COVID-19: Investment fund industry updates (June 26, 2020)

CRS/FATCA Amendment Returns Update

The following is the CRA’s response to an IFIC question about the deadline for submitting amended CRS and FATCA returns:

Any amended return to cancel a record for FATCA and CRS should be filed with the CRA before September 11, 2020.

While the CRA will process any amended return filed after September 11, 2020, if you are unable to file your amended return before September 11, it is strongly recommended that you wait until the end of December before filing any amended return.

Note that an amended return to cancel a record is removed from the original transmission but if the amended return is to correct a record, it cannot be submitted with the original transmission since the other jurisdiction has to process the original record before they can process a correction to the record and it cannot be done simultaneously.