRA is updating its guidance and reporting schema based on the draft amendments, new OECD schema, and other required changes specific to Canada’s domestic reporting framework to better align with the CRS.

Consultation process

In the fall of 2025, the CRA consulted financial institutions for their feedback on the CRA’s draft guidance and schema updates. The purpose of the consultation was to ensure the CRA’s published guidance is practical, clear, and helps financial institutions prepare for the CRS changes once royal assent is received.

The CRA invited financial institutions to attend a CRA-hosted virtual session on November 20, 2025, where they had an opportunity to discuss the draft CRS guidance and reporting schema. Approximately 160 participants from various financial institutions attended the session.

Please note that the draft updates are based on the draft legislative amendments released by the Department of Finance on August 15, 2025, and may not be representative of the final legislation that may be tabled in the future. Please also note that the updates to the reporting schema are based on the new OECD schema and other changes required to align Canada’s reporting framework with the CRS. The CRA will continue to monitor legislative developments closely and will update and communicate any changes to the guidance or schema promptly should the final legislation have implications for stakeholders.

Consultation results

Financial institutions identified several areas of focus in their review of the draft guidance. Their comments centered on:

• making the guidance clearer for users, including information on undocumented accounts and reporting obligations for fund managers and dealers
• enhancing the guidance’s alignment with the OECD’s CRS framework

They also provided technical suggestions for implementing the reporting requirements and promoting consistent reporting across the sector.

What's next

All feedback received through the consultation process has been carefully considered. Based on the feedback, the CRA updated the guidance on December 19, 2025, including updates to Chapter 6, 10, and 12. These published updates are not based on the draft legislative amendments released by the Department of Finance on August 15, 2025. The CRA will further revise the guidance and related schema once the legislative amendments have received royal assent.

We extend our appreciation to all participating financial institutions for their thoughtful and detailed input. Your feedback plays a critical role in effectively and consistently applying the guidance.

Related information

• Guidance on the Common Reporting Standard
• Part XIX Information Return, International Exchange of Information on Financial Accounts