Law Society of Ontario notifies profession on amendments to the Mandatory Disclosure Rules

The Law Society of Ontario has notified members about amendments to the mandatory disclosure rules in the Income Tax Act (ITA) by the federal government in the Budget Implementation Act 2023. The changes expand the existing reportable transactions regime significantly, including broadening the definition of reportable “avoidance transactions” and reducing the number of hallmarks required to report an avoidance transaction. Additionally, a new category of “notifiable transactions” has been created that must be reported to the Canada Revenue Agency (CRA). The impact of these changes may not be limited to tax practitioners specifically advising on tax transactions, as any licensee who serves clients in respect of certain transactions with tax consequences may be required to report those transactions to the CRA.

Read the full story here.

Brought to you by ICLR.