Canada: Mandatory disclosure rules proposed to apply beginning 2023

Amended draft legislation to expand the mandatory disclosure requirements

Amended draft legislation to expand the mandatory disclosure requirements

Canadian individuals and businesses would have to report certain transactions under new mandatory disclosure rules that are proposed to apply starting in 2023.

The Department of Finance released amended draft legislation to expand the mandatory disclosure requirements to require individuals, corporations, trusts, and partnerships to disclose certain transactions to the Canada Revenue Agency (CRA), generally within 45 days of entering into that transaction, among other changes.

The legislation (released 9 August 2022) would lower the threshold for disclosing “reportable transactions” and would introduce new requirements for taxpayers to advise the CRA of “notifiable transactions” and “uncertain tax treatments.” Finance revised its earlier draft proposals so that these rules would begin to apply in 2023 (instead of 2022).

Read an August 2022 report [PDF 243 KB] prepared by the KPMG member firm in Canada


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