Plain meaning
An OECD-developed standard for automatic exchange of financial account information between participating jurisdictions.
Also called
automatic exchange of information
CRS
Key points
- Financial institutions collect tax-residence information and report accounts held by reportable non-residents.
- The CRA exchanges information with partner jurisdictions and receives similar information from abroad.
- CRS is broader than FATCA because it involves many participating jurisdictions rather than only the United States.
- CRS information can support audits and compliance reviews involving offshore assets or income.
Why it comes up
CRS affects financial institutions, non-resident account holders, tax transparency, and offshore compliance programs.