Enhanced Reportable Transaction Rules Take Effect

With the enactment of Bill C-47 on June 22, 2023, Canada's enhanced mandatory disclosure rules are now fully in effect. These rules, which were first announced in the 2021 Canadian federal budget: expand the prior rules for reportable transactions; include new reporting requirements for notifiable transactions and uncertain tax treatments; and impose new punitive consequences, including penalties and extended reassessment periods, for failing to comply with the disclosure requirements.

Related Keywords

Canada ,Canadian ,Wade Ritchie ,Sid Gupta ,Jared Mackey ,Organisation For Economic ,Scientific Research ,Experimental Development ,Canada Revenue Agency ,Written By Jared Mackey ,Economic Co Operation ,Base Erosion ,Profit Shifting Project ,Income Tax Act ,Technical Notes ,Bennett Jones Tax ,Bennett Jones ,Tax ,Billc 47 ,Une 22 2023 ,Mandatory Disclosure Rules ,021 Canadian Federal Budget ,Reportable Transactions ,Reporting Requirements ,Notifiable Transactions ,Uncertain Tax Treatments ,Unitive Consequences ,Penalties ,Xtended Reassessment Periods ,Disclosure Requirements ,Contingent Fees ,Onfidential Protection ,Ontractual Protection ,General Anti Avoidance Rule ,Aar ,Nra ,