An analysis by Borden Ladner Gervais, Taxand Canada
Earlier this year, the Canadian government introduced Bill C-47, proposing amendments to the Income Tax Act including lower thresholds for reportable transactions, new reporting requirements for a (as yet undefined) category of ‘notifiable transactions’ and requirement for all advisors to file an information return for transactions.
The Federation of Law Societies of Canada has challenged these changes in court, arguing that they violate legal professionals’ ethical duties and Charter rights. The government agreed to suspend the provisions for legal professionals pending this court hearing and the case’s outcome will have a major impact on future disclosure obligations.
Laurie Goldbach, Steve Suarez, and Ben Hardwicke-Brown of our Canadian firm, Borden Ladner Gervais, analyse the background and details of this case here.
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