COVID-19: Investment fund industry updates (April 15, 2020)

Updated FATCA and CRS Reporting Deadlines

The CRA has deferred the information reporting deadlines for FATCA and the CRS until September 1, 2020.

They have also deferred the penalties for failure to obtain a self-certification. Penalties won’t apply to financial accounts opened before January 1, 2021.

Below is the official CRA communication:

COVID-19 Update: Filing date for information returns under Part XVIII and Part XIX of the Income Tax Act

The Canada Revenue Agency (CRA) will allow filers to defer, until September 1, 2020, the filing of information returns under Part XVIII and Part XIX of the Income Tax Act. No interest or penalty will be assessed during this period.

In addition, no penalty will apply for failure to obtain a self-certification on financial accounts opened before January 1, 2021. The CRA is updating its Guidance on the Canada-U.S. Enhanced Tax Information Exchange Agreement and its Guidance on the Common Reporting Standard to reflect this change and expects to publish the guidance within the coming weeks.

We thank you all for your patience as we navigate through this situation together. To learn more about how the CRA is helping Canadians with the economic impact of the COVID-19 Pandemic, go to Changes to taxes and benefits: CRA and COVID-19. To get the latest information please bookmark this page as we update it often and follow us on our social media channels.