On August 9, 2022, Finance released draft legislation on the mandatory disclosure rules. These rules, which were first introduced in 2021 are intended to provide the Canada Revenue Agency (CRA) with information on transactions that may of be interest to CRA. Given that the reporting requirements are not just limited to clients and their tax advisors, and that life insurance is a component of many tax saving strategies, it is important the insurance advisors understand these rules and their obligations.

This session will discuss in detail the criteria for disclosure requirements for “reportable transactions” and “notifiable transactions”, as well as the parties who must report, the deadlines for reporting and the penalties for failure to report such transactions. There will also be a discussion on a number of insurance based case studies where these rules may need to be considered and require disclosure.

This workshop is organized by the Associates Technical Education Sub-committee.