Bill C-47—which implements certain outstanding business, individual (personal), and indirect tax measures—received Royal Assent on 22 June 2023.
The bill includes, among other measures:
- Expanded mandatory disclosure rules that require taxpayers to disclose certain “reportable transactions” and “notifiable transactions” entered into as of 23 June 2023
- New reporting requirements for digital platform operators
- Changes related to hedging and short selling by Canadian financial institutions
- Indirect tax measures from the 2023 federal budget that affect the goods and services tax / harmonized sales tax (GST/HST) treatment of payment card clearing services, pension plans, and crypto asset mining
The tax measures in Bill C-47 were previously announced in the 2021, 2022, and 2023 federal budgets and 2022 federal economic update, along with previously announced technical amendments.
Source KPMG
