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ARTICLE · 14 NOVEMBER 2023

CRA Designates Notifiable Transactions And Updates Mandatory Disclosure Guidance

Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

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On November 1, 2023, the Canada Revenue Agency (CRA) released a list of transactions that have been designated as the first "notifiable transactions" under the new mandatory...

CanadaTax
Labour & Employment Group
Labour & Employment Group
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Introduction

On November 1, 2023, the Canada Revenue Agency (CRA) released a list of transactions that have been designated as the first "notifiable transactions" under the new mandatory disclosure rules (MD Rules) in the Income Tax Act (Canada) ( ITA), which were enacted on June 22, 2023 (November 1 Release). For our bulletin discussing these rules, please see Blakes Bulletin: Mandatory Disclosure Update: Department of Finance Introduces Revised Rules in the House of Commons. The November 1 Release was posted on the CRA website without advance warning or any broader public announcement. This is troubling given the broad application of the reporting rules and the fact that the designation was made with immediate effect.

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