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To the extent possible, financial information is collected directly from the taxpayer, but in cases where such information is not made available by the taxpayer, rest assured the CRA will obtain it directly from a financial institution. Canadians should take notice that any and all information about a taxpayer that is being held by a financial institution is subject to being obtained by the CRA.

There are absolutely no privacy rights between the taxpayers and their financial institutions. It is of relative ease for the CRA to obtain any financial information it requires from a financial institution.