Budget Implementation Act, 2023, No. 1 (S.C. 2023, c. 26)
Full Document:
- HTMLFull Document: Budget Implementation Act, 2023, No. 1 (Accessibility Buttons available) |
- PDFFull Document: Budget Implementation Act, 2023, No. 1 [3565 KB]
Assented to 2023-06-22
PART 1Amendments to the Income Tax Act and Other Legislation (continued)
R.S., c. 1 (5th Supp.)Income Tax Act (continued)
71 Paragraph 241(4)(d) of the Act is amended by adding the following after subparagraph (xx):
(xx.1) to an official of
(A) the Department of Employment and Social Development or the Department of Health, solely for the purpose of the administration or enforcement of the Canadian Dental Care Plan established under the authority of the Department of Health Act in respect of dental service for individuals, or
(B) the Department of Health solely for the purpose of the formulation or evaluation of policy for that plan,
72 Subsection 244(14.1) of the Act is replaced by the following:
Marginal note:Date when electronic notice sent
(14.1) If a notice or other communication in respect of an individual, other than a notice or other communication that refers to the business number of a person or partnership, is made available in electronic format such that it can be read or perceived by an individual or a computer system or other similar device, the notice or other communication is presumed to be sent to the individual and received by the individual on the date that an electronic message is sent, to the electronic address most recently provided by the individual to the Minister for the purposes of this subsection, informing the individual that a notice or other communication requiring the individual’s immediate attention is available in the individual’s secure electronic account. A notice or other communication is considered to be made available if it is posted by the Minister in the individual’s secure electronic account and the individual has authorized that notices or other communications may be made available in this manner and has not before that date revoked that authorization in a manner specified by the Minister.
Marginal note:Date when electronic notice sent — My Business Account
(14.2) A notice or other communication that is made available in electronic format such that it can be read or perceived by an individual or a computer system or other similar device, and that refers to the business number of a person or partnership, is presumed to be sent to the person or partnership and received by the person or partnership on the date that it is posted by the Minister in the secure electronic account in respect of a business number of the person or partnership, unless the person or partnership has requested, 30 days prior to that date, in a manner specified by the Minister, that the notice or other communication be sent by mail.
73 (1) The definitions small business bond and small business development bond in subsection 248(1) of the Act are repealed.
(2) Paragraph (c) of the definition dividend rental arrangement in subsection 248(1) of the Act is replaced by the following:
(b.1) any specified hedging transaction, in respect of a DRA share of the person,
(c) any synthetic equity arrangement (other than a specified hedging transaction), in respect of a DRA share of the person, and
(3) Subparagraph (i.1)(ii) of the definition term preferred share in subsection 248(1) of the Act is replaced by the following:
(ii) it may reasonably be considered that the share was issued or acquired as part of a transaction or event or series of transactions or events one of the main purposes of which was to avoid or limit the application of subsection 112(2.1), 138(6) or 258(3),
(4) Subparagraph (j)(ii) of the definition term preferred share in subsection 248(1) of the Act is replaced by the following:
(ii) one of the main purposes for the issue of the particular share or for the modification of its terms or conditions was to avoid a limitation provided by subsection 112(2.1) or 138(6) in respect of a deduction or to avoid or limit the application of subsection 258(3),
(5) Subsection 248(1) of the Act is amended by adding the following in alphabetical order:
- specified hedging transaction
specified hedging transaction, in respect of a DRA share of a person or partnership (referred to in this definition as the “particular person”), means a transaction (in this definition, as defined in subsection 245(1)) or series of transactions that satisfies the following conditions:
(a) it is entered into by
(i) the particular person if the particular person is a registered securities dealer or a partnership each member of which is a registered securities dealer, or
(ii) a registered securities dealer or a partnership each member of which is a registered securities dealer (in either case, referred to in this definition as the “connected dealer”), if the connected dealer does not deal at arm’s length with, or is affiliated with, the particular person,
(b) it has the effect, or would have the effect if the transaction or series were entered into by the particular person, of eliminating all or substantially all of the particular person’s risk of loss and opportunity for gain or profit in respect of the DRA share, determined without regard to any other transaction or series entered into in respect of the DRA share,
(c) if paragraph 260(6)(a) were read without reference to subsection 260(6.2), an amount in respect of the transaction or series would be deductible by the particular person or the connected dealer under paragraph 260(6)(a), and
(d) if the transaction or series is entered into by the connected dealer, it can reasonably be considered that the particular person or connected dealer knew or ought to have known that the effect described in paragraph (b) would result; (opération de couverture déterminée)
(6) Subsections (2) and (5) apply in respect of dividends that are paid or become payable on or after April 7, 2022. However, subsections (2) and (5) do not apply in respect of dividends paid or payable before October 2022, if the specified hedging transaction was entered into before April 7, 2022.
