Canada: Mandatory disclosure of information about certain transactions (Quebec)

Canada: Mandatory disclosure of information (Quebec)

Taxpayers residing in or operating in Quebec must prepare to disclose information about certain specified transactions.

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Revenu Quebec announced four specified transactions subject to new reporting requirements:

  • Avoidance of deemed disposal of trust property
  • Payment to a non-treaty country
  • Multiplication of the capital gains deduction
  • Tax attribute trading

Disclosure of these four transactions are due on or before 15 July 2021.

In addition to the reportable transactions already announced, Revenu Quebec is expected to provide a list of additional transactions that will be subject to the new reporting requirements on an ongoing basis.

A failure to disclose a specified transaction will be subject to a penalty assessment.

Read a March 2021 report [PDF 251 KB] prepared by the KPMG member firm in Canada

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