Summary of the report
The second round peer review assessed Canada’s legal framework as well as its implementation in practice against the 2016 Terms of Reference. The report concludes that Canada is overall largely compliant with the international standard on transparency and exchange of information. Key issues where improvement is recommended relate to the availability of beneficial ownership information. Although there are several legal requirements to maintain beneficial ownership information in Canada and these requirements are generally well implemented in practice, improvements are needed in respect of the legal framework. Further, three unrelated recommendations are made in respect of the retention of accounting records after dissolution of the entity or arrangement, supervision of accounting obligations of partnerships and trusts which do not file tax returns or have limited or no tax liability in Canada and in respect of legal professional privilege. The tax authority has broad access powers to obtain all types of relevant information under Canada's EOI agreements allowing Canada to obtain and provide information in line with the standard. Canada also did not face any practical barriers to sharing the requested information during the reviewed period and it is considered by peers important and reliable exchange of information partner.
Read the press release issued on 21 August 2017.
