Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))

Marginal note:Due diligence

• 288 (1) A reporting platform operator must complete the due diligence procedures set out in sections 283 to 287 by December 31 of the reportable period.

• Marginal note:Previously registered accounts

  (2) Despite subsection (1), the due diligence procedures set out in sections 283 to 287 are required to be completed by December 31 of the second reportable period of the reporting platform operator, for sellers that are already registered on the platform

  • (a) as of January 1, 2024; or

  • (b) as of the date on which an entity becomes a reporting platform operator.

• Marginal note:Previous due diligence

  (3) Notwithstanding subsection (1), a reporting platform operator may rely on the due diligence procedures conducted in respect of previous reportable periods, provided

  • (a) the primary address of the seller has been either collected and verified or confirmed within the last 36 months; and

  • (b) the reporting platform operator does not have reason to know that the information collected pursuant to sections 283, 284 and 287 is or has become unreliable or incorrect.