(7) Subsections (3) and (4) apply in respect of amounts received on or after August 9, 2022.
74 The portion of subsection 249.1(1) of the French version of the Act before paragraph (a) is replaced by the following:
Marginal note:Définition de exercice
249.1 (1) Pour l’application de la présente loi, l’exercice d’une entreprise ou d’un bien d’une personne ou d’une société de personnes s’entend de la période pour laquelle les comptes correspondants de la personne ou de la société de personnes sont arrêtés pour l’établissement d’une cotisation en vertu de la présente loi. L’exercice ne peut toutefois se prolonger :
75 (1) The definitions attribute trading restriction and specified provision in subsection 256.1(1) of the Act are replaced by the following:
- attribute trading restriction
attribute trading restriction means a restriction on the use of a tax attribute arising on the application, either alone or in combination with other provisions, of any of this section, subsections 10(10) and 13(24), section 37, subsections 66(11.4) and (11.5), 66.7(10) and (11), 69(11) and 88(1.1) and (1.2), sections 111 and 127, subsections 181.1(7), 190.1(6) and 249(4), section 251.2 and subsection 256(7). (restriction au commerce d’attributs)
- specified provision
specified provision means any of subsections 10(10) and 13(24), paragraph 37(1)(h), subsections 66(11.4) and (11.5), 66.7(10) and (11), 69(11) and 111(4) to (5.3), paragraphs (j) and (k) of the definition investment tax credit in subsection 127(9), subsections 181.1(7) and 190.1(6), section 251.2 and any provision of similar effect. (dispositions déterminées)
(2) Subsection 256.1(6) of the Act is replaced by the following:
Marginal note:Deemed acquisition of control
(6) If, at any time as part of a transaction or event or series of transactions or events, control of a particular corporation is acquired by a person or group of persons and it can reasonably be concluded that one of the main reasons for the transaction or event or any transaction or event in the series of transactions or events is so that a specified provision does not apply to one or more corporations, the attribute trading restrictions are deemed to apply to each of those corporations as if control of each of those corporations were acquired at that time.
(3) Subsections (1) and (2) are deemed to have come into force on August 9, 2022.
76 (1) Paragraph 260(6)(a) of the Act is replaced by the following:
(a) if the taxpayer is a registered securities dealer and the particular amount is deemed by subsection (5.1) to have been received as a taxable dividend, no more than 2/3 of the particular amount (unless, for greater certainty, the particular amount is an amount for which a deduction in computing income may be claimed under subsection (6.1) or (6.2) by the taxpayer); or
(2) Section 260 of the Act is amended by adding the following after subsection (6.1):
Marginal note:Deductible amount for registered securities dealer
(6.2) If a registered securities dealer enters into a specified hedging transaction in respect of a DRA share of the registered securities dealer or a person that does not deal at arm’s length with, or is affiliated with, the registered securities dealer, there may be deducted in computing the income of the registered securities dealer under Part I from a business or property for a taxation year an amount (other than any portion of the amount for which a deduction in computing income may be claimed under subsection (6.1) by the registered securities dealer) equal to the lesser of
(a) the total of all amounts each of which is an amount that the registered securities dealer becomes obligated in the taxation year to pay to another person as compensation for a dividend under the specified hedging transaction that, if paid, would be deemed by subsection (5.1) to have been received by another person as a taxable dividend, and
(b) the amount of the dividends that were received in respect of the DRA share by the registered securities dealer or the person that does not deal at arm’s length with, or is affiliated with, the registered securities dealer (as the case may be, referred to as the “dividend recipient” in this paragraph) and that were identified in the dividend recipient’s return of income under Part I for the year as an amount in respect of which no amount was deductible because of subsection 112(2.3) in computing the dividend recipient’s taxable income or taxable income earned in Canada.
