Canada Revenue Agency Publishes Guidance On Mandatory Disclosure Rules

On July 6, 2023, the Canada Revenue Agency (CRA) posted on its website new administrative guidance (CRA Guidance) on the application and administration of the revised mandatory disclosure rules in the Income Tax Act (ITA) that were included in the Budget Implementation Act (Bill C-47) released on April 17, 2023. For our Bulletin discussing the revised mandatory disclosure rules, please see Blakes Bulletin: Mandatory Disclosure Update: Department of Finance Introduces Revised Rules in the House of Commons. Bill C-47 received Royal Assent on June 22, 2023.

The CRA Guidance was contemplated in the explanatory notes (Explanatory Notes) that were released with Bill C-47. It was developed with input from the Department of Finance and various stakeholder groups, and it is expected that the CRA may update the guidance as they continue to consider submissions received. The CRA is also expected to release updated versions of the mandatory reporting forms in the near term, but