Tax wiki
s. 274
PART XIX — Common Reporting Standard
Due diligence – new individual accounts
Not yet annotated · Text current to 2026-06-21 · section last amended 2017-07-01
Current text
Upon opening a new individual account, the reporting financial institution must obtain a self-certification (which may be a part of the account opening documentation) that allows the reporting financial institution to
determine the account holder’s residence for tax purposes; and
confirm the reasonableness of the self-certification taking into account information obtained by the reporting financial institution in connection with the opening of the account, including any documentation collected in accordance with the AML/KYC procedures.
Determination of reportable account
(2)If the self-certification for a new individual account establishes that the account holder is resident for tax purposes in a reportable jurisdiction, then
the reporting financial institution must treat the account as a reportable account; and
the self-certification must also include the account holder’s TIN with respect to the reportable jurisdiction (subject to subsection 271(4)) and the account holder’s date of birth.
Requirement to obtain new self-certification
(3)If there is a change in circumstances with respect to a new individual account that causes the reporting financial institution to know, or have reason to know, that the original self-certification is incorrect or unreliable, then the reporting financial institution
cannot rely on the original self-certification; and
must obtain a valid self-certification that establishes the residence for tax purposes of the account holder.
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 274 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
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. 274.