(3) The portion of subsection 260(7) of the Act before paragraph (a) is replaced by the following:
Marginal note:Dividend refund
(7) For the purpose of section 129, if a corporation pays an amount for which no deduction in computing the corporation’s income may be claimed under subsection (6.1) or (6.2) and subsection (5.1) deems the amount to have been received by another person as a taxable dividend,
(4) Paragraphs 260(11)(b) and (c) of the Act are replaced by the following:
(b) for the purpose of applying paragraphs (6.1)(a) and (6.2)(a) in respect of the taxation year, to become obligated to pay its specified proportion, for each fiscal period of the partnership that ends in the taxation year, of the amount the partnership becomes, in that fiscal period, obligated to pay to another person under the arrangement described in that paragraph; and
(c) for the purpose of applying section 129 in respect of the taxation year, to have paid
(i) if the partnership is not a registered securities dealer, the corporation’s specified proportion, for each fiscal period of the partnership that ends in the taxation year, of each amount paid by the partnership (other than an amount for which a deduction in computing income may be claimed under subsection (6.1) or (6.2) by the corporation), and
(ii) if the partnership is a registered securities dealer, 1/3 of the corporation’s specified proportion, for each fiscal period of the partnership that ends in the taxation year, of each amount paid by the partnership (other than an amount for which a deduction in computing income may be claimed under subsection (6.1) or (6.2) by the corporation).
(5) Subsections (1) to (4) apply in respect of amounts paid or credited on or after April 7, 2022.
77 (1) The definition qualifying currency in subsection 261(1) of the Act is amended by adding the following after paragraph (c):
(c.1) the currency of Japan;
(2) Subparagraph 261(18)(c)(i) of the Act is replaced by the following:
(i) is, or would in the absence of subsections (16) and (17) be, in a functional currency year of the transferor or the transferee and the transferor and the transferee have, or would in the absence of those subsections have, different tax reporting currencies at the transfer time, or
(3) Paragraphs 261(20)(a) to (c) of the Act are replaced by the following:
(a) the specified transaction was entered into, directly or indirectly, at any time by the taxpayer and a person (referred to in this subsection as the “related person”) to which the taxpayer is at that time related;
(b) the taxpayer and the related person had different tax reporting currencies at any time during the period (referred to in this subsection as the “accrual period”) in which the income, gain or loss accrued; and
(c) it would, in the absence of this subsection and subsection (21), be reasonable to consider that a fluctuation at any time in the accrual period in the value of the taxpayer’s tax reporting currency relative to the value of the related person’s tax reporting currency
(i) increased the taxpayer’s loss in respect of the specified transaction,
(ii) reduced the taxpayer’s income or gain in respect of the specified transaction, or
(iii) caused the taxpayer to have a loss, instead of income or a gain, in respect of the specified transaction.
(4) Subsection (1) applies to taxation years that begin after 2019.
(5) Subsection (2) applies in respect of transfers of property that occur on or after August 9, 2022.
(6) Subsection (3) applies in respect of accrual periods (within the meaning assigned by subsection 261(20) of the Act) that begin on or after August 9, 2022.
