Canadian individuals and businesses should be prepared to report certain transactions under expanded new mandatory disclosure rules. These expanded rules generally require individuals, corporations, trusts and partnerships to promptly disclose certain “reportable transactions” to the CRA that are entered into as of June 23, 2023, among other new obligations related to “notifiable transactions” and “uncertain tax treatments”. The CRA recently provided additional guidance that seeks to clarify some aspects of these rules, including timing issues, certain hallmarks of reportable transactions, how the rules interact and other administrative concerns. Note that the CRA has not yet officially designated any notifiable transactions under these rules.
Download this edition of the TaxNewsFlash to learn more.
