Canada uploads common reporting standards (CRS) data onto its systems for full-spectrum compliance use

Canada so far has activated CRS exchange relationships with 90 jurisdictions for incoming CRS data and 64 for outgoing CRS data. This data assists inter alia in identifying Canadians’ overseas financial accounts and in complementing CRA’s existing risk assessment process, and is being incorporated in CRA’s system and made available to those involved in the spectrum of compliance and collection efforts.

Neal Armstrong. Summary of 3 December 2019 CTF Roundtable, Q.11 under s. 217(1).