78 (1) The Act is amended by adding the following after Part XIX:
PART XXReporting Rules for Digital Platform Operators
Marginal note:Definitions
282 (1) The following definitions apply in this Part.
- active seller
active seller means a seller that either provides relevant services or sells goods during the reportable period or is paid or credited consideration in connection with relevant activities during the reportable period. (vendeur actif)
- consideration
consideration means compensation in any form that is paid or credited to a seller in connection with relevant activities, the amount of which is known or reasonably knowable by the platform operator. (rémunération)
- entity
entity has the same meaning as in subsection 270(1). (entité)
- excluded platform operator
excluded platform operator means a platform operator that demonstrates to the satisfaction of the Minister that the platform’s entire business model is such that it does not
(a) allow sellers to derive a profit from the consideration; or
(b) have reportable sellers. (opérateur de platforme exclu)
- excluded seller
excluded seller means a seller
(a) that is an entity for which the platform operator facilitated more than 2,000 relevant services for the rental of immovable property in respect of a property listing during the reportable period;
(b) that is a governmental entity (as defined in subsection 270(1));
(c) that is an entity the stock of which is regularly traded on an established securities market (as defined in subsection 270(1)) or a related entity (as defined in subsection 270(1)) of an entity the stock of which is regularly traded on an established securities market; or
(d) for which the platform operator solely facilitated less than 30 relevant activities for the sale of goods and for which the total amount of consideration paid or credited did not exceed $2,800 during the reportable period. (vendeur exclu)
- fiat currency
fiat currency means a currency that is used by a country and is designated as legal tender in that country. (monnaie fiduciaire)
- financial account identifier
financial account identifier means the unique identifying number or reference, available to the platform operator, of the bank account or other payment account to which consideration is paid or credited. (identifiant de compte financier)
- goods
goods means any tangible property or, for civil law, any corporeal property. (bien)
- government verification service
government verification service means an electronic process made available by a reportable jurisdiction to a platform operator for the purposes of ascertaining the identity and residence of a seller. (service public de vérification)
- immovable property
immovable property means real or immovable property. (biens immobiliers)
- partner jurisdiction
partner jurisdiction means each jurisdiction identified as a partner jurisdiction by the Minister on the Internet website of the Canada Revenue Agency or by any other means that the Minister considers appropriate. (juridiction partenaire)
- personal service
personal service means a service involving time- or task-based work performed by one or more individuals at the request of a user, unless such work is purely ancillary to the overall transaction, but does not include a service provided by a seller pursuant to an employment relationship with the platform operator or a related entity (as defined in subsection 270(1)) of the platform operator. (service personnel)
- platform
platform means a software, including a website or a part of it and applications, including mobile applications, accessible by users and allowing sellers to be connected to other users for the provision of relevant services or the sale of goods, directly or indirectly, to such users (including the collection and payment of consideration in respect of relevant activities), but does not include, in the provision of relevant services or the sale of goods, software exclusively allowing without any further intervention
(a) the processing of payments in relation to relevant activities;
(b) listing or advertising in relation to relevant activities; or
(c) redirecting or transferring of users to a platform. (plateforme)
- platform operator
platform operator means an entity that contracts with sellers to make available all or part of a platform to such sellers. (opérateur de plateforme)
- primary address
primary address means
(a) in respect of a seller that is an individual (other than a trust), the address of the seller’s principal place of residence; and
(b) in respect of a seller that is an entity, the address of the seller’s registered office. (adresse principale)
- property listing
property listing includes all immovable property units located at the same street address and offered for rent on a platform by the same seller. (lot)
- relevant activity
relevant activity means
(a) a relevant service; or
(b) the sale of goods for consideration. (activité visée)
- relevant service
relevant service means, if provided for consideration:
(a) the rental of real or immovable property;
