Canada – U.S. Intergovernmental Agreement to Improve International Tax Compliance through Enhanced Exchange of Information - Arrangement between Competent Authorities regarding the First Home Savings Account

On February 1, 2024 the Canada Revenue Agency (CRA) and the Internal Revenue Service (IRS) signed a competent authority arrangement (CAA) to update the Annex II of the Canada – U.S. Intergovernmental Agreement to Improve International Tax Compliance through Enhanced Exchange of Information.

This CAA adds the First Home Savings Account to the list of accounts excluded from the definition of Financial Accounts for purposes of reporting under Part XVIII of the Income Tax Act.

For detailed information on the arrangement, please consult the CAA (PDF).