Network (Personal) account and OECD's Common Reporting Standard?
Both Canada and Jersey are participating countries in the OECD's Common Reporting Standard that facilitates automatic information exhange of financial account information to combat tax evasion.
Goldmoney Wealth Limited is regulated by the Jersey Financial Services Commission (JFSC) as a Money Services Business. Goldmoney Network is a reporting entity to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
Based on this statement and the fact that Holding has more trading options, it seems that foreign Holding accounts are certainly being reported to Jersey Tax Office but I wonder whether this applies also to foreign Network (Personal) accounts; is Goldmoney obliged to report them to Canada Revenue Agency? Canadian guidance on the Common Reporting Standard is pretty compherensive yet to me it's still unclear whether Network Account falls into the category of "reporting financial institution". Any opinions?