Enhanced mandatory disclosure rules
Jun 20, 2023
On June 20, 2023, Canada’s Bill C-47, Budget Implementation Act, 2023 No. 1, received a third reading in the House of Commons on June 8, 2023 and is expected to receive royal assent shortly, following consideration by the Senate.
Among other things, the bill implements certain measures from Budget 2023, including significant changes to the mandatory disclosure rules in the Income Tax Act (the “act”). These proposals, first announced in Budget 2021, impose significant changes to the disclosure of certain tax transactions for both taxpayers and their advisors. The changes would be effective for reportable or notifiable transactions entered into after royal assent, which is expected prior to Parliament’s last sitting day, currently scheduled for June 30, 2023.
Review the article on Deloitte’s tax@hand website.
