The Ryan Talks Tax Podcast is designed to keep you up to date on the latest developments in Canadian tax and government funding initiatives. Listen to our experts discuss emerging issues, significant legislative changes, and recent government announcements.
In Episode 22, Clyde Seymour joins us to discuss significant changes to the mandatory disclosure rules for Canadian income tax purposes. With the new rules in place for reportable and notifiable transactions after June 22, 2023, and for tax years beginning after 2022 for reportable uncertain tax treatments, taxpayers and their advisors should be aware of the enhanced reporting requirements.
Clyde comments on why the federal government decided to enhance the mandatory disclosure rules, explains the difference between reportable and notifiable transactions, and clarifies what constitutes a reportable uncertain tax treatment. We also review the deadlines for the new reporting requirements and discuss the substantial penalties in place for noncompliance.
For more information on the mandatory disclosure rules, please read this tax development.
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Principal, International Income Tax
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