Section 237.3

Subsection 237.3(1) - Definitions

Advisor

Articles

Joint Committee, "Reportable Transaction and Notifiable Transaction Proposals", 5 April 2022 Joint Committee Submission

Advisors may not have exposure to the reporting triggers (pp. 6-7)

  • The proposals should take into account that some of the advisors involved in...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Lara Friedlander, Andrew S. McGuffin, "Canada To Enact New Tax Avoidance Reporting Rules", Tax Management International Journal, February 8, 2013,Vol. 42, No. 2, 90 at 92

Note that in some cases a counterparty could be considered an "advisor" or "promoter". This could be the case if a counterparty participates in...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 237.3 - Subsection 237.3(2) 36

Avoidance Transaction

Articles

Joint Committee, "Reportable Transaction and Notifiable Transaction Proposals", 5 April 2022 Joint Committee Submission

Expansion of “avoidance transaction” (pp. 8-10)

  • The change of the “avoidance transaction” test to refer to “one of the main...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Reportable Transaction

Articles

Joint Committee, "Reportable Transaction and Notifiable Transaction Proposals", 5 April 2022 Joint Committee Submission

No de minimis safe harbor (pp. 5-6)

  • Consistent with the OECD approach, there should be a de minimis test or other filter to reduce the potential...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Lara Friedlander, Andrew S. McGuffin, "Canada To Enact New Tax Avoidance Reporting Rules", Tax Management International Journal, February 8, 2013,Vol. 42, No. 2, 90 at 93-94

In certain sectors of financial services, e.g., asset management or securities distribution, volume-based compensation for services is the norm. ...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Paragraph (a)

Administrative Policy

3 May 2022 CALU Roundtable Q. 2, 2022-0928701C6 - Mandatory Disclosure Rules

A financial advisor (Ms. A), at the request of Mr. B’s tax advisor, sells a generally-available financial product to Mr. B and receives...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 237.3 - Subsection 237.3(2) - Paragraph 237.2(3)(c) factors relevant to reporting obligation 372

Articles

Joint Committee, "Reportable Transaction and Notifiable Transaction Proposals", 5 April 2022 Joint Committee Submission

Breadth of fee hallmarks (pp. 10-11)

  • The fee hallmark could potentially be engaged by “value” billing (in this regard the OECD observed that...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Paragraph (b)

Articles

Paragraph (c)

Subparagraph (c)(i)

Subsection 237.3(2) - Application

Articles

Lara Friedlander, Andrew S. McGuffin, "Canada To Enact New Tax Avoidance Reporting Rules", Tax Management International Journal, February 8, 2013,Vol. 42, No. 2, 90 at 92

Reporting each transaction in a series may require reporting over multiple taxation years, and it may be quite difficult to determine all...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Forms

Paragraph 237.2(3)(c)

Administrative Policy

3 May 2022 CALU Roundtable Q. 2, 2022-0928701C6 - Mandatory Disclosure Rules

Ms. A, who is licensed to sell investment and insurance products, assists Mr. B, at the request of his tax advisor in purchasing one of such...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 237.3 - Subsection 237.3(1) - Reportable Transaction - Paragraph (a) factors regarding whether a fee is described in para. (a) 408

Subsection 237.3(4)

Articles

Joint Committee, "Reportable Transaction and Notifiable Transaction Proposals", 5 April 2022 Joint Committee Submission

S. 237.3(4) should be retained (pp. 7-8)

  • S. 237.3(4) should not be repealed, and a similar rule should be included for notifiable transactions...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Subsection 237.3(5)

Articles

Joint Committee, "Reportable Transaction and Notifiable Transaction Proposals", 5 April 2022 Joint Committee Submission

Most disclosure can await the return (p. 4)

  • The short reporting deadline should be restricted to information that warrants a short deadline,...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.

Subsection 237.3(9)

Articles

Joint Committee, "Reportable Transaction and Notifiable Transaction Proposals", 5 April 2022 Joint Committee Submission

Inappropriate joint and several liability (p. 18)

  • It is unclear why the penalty provisions for failing to file an information return for...

The text of this content is paywalled except for the first five days of each month. Subscribe or log in for unrestricted access.