CRA claims that it will read each Reportable Transaction form

CRA has released the prescribed form for reporting "reportable transactions" (avoidance transactions with specified markers).

Bill C-48 provided that reporting in respect of transactions for 2011 and 2012 is due on October 24, 2013 (i.e., 120 days after royal assent), rather than on June 30 of 2012 or 2013, as the case may be.  The last page of the form acknowledges the 120 day extension for 2011 transactions, but not for 2012 transactions.  I understand from my partner Chris Anderson that CRA has been notified of this error.

The form also states that "each return will undergo a preliminary review."

Neal Armstrong.  Link to RC312 Reportable Transaction Information Return (2010 and later tax years) under s. 237.3(2).