Income Tax Act — I-3.3 271
General reporting requirements 271 (1) Subject to subsections (3) and (4), each reporting financial institution must report the following information to the Minister with respect to each of its reportable accounts: (a) the name, address, jurisdiction of residence, TIN and date of birth (in the case of a natural person) of each reportable person that is an account holder of the account; (b) in the case of any entity that is an account holder of the account and that, after applying the due diligence procedures in sections 275 to 277, is identified as having one or more controlling persons that is a reportable person, (i) the name, address, jurisdiction of residence and TIN of the entity, and (ii) the name, address, jurisdiction of residence, TIN and date of birth of each of those controlling persons; (c) the account number (or functional equivalent in the absence of an account number) of the account; (d) the name and identifying number (if any) of the reporting financial institution; (e) the account balance or value (including, in the case of a cash value insurance contract or annuity contract, the cash value or surrender value) (i) at the end of the relevant calendar year or other appropriate reporting period, or (ii) if the account was closed during the relevant calendar year or period, on closure of the account; (f) in the case of any custodial account, (i) the total gross amount of interest, the total gross amount of dividends and the total gross amount of other income generated with respect to the assets held in the account, in each case paid or credited to the account (or with respect to the account) during the calendar year or other appropriate reporting period, and (ii) the total gross proceeds from the sale or redemption of financial assets paid or credited to the account during the calendar year or other appropriate reporting period with respect to which the reporting financial institution acted as a custodian, broker, nominee or otherwise as an agent for the account holder; (g) in the case of any depository account, the total gross amount of interest paid or credited to the account during the calendar year or other appropriate reporting period; and (h) in the case of any account not described in paragraph (f) or (g), the total gross amount paid or credited to the account holder with respect to the account during the calendar year or other appropriate reporting period with respect to which the reporting financial institution is the obligor or debtor, including the aggregate amount of any redemption payments made to the account holder during the calendar year or other appropriate reporting period. Currrency (2) The information reported must identify the currency in which each amount is denominated. TIN and date of birth (3) With respect to each reportable account that is a preexisting account, (a) notwithstanding paragraphs (1)(a) and (b), the TIN or date of birth are not required to be reported if the TIN or the date of birth (as appropriate) (i) are not in the records of the reporting financial institution, and (ii) are not otherwise required to be collected by the reporting financial institution under the Act; and (b) a reporting financial institution is required to use reasonable efforts to obtain the TIN and the date of birth with respect to a preexisting account by the end of the second calendar year following the year in which the preexisting account is identified as a reportable account. Exceptions (4) Notwithstanding paragraphs (1)(a) and (b), a TIN of a reportable person is not required to be reported if (a) the relevant reportable jurisdiction does not issue TINs; or (b) the domestic law of the relevant reportable jurisdiction does not require the collection of the TIN issued by such reportable jurisdiction. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2016, c. 12, s. 71