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ARTICLE · 14 MARCH 2022

Budget 2021: New Draft Proposals On Notifiable Transactions

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In order to enhance Canada's mandatory disclosure rules, Budget 2021 announced a public consultation process on proposals, including a new requirement to report notifiable transactions.

CanadaTax
Kevin Bianchini
Kevin Bianchini
Michel Rhéaume
Michel Rhéaume
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In order to enhance Canada's mandatory disclosure rules, Budget 2021 announced a public consultation process on proposals, including a new requirement to report notifiable transactions. With the concurrence of the Minister of Finance, the Minister of National Revenue now has the authority to designate a transactions and series of transactions as requiring disclosure by taxpayers, advisers, promoters, and certain other persons. The proposals generally apply to taxation years, and transactions occurring in taxation years, that begin after 2021. These proposed amendments are intended to provide information to the Canada Revenue Agency (CRA) and would not change the tax treatment of a transaction.

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