Highlights - On November 28, 2023, the Department of Finance (Finance) tabled a Notice of Ways and Means Motion to implement the Fall Economic Statement Implementation.
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With the enactment of Bill C-47 on June 22, 2023, Canada s enhanced mandatory disclosure rules are now fully in effect. These rules, which were first announced in the 2021 Canadian federal budget: expand the prior rules for reportable transactions; include new reporting requirements for notifiable transactions and uncertain tax treatments; and impose new punitive consequences, including penalties and extended reassessment periods, for failing to comply with the disclosure requirements.
Highlights from tax news for week ending 19 April 2023, including: closure of online VAT return; PAYE direct debits; TRS reporting requirements; interest rate increase for discounted gift trusts; NMW campaign; Finance Bill amendment for R&D; closure of DAC6 reporting service; and TAM Day.