RC Forms (RC518 & RC519)
Canadian financial institutions are required under Part XVIII and Part XIX of the Income Tax Act to apply due diligence procedures to identify accounts held by U.S. reportable individuals/entities, non-participating financial institutions, and non-residents. The Canada Revenue Agency (CRA) has developed forms RC518 (individuals) and RC519 (entities) to collect information on tax status, including residence, of their account holders.
Automate the Collection and Validation of RC Forms
The TAINA Platform is a tool for Canadian institutions to comply with their regulatory obligations by automating the collection and validation of RC forms. The institution will realize benefits including;
-
Achieve cost savings of 84% per form
-
Save 85% of time going back & forth for tax forms
-
Increase efficiency with a 75% faster validation process
Automated Compliance of RC518 and RC519
The TAINA Platform helps Canadian institutions reduce manual processes and mitigate regulatory risk, with cost savings and improved overall customer experience.
- Increase efficiency and compliance of validations.
- Reduce risk and cost, by using a fully automated solution.
- Transform customer experience with intuitive online solution, validating forms in real time.
Improve quality of data from RC Forms
Improve quality of data by enabling that TINs, GIINs, Trust account number, Business number, and data
pertinent for reporting purposes is collected and validated.
- Eliminate submission of invalid forms and cut time spent on chasing customers for updated forms.
- Automated monitoring capabilities for changes in circumstance which would require a new form.
