A Practical Guide to the New Mandatory Disclosure Rules of the Income Tax Act
On June 22, 2023, significant new mandatory tax disclosure rules in the Income Tax Act (Canada) took effect, requiring taxpayers, advisors, and promoters to report an expanded range of transactions to the Canada Revenue Agency or face significant penalties and potential extension of certain limitation periods.
To help you meet these new reporting requirements, McCarthy Tétrault’s National Tax Group has published a thorough and practical guide to the new rules, covering three regimes: Reportable Transactions, Notifiable Transactions, and Uncertain Tax Treatments. It includes guidance on:
- Who is required to report;
- When and how to report;
- The potential risks associated with failing to report; and
- Overviews of the new transactions that must be reported.
A Practical Guide to the New Mandatory Disclosure Rules of the Income Tax Act
About McCarthy Tétrault
McCarthy Tétrault LLP provides a broad range of legal services, providing strategic and industry-focused advice and solutions for Canadian and international interests. The Firm has a substantial presence in all of Canada’s major commercial centres as well as in New York and London.
Built on an integrated approach to the practice of law and delivery of innovative client services, the Firm brings its legal talent, industry insight and practice experience to help clients achieve the results that are important to them.
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