Studied the CRS for a while now and got three questions which might be interesting for some.
Would be happy to get some answers / start a discussion
1. As of now no EMIs such as TransferWise, Genome dont report anything to CRS. What wonders me is, that they register a bank account under your name and address. The bank itself is required to collect the data and report to the gov. Even if the EMIs is not complying the bank itself is so? If not, is the status still up?
2. From my understand in the most cases only the final balance is reported on october, november or december at the end of the month. Incoming and outgoing volume is (if the company doesnt f**k up) not required. Which makes pretty much sense since most companys do 2-10 % profit and if they go by whole amount it would be way too much. So basically if you clear your bank account earlier (lets say to crypto), you should be fine?
3. How far backwards does CRS report go?
Thanks for all answers.
Would be happy to get some answers / start a discussion
1. As of now no EMIs such as TransferWise, Genome dont report anything to CRS. What wonders me is, that they register a bank account under your name and address. The bank itself is required to collect the data and report to the gov. Even if the EMIs is not complying the bank itself is so? If not, is the status still up?
2. From my understand in the most cases only the final balance is reported on october, november or december at the end of the month. Incoming and outgoing volume is (if the company doesnt f**k up) not required. Which makes pretty much sense since most companys do 2-10 % profit and if they go by whole amount it would be way too much. So basically if you clear your bank account earlier (lets say to crypto), you should be fine?
3. How far backwards does CRS report go?
Thanks for all answers.
