Automated tax reporting international compliance - here is how governments exchange your tax info

Some sellers on ebay do sales on multiple patforms and perhaps have income deposited in other justictions and perhaps multiple bank accounts for different platforms.

 

Just be aware the CRA in Canada, IRS in US and equvalent tax authorities in other justifictions doexchange information on tax payers automatically based on self-reported residency status, but information does get exchanged also on request. So opening a bank account using foreign ID foreign address may trigger reporting requirement. This came into existence few years ago and in the last 3-4 years it's implemented in most countries and now seems in full swing.

 

I have nothing to hide, but I came across this when banks ask to confirm residency status.  It's a quite interesting matter.

 

Here is the link:

https://cba.ca/understanding-how-fatca-and-crs-affect-you

 

 

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