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An analysis by Borden Ladner Gervais, Taxand Canada
Canada has recently passed Bill C-47, a law that aims to enhance the transparency of tax-related activities. It introduces new rules regarding the disclosure of certain types of transactions to the Canada Revenue Agency (CRA). The bill includes a major expansion of the mandatory disclosure rules for “reportable transactions” and the introduction of disclosure requirements for “notifiable transactions”. The rules are intended to help the CRA identify potential tax risks and ensure proper reporting.
The new rules are extremely broad and impose onerous requirements on taxpayers, promoters and advisors, whilst still containing several gaps, which will cause them to apply in the context of ordinary commercial transactions, even where routine tax planning is involved.
Laurie Goldbach, Pamela Cross, Richard Eisenbraun, and Greg Prizent of our Canadian partner firm, Borden Ladner Gervais, analyse this bill and its implications further.
Read the full article here.
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