The Canada Revenue Agency (CRA) revised the guidance under the FATCA and Common Reporting Standard (CRS) regimes on 5 April, 2024. The updated guidance specifies that Canadian financial institutions must obtain the Global Intermediary Identification Number (GIIN) to ascertain an account holder’s status.
Canadian financial institutions must secure an attestation from the relevant jurisdiction that affirms the entity’s status as a financial institution or an attestation from the licensing authority validating the entity’s license.
Moreover, the updated FATCA guidance introduces First Home Savings Accounts (FHSAs) under a new subsection M to the list of excluded accounts exempt from review, identification, and reporting requirements.
