Tax wiki
s. 264
PART XVIII — Enhanced International Information Reporting
Designation of account
Not yet annotated · Text current to 2026-06-21 · section last amended 2014-06-27
Current text
Subject to subsection (2), a reporting Canadian financial institution may designate a financial account to not be a U.S. reportable account for a calendar year if the account is
a preexisting individual account described in paragraph A of section II of Annex I to the agreement;
a new individual account described in paragraph A of section III of Annex I to the agreement;
a preexisting entity account described in paragraph A of section IV of Annex I to the agreement; or
a new entity account described in paragraph A of section V of Annex I to the agreement.
U.S. reportable account
(2)A reporting Canadian financial institution may not designate a financial account for a calendar year unless the account is part of a clearly identifiable group of accounts all of which are designated for the year.
Applicable rules
(3)The rules in paragraph C of section VI of Annex I to the agreement apply in determining whether a financial account is described in any of paragraphs (1)(a) to (d).
Source: Justice Laws Website. Not an official version.
Historic text
This section has not been amended since it was enacted (2014, c. 20, s. 101), 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 264 links to the one before it.
Enacting and amending legislation
- 2014, c. 20, s. 101
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
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 264.