Search results
Jun 21, 2023 · Canada’s enhanced mandatory disclosure rules are a set of reporting requirements which received royal assent on June 22, 2023. Enhancements to the rules align with international best practices and aim to better provide the Canada Revenue Agency (CRA) with information to respond to tax risks. Who may be impacted: individuals, corporations ...
- Guidance
The following document is intended to provide guidance...
- Guidance
The following document is intended to provide guidance regarding the CRA’s approach to the application of the mandatory disclosure rules. The mandatory disclosure rules include revisions to the existing rules related to reportable transactions. The mandatory disclosure rules also require reporting with respect to notifiable transactions and ...
Nov 10, 2023 · On November 2, 2023, the Canada Revenue Agency (CRA) revised and expanded its guidance on the Canadian mandatory disclosure rules (Guidance). The updated Guidance includes important revisions of previously published positions and new positions relating to the reporting obligations in respect of reportable transactions, notifiable transactions and reportable uncertain tax treatments.
The first new CRA document is an “Overview” that provides a high-level description of the mandatory disclosure rules and summarizes how to make a disclosure. The second is a more detailed “Guidance” page that describes the background of the disclosure rules and the CRA’s planned administrative approach. While not legally binding, the ...
Oct 10, 2024 · On July 5, 2023, the Canada Revenue Agency (the “CRA”) published guidance on the application of the mandatory disclosure rules (the “Guidance”). The CRA has since updated this Guidance, providing further clarification. This article briefly discusses the CRA’s most recent Guidance updates, made as of August 15, 2024 (the “Updates”).
Jul 20, 2023 · While the CRA specifically notes on its webpage that its approach to the application of the mandatory disclosure rules will evolve over time based on its experience with specific factual situations, until further guidance is available, taxpayers, promoters and advisors are advised to proceed with caution in assessing their reporting obligations to mitigate the risk for penalties and interest.
People also ask
When did the CRA update the mandatory disclosure rules?
What is the CRA's approach to the mandatory disclosure rules?
What is a CRA disclosure document?
Where can I find more information on the mandatory disclosure rules?
What are Canada's New mandatory disclosure rules?
What are the new CRA reporting rules?
Jul 11, 2023 · Canadian individuals and businesses should be prepared to report certain transactions under expanded new mandatory disclosure rules. These expanded rules generally require individuals, corporations, trusts and partnerships to promptly disclose certain “reportable transactions” to the CRA that are entered into as of June 23, 2023, among other new obligations related to “notifiable ...
