Declaration of Tax Residence

Answers to Frequently Asked Questions about the Declaration of Tax Residence for Individuals Form

In effort to combat tax evasion, the Organization for Economic Cooperation and Development created the Common Reporting Standard (CRS), an international standard that allows for the automatic exchange of financial account information between tax administrations in participating jurisdictions. Canada’s Income Tax Act was amended to implement the CRS, which came into force on July 1, 2017. In order to comply with the CRS, Canadian financial institutions, including Canadian Tire Bank, need to better understand the tax residence of their account holders.

Q. Why do I need to complete the Declaration of Tax Residence for Individuals Form?

A. Canadian Tire Bank has to know the tax residency status of its account holders. If you are a tax resident in a reportable jurisdiction, your financial account information may be reported to the Canada Revenue Agency (CRA). The CRA may then share that information with the government of a foreign jurisdiction that you are a resident of for tax purposes. Completion of the Declaration of Tax Residence for Individuals Form allows Canadian Tire Bank to determine whether you are a resident for tax purposes of a jurisdiction other than Canada.

Q. What information is shared with the CRA?

A. Account information that is collected by Canadian Tire Bank and shared with the CRA may include your name, address, date of birth, jurisdiction of residence for tax purposes, tax payer identification number(s), account number, account balance and interest paid to your Canadian Tire Bank account. The CRA may share that information with the tax administrations of the foreign jurisdictions that you are a resident of for tax purposes.

Q. What happens if I do not submit a completed Declaration of Tax Residence for Individuals Form to Canadian Tire Bank when requested?

A. Failure to provide a completed Declaration of Tax Residence for Individuals Form to Canadian Tire Bank when requested may result in your information being shared with the CRA. You may also be assessed a financial penalty by the CRA.

Q. How do I determine my tax residence status?

A. Your tax residence status is based on your individual situation and relevant facts including your residential ties to Canada. An individual’s tax residence status is based on an individual’s situation and relevant facts including your residential ties to Canada and abroad and the purpose and permanence of your stay in Canada and abroad. If you need assistance with determining your tax residence, refer to Income Tax Folio, S5-F1-C1, Determining an Individual’s Residence Status, which can be located on the CRA’s website. You may also want to consult your tax advisor.

Q. Where can I obtain a copy of the Declaration of Tax Residence for Individuals Form?

A. The Declaration of Tax Residence for Individuals Form can be located on the CRA’s website, www.cra-arc.gc.ca.

Q. Where can I find more information on the Common Reporting Standard?

A. Additional information on the Common Reporting Standard can be located at www.oecd.org and www.cra-arc.gc.ca.