Part XVIII Information Return – International Exchange of Information on Financial Accounts
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Part XVIII Information Return – International Exchange of Information on Financial Accounts
Under Part XVIII of the Income Tax Act, Canadian financial institutions are required to:
- apply due diligence procedures to identify U.S. reportable accounts and accounts held by non–participating financial institutions; and
- annually report to the Canada Revenue Agency (CRA) the information required on a Part XVIII Information Return.
The following information relates to the reporting aspect — how to complete and file the new return. These instructions are to be used in conjunction with the Guidance on Enhanced Financial Accounts Information Reporting – Part XVIII of the Income Tax Act, XML specifications and schema. The guidance document provides details on due diligence and reporting obligations. It is also designed to help financial institutions prepare for the release of that information return.
Due date
The Part XVIII Information Return (slips and summary) must be filed before May 2nd following the calendar year to which the information return applies. For example, returns for the 2016 tax year are due before May 2, 2017. If May 1st is a Saturday or a Sunday, your information return is due the next business day.
Important notice
As of January 2017, the following data elements will be included in the XML schema/specifications and the Web forms application:
- “Client Account Number Type Code” to identify the account as follows:
- International Bank Account Number (IBAN);
- Other bank account number (OBAN);
- International Securities Information Number (ISIN);
- Other Securities Information Number (OSIN); or
- Other (for any other type of account number)
and
- “Closed Client Account Indicator” to report if the account is closed.
Topics
- Registering for a U.S. identifier, CRA RZ program account, access to CRA My Business Account or Represent a Client and Web access code
Obtaining a U.S. Global Intermediary Identification Number (GIIN), a separate BN program account (optional) and
My Business Account user ID and password as well as authorizations for representatives or service providers or return preparers and Web access code. - Completing Part XVIII Information Return slips and summary
Substantial variations from other information returns and how to complete account holders' slips and summary information. - Electronic filing only by using Internet file transfer (XML) or Web Forms
Filing by using the Web Forms and Internet file transfer (XML) applications, XML specifications and schema. - After you file
Amending, cancelling or adding records, accessing your list of incomplete records on the CRA login services (My Business Account or Represent a Client). - Penalties and interest
Late–filing and failure to file, failure to provide information, using the identification number, interest, cancelling or waiving penalties and interest, notices.
If you need help
For more information on the electronic transmission of the return or the content, go to the following webpages:
- To get help filing information returns electronically (Internet file transfer (XML) or Web Forms), My Business Account or Represent a Client, you may call the business enquiries line at 1–800–959–5525.
- To get help completing your Part XVIII Information Return, go to Enquiries for businesses.
Related topics
- Enhanced Financial Account Information Reporting (home page)
- Guidance on Enhanced Financial Accounts Information Reporting (due diligence and reporting obligations)
- Intergovernmental Agreement for the Enhanced Exchange of Tax Information under the Canada–U.S. Tax Convention
- Legislation (select "Part XVIII – Enhanced International Information Reporting")
- Registering for a GIIN
- Date modified:
- 2017-05-01