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An overview by Borden Ladner Gervais
In its 2021 Budget, the Canadian government announced proposed amendments to the Income Tax Act, which would significantly expand the mandatory disclosure rules. This would require taxpayers, advisors (including accountants and lawyers), promoters, and certain other parties to disclose information to the Canada Revenue Agency (CRA) on tax planning and transactions that the CRA deems aggressive.
Following the initial consultation period, a slightly revised version of the draft legislation was released in August 2022.
Natalie Goulard (Partner) and Elizabeth Egberts (Associate) at our Canadian firm, Borden Ladner Gervais, examine the revised legislation in greater detail.
Read the full article here.
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