Canada's 2023 Budget includes proposals to expand the scope of the general anti-avoidance rule (GAAR) and impose a 25 per cent penalty where it is found to apply. It also confirms that the mandatory disclosure rules for reportable and notifiable transactions are to be enacted. It further tightens the rules granting tax relief on intergenerational business transfers, introduced by Bill C-208 in June 2021, and amends the alternative minimum tax regime.
News Source：【Stikeman Elliott 2023/03/28】