Tax reporting requirements for cross-border clients have been changing. Refer to this sheet so you don’t miss a thing.
A U.S. person’s advisor and bank must report:
2015 | |
Regarding | Information to be reported to the CRA before May 2, 2016 |
Each specified U.S. person, either: | • Address |
• holding a U.S. reportable account; or | • U.S. Tax Identification Number (TIN) |
• who is a controlling person of a passive non-financial foreign entity (NFFE) that holds a U.S. reportable account | • Canadian Tax Identification Number |
• Account number or functional equivalent | |
• Account balance or value |
Custodial accounts | Total gross amount of: |
• interest; | |
• dividends; or | |
• other income | |
Depository accounts | Total gross amount of interest paid or credited to the account during the year |
Other accounts | Total gross amount paid or credited to account holder with respect to the account, including aggregate amount of redemption payments made to account holder, during the year |
2016 | |
All information listed for 2015, plus: | |
Regarding | Information to be reported to the CRA before May 2, 2017 |
Custodial accounts | Total gross proceeds from sale or redemption of property paid or credited to the account during the year |
2017 and onward |
All of the information listed for 2016 is to be reported to the CRA before May 2 of the following calendar year. |