Canada: New mandatory disclosure rules clarified
Guidance clarifying certain aspects of the new mandatory disclosure rules
Guidance clarifying certain aspects of the new mandatory disclosure rules
The Canada Revenue Agency (CRA) issued guidance clarifying certain aspects of the new mandatory disclosure rules, including timing issues, certain hallmarks of reportable transactions, how the rules interact and other administrative concerns.
These expanded rules generally require individuals, corporations, trusts and partnerships to promptly disclose to the CRA certain “reportable transactions” that are entered into as of 23 June 2023, among other new obligations related to “notifiable transactions” and “uncertain tax treatments.” Note that the CRA has not yet officially designated any notifiable transactions under these rules.
Read a July 2023 report [PDF 226 KB] prepared by the KPMG member firm in Canada
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