On December 10, TEI submitted comments to the Department of Finance concerning the proposed changes to Canada’s income tax mandatory disclosure rules described in Budget 2021. TEI’s comments focus primarily on the government’s proposals to amend the Income Tax Act’s reportable transaction rules and introduce a new requirement for specified corporations to proactively report uncertain tax positions to the Canada Revenue Agency.
TEI’s comments were developed by a working group of interested members under the aegis of TEI’s Canadian Income Tax Committee, whose chair is Patricia Likogiannis. Watson M. McLeish, TEI tax counsel, had principal responsibility for drafting TEI’s comments.
All TEI advocacy submissions are available for download at www.tei.org/advocacy.