Public Opinion Wanted For Tax Avoidance Transactions

Tax and financial advisors beware: soon you may be required to report certain transactions. The Minister of Finance, The Honourable Jim Flaherty, has announced that consultations with Canadians with regard to implementing a reporting regimen for tax avoidance transactions will take place over the next two months.

Federal Budget 2010 indicated that tax avoidance transactions that were indicative of aggressive tax planning would become reportable to the Canada Revenue Agency.  The consultation proposals released by the Government of Canada provides details with respect to the following:

Comments received by the Government during the public consultations will be reviewed and the measures introduced in the 2010 Budget will be adjusted as necessary. 

Submissions may be made to the Tax Legislation Division at the Department of Finance at consultations245@fin.gc.ca.

For the complete news release including Backgrounder information and Description of Proposal, link here.