How is CRA using the CRS information obtained by it?
CRA noted that Canada so far has activated CRS exchange relationships with 90 jurisdictions for incoming CRS data and 64 for outgoing CRS data. The CRS provides information on Canadian overseas financial accounts, and this information is helpful to identify offshore financial accounts held by Canadian residents. CRS information is being incorporated in CRA’s system and made available to those involved in the spectrum of compliance and collection efforts.
Operationally, CRS information complements CRA’s existing risk assessment process.