Canada Provides Guidance on Enhanced Mandatory Disclosure Rules

Canada's Revenue Agency has published guidance on the mandatory disclosure rules, which were enhanced as part of the Budget Implementation Act 2023 No. 1 (Bill C-47). As previously reported, this includes the modification of the reporting requirements in respect of reportable transactions, as well as new reporting requirements for notifiable transactions and uncertain tax treatments. Further, the reassessment periods in relation to such transactions are extended, and new and modified penalti…