What is the Common Reporting Standard (CRS)?

The Common Reporting Standard (CRS) came into effect on December 15, 2016 as part of the Income Tax Act. Under CRS, financial institutions have to identify account holders who are tax residents anywhere other than Canada.

Because of this, we ask you to complete and submit a form to certify or clarify your residence for tax purposes. We are required to report information on clients who are residents outside of Canada, and non-responsive account holders, annually to the CRA, who then submit this to the relevant jurisdiction.

As you meet certain criteria (“CRS indicia”), and hold an account that you maintained before July 1, 2017, you are required to certify your tax residency status with a Substitute RC520 Declaration of Tax Residence for Individuals form. You may also be required to provide a piece of supporting documentation – like a driver’s license, passport or citizenship card (see table below).

CRS indicia include:

• An international address
• Only an international phone number on file
• A c/o or hold mail address, or
• The authorized person on the account has an international address

What documentation do I need to provide?

Depending on which indicia apply to you, there are different requirements to certify your tax residency status.

CRS Indicia	Documentation Required	Examples of Supporting Documentation
International address   OR   Only an international number on file	A Substitute RC520 form   PLUS   Supporting documentation if you are NOT a tax resident of the identified jurisdiction	Passport National identity card Driving licence Provincial health insurance card (if not prohibited by provincial law) Birth certificate provided by an individual under the age of 21 Government-issued age of majority card Canadian citizenship card Record of Landing (IMM1000) or a Confirmation of Permanent Residence (IMM 5292) issued before 1/1/2004 Permanent residence card Canadian Armed Forces identity card Government-issued Certificate of Indian Status Alberta photo identification card B.C. identification card Government of Newfoundland and Labrador photo identification card Nova Scotia photo identification card Prince Edward Island voluntary ID Saskatchewan mandatory photo ID Manitoba identification card NEXUS card
c/o or hold mail address   OR   The authorized person on the account has an international address	A Substitute RC520 form

How do I fill out the form?

You can find instructions to complete the RC520 form here.

If you are only required to complete the form, you may submit it online by logging in to your account and selecting “Forms and Agreements” from the My Portfolio menu. Select the form from the “QI, FATCA and CRS Forms” drop-down menu, and follow the steps on screen to complete and submit electronically.

If you are unable to complete your form online, you can visit www.rbcdirectinvesting.com/forms to download and complete the form, then submit it at any RBC Royal Bank branch, or mail it to:

RBC Direct Investing Inc.
Royal Bank Plaza
200 Bay Street, North Tower
P.O. Box 75
Toronto, ON       M5J 2Z5

If you have specific questions about completing your forms, you should speak to a professional tax advisor for specific guidance about your personal circumstances.

What if I need to provide supporting documentation?

Follow the instructions above to download, complete and mail your form to us, together with a copy of your supporting documentation.

The information provided in this article is for general purposes only and does not constitute personal financial advice. Please consult with your own professional advisor to discuss your specific financial and tax needs.