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ARTICLE · 10 FEBRUARY 2023

Trust Planning And The Notifiable Transaction Rules: Where Do We Go From Here?

Miller Thomson
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In 2022, the Department of Finance released draft legislation that includes, as part of a new regime of mandatory reporting rules, the notifiable transaction rules ("Rules").

CanadaTax
Andrew C. Bateman
Andrew C. Bateman
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In 2022, the Department of Finance released draft legislation that includes, as part of a new regime of mandatory reporting rules, the notifiable transaction rules ("Rules"). The Rules are set to apply in a wide range of tax planning areas, including trust planning. If implemented in the form currently proposed, trust planning and compliance may be subject to yet another layer of complexity (keeping in mind that trust advisors already are grappling with draft legislation in respect of the still proposed "trust reporting rules").

The following is a closer look at the Rules, solely in a trust planning context.

Overview of the Rules

Generally, the Rules will trigger a reporting obligation where a person enters into a transaction or series of transactions that is the same as, or substantially similar to, certain transactions or series of transactions that have been "designated" by the Minister of National Revenue, with the concurrence of the Minister of Finance.

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