Taxpayers residing in or operating in Quebec should prepare to disclose information about certain specified transactions.
Taxpayers residing in or operating in Quebec should prepare to disclose information about certain specified transactions. Quebec has now announced four of the specified transactions that are subject to new reporting requirements, including the multiplication of the capital gains deduction. As a result, taxpayers who have undertaken these transactions should take steps to report them to Revenu Quebec by completing and filing a prescribed form by July 15, 2021. Taxpayers who fail to disclose a specified transaction, or that do not file the prescribed form on time, may face stiff penalties. Special disclosure rules also apply to advisers and promoters under certain conditions.
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