Subsection 237.4(1)
Advisor
Administrative Policy
15 May 2024 IFA Roundtable Q. 3, 2024-1007631C6 - Cash Pooling and Notifiable Transactions
Where a cash pooling arrangement in which a Canadian taxpayer may be a debtor is a “notifiable transaction”, would a professional services...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 237.4 - Subsection 237.4(2) | cash-pooling arrangement is substantially similar to the back-to-back designated transaction if the Canadian taxpayer as debtor does not withhold on the basis of the higher withholding rate for the ultimate lender | 563 |
| Tax Topics - Income Tax Act - Section 237.4 - Subsection 237.4(4) | full disclosure of one transaction (e.g., an interest payment) for the series of transactions is sufficient | 162 |
Subsection 237.4(2)
Administrative Policy
15 May 2024 IFA Roundtable Q. 3, 2024-1007631C6 - Cash Pooling and Notifiable Transactions
The CRA list of notifiable transactions includes a non-resident (NR1) entering into an arrangement with a non-resident (NR2) to indirectly provide...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 237.4 - Subsection 237.4(4) | full disclosure of one transaction (e.g., an interest payment) for the series of transactions is sufficient | 162 |
| Tax Topics - Income Tax Act - Section 237.4 - Subsection 237.4(1) - Advisor | whether a professional firm is an advisor turns inter alia on its degree of responsibility for the tax advice etc. | 173 |
Subsection 237.4(3)
Administrative Policy
Mandatory disclosure rules – Guidance, 15 August 2024 CRA Webpage
Application of NT-2023-05 (re B2B arrangements) to cash pooling arrangements
NT-2023-05. Back-to-back arrangements
In the context of a...
CRA Webpage, "Notifiable transactions designated by the Minister of National Revenue," 15 August 2024
Straddle transactions of FX-trading partnership (NT-2023-01)
A taxpayer buys an interest in a partnership which, immediately prior thereto, had...
Income Tax Mandatory Disclosure Rules Consultation: Sample Notifiable Transactions (Finance Release Webpage), 4 February 2022
Draft s. 237.4 provides a requirement for taxpayers, advisors and others to report transactions to CRA that are designated by CRA pursuant to...
Articles
Joint Committee, "Reportable Transaction and Notifiable Transaction Proposals", 5 April 2022 Joint Committee Submission
CRA website notification is insufficient (pp. 14-15)
- The notification process should use multiple forms of publication including the CRA website,...
Subsection 237.4(4)
Administrative Policy
15 May 2024 IFA Roundtable Q. 3, 2024-1007631C6 - Cash Pooling and Notifiable Transactions
Where a cash pooling arrangement in which a Canadian taxpayer may be a debtor is a “notifiable transaction”, would a filing requirement exist...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 237.4 - Subsection 237.4(2) | cash-pooling arrangement is substantially similar to the back-to-back designated transaction if the Canadian taxpayer as debtor does not withhold on the basis of the higher withholding rate for the ultimate lender | 563 |
| Tax Topics - Income Tax Act - Section 237.4 - Subsection 237.4(1) - Advisor | whether a professional firm is an advisor turns inter alia on its degree of responsibility for the tax advice etc. | 173 |
Articles
Joint Committee, "Reportable Transaction and Notifiable Transaction Proposals", 5 April 2022 Joint Committee Submission
Rules should be effective on royal assent (pp. 13-14)
- The rules should apply only to transactions undertaken after enactment, and transactions...
Paragraph 237.4(4)(b)
Administrative Policy
3 December 2024 CTF Roundtable Q. 3, 2024-1038151C6 - Notifiable Transactions
References in NT 2023-05 to a designated transaction include:
[S]ubsections 212(3.1) to (3.3) help to ensure that withholding tax under Part XIII...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 212 - Subsection 212(3.1) | s. 212(3.1) generally inapplicable where immediate funder receives only common shares financing from ultimate funder | 232 |
Paragraph 237.4(4)(c)
Articles
Federation of Law Societies of Canada, "Federation challenges Income Tax Act provisions", 12 September 2023 Press Release of the Federation
The Federation of Law Societies of Canada is challenging provisions of the Income Tax Act (the Act) [namely, ss. 237.3 and 273.4] that require...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 237.3 - Subsection 237.3(2) - Paragraph 237.2(3)(c) | Federation of Law Societies of Canada is seeking a declaration that ss. 237.3 and 237.4 do not apply to lawyers | 279 |
Subsection 237.4(5)
Articles
Joint Committee, "Reportable Transaction and Notifiable Transaction Proposals", 5 April 2022 Joint Committee Submission
Coordination with Quebec deadlines (p. 15)
- Under the Quebec rules, a newly designated transaction need only be reported after the later of 120...
Subsection 237.4(6)
Administrative Policy
Mandatory disclosure rules – Guidance, 15 August 2024 CRA Webpage
Notifiable Transactions
Due diligence - notifiable transactions – no reporting
- “A person who obtained the tax benefit would generally meet...
Subsection 237.4(7)
Administrative Policy
Mandatory disclosure rules – Guidance, 15 August 2024 CRA Webpage
Notifiable Transactions
Reasonable expectation to know – no reporting
- Only advisors who know or are reasonably expected to know of their...
Subsection 237.4(18)
Articles
Élisabeth Robichaud, Marie-Emmanuelle Vaillancourt, "An Avoidable Threat to the Protection of Solicitor-Client Privilege", Perspectives on Tax Law & Policy, Vol. 4, No. 3, September 2023, p. 11
- Chambre des notaires found that a limitation imposed on solicitor-client privilege (SCP) that was “not absolutely necessary to achieve the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Solicitor-Client Privilege | 226 |