Canadian financial institutions file FATCA returns under Part XVIII and CRS returns under Part XIX of the Income Tax Act. Novus automates the entire workflow — from data ingestion to CRA-compliant XML.
Canada reporting requirements
- Reporting authority: Canada Revenue Agency (CRA)
- FATCA legal basis: Part XVIII of the Income Tax Act
- CRS legal basis: Part XIX of the Income Tax Act
- FATCA schema:
T619_PartXVIII.xsd - CRS schema: OECD CRS XML schema
- FATCA model: Model 1 IGA — Canadian FIs report to the CRA, which exchanges with the IRS
Canada-specific reporting rules
- Part XVIII covers FATCA reporting obligations for Canadian FIs with US reportable accounts.
- Part XIX covers CRS reporting obligations for reportable accounts held by non-residents in participating jurisdictions.
- Both returns are filed electronically with the CRA.
- Nil returns are accepted and follow the same schema requirements.
How Novus helps
- Generate CRA-compliant XML for both Part XVIII (FATCA) and Part XIX (CRS).
- Validate against T619_PartXVIII.xsd and OECD CRS schemas.
- Handle multi-jurisdiction reporting for Canadian FIs with foreign branches.
- TIN validation against Canadian, US, and OECD country rules.
- Support data ingestion from CSV, Excel, and database sources.
Related jurisdictions
Frequently asked questions
Which portal do Canadian FIs use for FATCA and CRS?
Returns are filed electronically with the Canada Revenue Agency (CRA). Specific submission channels depend on your FI type and volume.
What is the difference between Part XVIII and Part XIX?
Part XVIII covers FATCA reporting obligations. Part XIX covers CRS reporting obligations. Both are part of the Canadian Income Tax Act but cover different exchange frameworks.
Does Canada use Model 1 or Model 2 FATCA?
Canada operates under Model 1 IGA. Canadian FIs report to the CRA, which transmits information to the IRS.
Can Novus generate both FATCA and CRS XML for Canada?
Yes. The platform supports Part XVIII FATCA XML and Part XIX CRS XML in a single workflow.