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ARTICLE · 26 JANUARY 2011

Canada’s New Tax Avoidance Transaction Reporting Regime

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Following similar initiatives by Quebec, the U.S, the U.K. and Australia, Canada has proposed a regime of mandatory disclosure for certain tax avoidance transactions entered into after 2010, as well as transactions that are part of a series of transactions that began before 2011 but is completed after 2010.

CanadaTax
Pamela Cross
Pamela Cross
Stephanie Wong
Stephanie Wong
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Following similar initiatives by Quebec, the U.S, the U.K. and Australia, Canada has proposed a regime of mandatory disclosure for certain tax avoidance transactions entered into after 2010, as well as transactions that are part of a series of transactions that began before 2011 but is completed after 2010. The government first announced the proposed reporting regime in the 2010 federal budget, and subsequently released a backgrounder and further details about the regime on May 7, 2010. After the expiry of a 60-day consultation period in which the public was invited to submit comments on the proposals, the Department of Finance (Finance) released draft legislation to implement the proposed mandatory reporting regime on August 27, 2010 (the Draft Legislation).

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