Disclosing Reportable Transactions

(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 05/31/16 -- Did you know?

Reportable transactions must be disclosed to the Canada Revenue Agency (CRA).

What is a reportable transaction?

A reportable transaction is a specific type of tax avoidance transaction or, in other words, any transaction undertaken alone or as part of a series of transactions in order to avoid paying taxes. It has to meet at least two of the following three criteria:

Who must disclose reportable transactions?

If you enter into a reportable transaction for yourself or for the benefit of another person, you must report the transaction. Promoters and advisors are also required to report the transaction.

What is the process for reporting a transaction?

Whether you are an individual, corporation, trust, or partnership, you have to file an information return with the CRA. File , on or before June 30 of the calendar year following the calendar year in which the transaction first became a reportable transaction. This form is filed separately from your income tax return and any other information return.

What are the consequences of not reporting a transaction?

In addition to the penalty, the tax benefit resulting from the reportable transaction will be denied until the required Form RC312 has filed and the penalty and interest have been paid.

For more information, see the 2013 fact sheet "" or the .

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Contacts:
Jelica Zdero
Media Relations
Canada Revenue Agency
613-952-9184

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Bereitgestellt von Benutzer: Marketwired
Datum: 31.05.2016 - 14:36 Uhr
Sprache: Deutsch
News-ID 474641
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