PART XIX — Common Reporting Standard

Record keeping

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

Current text

Every reporting financial institution shall keep, at the institution’s place of business or at such other place as may be designated by the Minister, records that the institution obtains or creates for the purpose of complying with this Part, including self-certifications and records of documentary evidence.

Form of records

(2)

Every reporting financial institution required by this Part to keep records that does so electronically shall retain them in an electronically readable format for the retention period referred to in subsection (3).

Retention of records

(3)

Every reporting financial institution that is required to keep, obtain or create records under this Part shall retain those records for a period of at least six years following

(a)

in the case of a self-certification, the last day on which a related financial account is open; and

(b)

in any other case, the end of the last calendar year in respect of which the record is relevant.

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 279 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

No other section of the Act refers to this section, and it refers to no other section.

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. 279.