Canada: Disclosures of nominee agreements due 23 December (Quebec)

Canada: Disclosures of nominee agreements (Quebec)

Taxpayers in Quebec may have to disclose information about nominee agreements.

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Quebec recently enacted measures requiring either party to a nominee agreement that is made as part of a transaction, or a series of transactions, to disclose this information by 23 December 2020 or 90 days after conclusion of the nominee agreement (whichever is later).

The obligation applies to all nominee agreements entered into on or after 17 May 2019, as well as certain agreements entered into before this date when the tax consequences continue after 16 May 2019.

Taxpayers must meet this new requirement by filing a prescribed form for qualifying nominee agreements even if they already disclose details of such an arrangement in their provincial tax return. Taxpayers that do not disclose the subject nominee agreements may face penalties of up to $5,000.*


Read an October 2020 report [PDF 93 KB] prepared by the KPMG member firm in Canada

*$ = Canadian dollar

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