Tax memo: Federal Proposals for Reporting Tax Avoidance Transactions

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On May 7, 2010, the Department of Finance released proposals concerning the information-reporting regime for certain tax-avoidance transactions. This regime was first announced in the March 4, 2010 federal budget and follows the lead of other jurisdictions, including the United States, the United Kingdom and Quebec.

The proposals retain the thrust of the federal budget measure but provide additional detail on:

• transactions that must be reported
• persons that must report
• the form, content and timing of disclosure
• consequences of failing to report