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Enhanced Reportable Transaction Rules Take Effect

With the enactment of Bill C-47 on June 22, 2023, Canadas 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.
Wade Ritchie Sid Gupta Jared Mackey Organisation For Economic Scientific Research Experimental Development

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