Ottawa, May 7, 2010

Archived - Government of Canada Seeks Public Input on Proposals to Require Information Reporting of Tax Avoidance Transactions

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The Honourable Jim Flaherty, Minister of Finance, today released for public consultation proposals concerning an information reporting regime for certain tax avoidance transactions, as proposed in Budget 2010.

“These proposals seek to ensure that our income tax system is fair to all Canadians,” said Minister Flaherty. “They will help the Canada Revenue Agency to identify instances of aggressive tax planning, which can undermine the integrity of our income tax system.”

Budget 2010 put forth for consultation a proposal under which a tax avoidance transaction that bears at least two of three hallmarks of aggressive tax planning would be required to be reported to the Canada Revenue Agency. The proposals released today for consultation provide details about:

  • the persons who would be subject to the reporting rules;
  • the transactions that would be required to be disclosed;
  • the proposed form, content and timing of disclosure; and
  • the proposed consequences for failure to disclose a reportable transaction.

A backgrounder and a description of the proposals accompany this release.

The Government will review comments received in the course of these public consultations. As announced in Budget 2010, it is proposed that these measures, as modified to take into account the consultations, would apply to avoidance transactions entered into after 2010, as well as avoidance transactions that are part of a series of transactions that commenced before 2011 and will have been completed after 2010. Interested parties are invited to provide comments on these proposals by July 7, 2010.

Comments may be submitted to the Tax Legislation Division at the Department of Finance at Once received by the Department of Finance, all submissions will be subject to the Access to Information Act and may be disclosed in accordance with its provisions. Should you express an intention that your submission be considered confidential, the Department will make all efforts to protect this information within the requirements of the law.

For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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