If you have entered into a nominee agreement in Quebec, you may have new tax disclosure requirements.
If you have entered into a nominee agreement in Quebec, you may have new tax disclosure requirements. Quebec recently announced that either party to a nominee agreement made as part of a transaction, or a series of transactions, must disclose this information to Revenu Quebec. This obligation applies to all nominee agreements entered into since May 17, 2019. Additionally, certain agreements entered into before May 17, 2019 where the tax consequences continue after May 16, 2019, will need to be disclosed by September 16, 2019. Quebec announced these changes in the province's Information Bulletin 2019-5, and provided additional details at a Canadian Tax Foundation (CTF) event held on July 11, 2019.
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