CRS Reporting Question

[wellington]

What is actually reported?

- Money flow (in-out?)
- Balances?

 

[r8080terms]

Balances for sure (at some specific points in time, IIRC year's end).
They don't care about money out, but rather about money in.

Also from two different web pages:

• Year-end account balance
• Gross Proceeds (all sales)
• Interest income
• Dividend income

The information reported to tax authorities will have been provided in the self-certification form, and details about the accounts and products you have with us, including:

• the balance or value
• the total amounts of interest or payments credited

 

[newNomad]

seems one reports all the gross proceeeds and another just the balance?
I wonder if there is any difference in reporting schema for personal account versus a business account? And whether a freelancer's account is classified as business account if opened under the option 'business' rather than a persons - if I remember right freelancers have option of opening a 'business' account under their name to get higher limits compared to standard limits of a personal account..