PART XIX — Common Reporting Standard

General due diligence rules

Not yet annotated · Text current to 2026-06-21 · section last amended 2017-07-01

Current text

An account is treated as a reportable account as of the date it is identified as a reportable account under the due diligence procedures set out in this section and in sections 273 to 277.

Timing — determination of balance or value

(2)

The balance or value of an account is determined on the last day of the calendar year or other appropriate reporting period.

Determination — balance or value

(3)

For the purpose of determining whether the balance or value of an account exceeds a particular threshold on the last day of a calendar year, the balance or value must be determined on the last day of the last reporting period that ends on or before the end of the calendar year.

Service provider

(4)

A reporting financial institution may use service providers to fulfil its reporting and due diligence obligations imposed, but these obligations shall remain the responsibility of the reporting financial institution.

Optional due diligence procedures

(5)

A reporting financial institution may, either with respect to all preexisting accounts or, separately, with respect to any clearly identified group of those accounts, apply the due diligence procedures

(a)

for new accounts to preexisting accounts (with the other rules for preexisting accounts continuing to apply); and

(b)

for high value accounts to lower value accounts.

Documentation of due diligence procedures

(6)

Every reporting financial institution shall establish, maintain and document the due diligence procedures set out in this section and sections 273 to 277.

Source: Justice Laws Website. Not an official version.

Historic text

This section has not been amended since it was enacted (2016, c. 12, s. 71), so there is no earlier version.

Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 272 links to the one before it.

Enacting and amending legislation

2016, c. 12, s. 71

Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.

Cross-references

This section refers to

s. 273

Referred to in

s. 270 s. 277

References are generated from the statutory text and list other sections of the Act only.

Citation

Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 272.