January 14, 2014
Vancouver, National Leader, International Corporate Tax
Finance released draft legislation to implement 2013 federal budget proposals to require certain financial intermediaries to report international electronic funds transfers of $10,000 or more to the CRA. The legislation, which was released January 9, 2014, would apply beginning in 2015. Finance is accepting comments on the draft legislation from interested parties by February 10, 2014.
For details on the rules and more on the 2013 federal budget, see TaxNewsFlash-Canada 2013-10, "2013 Federal Budget Highlights".
For more information, contact your KPMG adviser.
Information is current to January 14, 2014. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500