Canadian individuals and businesses should review the CRA’s new list of officially designated “notifiable transactions” under the expanded new mandatory disclosure rules. In particular, individuals, corporations, trusts and partnerships should consider this list and identify whether they have to disclose information about certain transactions generally within 90 days of either contracting to enter into, or entering into, the transaction. The requirement to report designated notifiable transactions to the CRA is a part of several recent revisions to the mandatory disclosure rules, which also expand taxpayer reporting obligations related to “reportable transactions” and introduce new disclosure requirements for certain corporations for “uncertain tax treatments” reflected in their audited financial statements.
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