(b) a personal service;
(c) the rental of a means of transport; or
(d) a prescribed service. (service visé)
- reportable jurisdiction
reportable jurisdiction means
(a) for a reporting platform operator described in paragraph (a) of the definition reporting platform operator, Canada and any partner jurisdiction; and
(b) in any other case, Canada. (juridiction soumise à déclaration)
- reportable period
reportable period means a calendar year during which a platform operator is a reporting platform operator. (période de déclaration)
- reportable seller
reportable seller means an active seller, other than an excluded seller, that is determined by the platform operator based on the due diligence procedures set out in sections 283 to 287 to
(a) be resident in a reportable jurisdiction;
(b) have provided relevant services for the rental of immovable property located in a reportable jurisdiction; or
(c) have been paid or credited consideration in connection with relevant services for the rental of immovable property located in a reportable jurisdiction. (vendeur soumis à déclaration)
- reporting platform operator
reporting platform operator means a platform operator, other than an excluded platform operator, if
(a) it is resident in Canada;
(b) it is resident, incorporated or managed in a partner jurisdiction, facilitates the provision of relevant activities by sellers resident in Canada or with respect to rental of immovable property located in Canada and elects to be a reporting platform operator; or
(c) it is not resident in Canada or a partner jurisdiction and it facilitates the provision of relevant activities by sellers resident in Canada or with respect to rental of immovable property located in Canada. (opérateur de plateforme soumis à déclaration)
- seller
seller means a platform user that is registered at any time during the reportable period on the platform for the provision of a relevant service or the sale of goods. (vendeur)
- TIN
TIN means
(a) the number used by the Minister to identify an individual or entity, including
(i) a social insurance number,
(ii) a business number, and
(iii) an account number issued to a trust; and
(b) in respect of a jurisdiction other than Canada, a taxpayer identification number, including a VAT/GST registration number issued by the jurisdiction of the primary address of the seller, or a functional equivalent in the absence of a taxpayer identification number. (NIF)
Marginal note:Interpretation
(2) This Part relates to the implementation of the Model Rules set out in the Model Rules for Reporting by Platform Operators with respect to Sellers in the Sharing and Gig Economy approved by the Council of the Organisation for Economic Co-operation and Development and, unless the context otherwise requires, the provisions in this Part are to be interpreted consistently with the Model Rules, as amended from time to time.
Marginal note:Excluded seller
283 (1) For the purpose of determining whether a seller is an excluded seller under paragraph (a) or (d) of that definition in subsection 282(1), a reporting platform operator may rely on its available records.
Marginal note:Excluded seller – entity
(2) For the purpose of determining whether a seller that is an entity is an excluded seller under paragraph (b) or (c) of that definition in subsection 282(1), a reporting platform operator may rely on publicly available information or a confirmation from the seller.
Marginal note:Seller information – individual
284 (1) The reporting platform operator must collect the following information for each seller that is an individual (other than a trust) and that is not an excluded seller
(a) the first and last name of the individual;
(b) the primary address of the individual;
(c) the TIN issued to the individual, including the jurisdiction of issuance; and
(d) the date of birth of the individual.
Marginal note:Seller information – entity
(2) The reporting platform operator must collect the following information for each seller (other than a seller described in subsection (1)) that is not an excluded seller
(a) the legal name of the entity;
(b) the primary address of the entity;
(c) the TIN issued to the entity, including the jurisdiction of issuance; and
(d) the business registration number of the entity.
Marginal note:Government verification services
(3) Notwithstanding subsections (1) and (2), the reporting platform operator is not required to collect information pursuant to paragraphs (1)(b) to (d) or (2)(b) to (d) in respect of a seller where the reporting platform operator relies on a government verification service to ascertain the identity and residence of the seller.
Marginal note:TIN collection
(4) Notwithstanding paragraphs (1)(c) and (2)(c) and (d), the TIN or the business registration number, respectively, are not required to be collected if
(a) the jurisdiction of residence of the seller does not issue a TIN or business registration number to the seller; or
(b) the jurisdiction of residence of the seller does not require the collection of the TIN issued to such seller.
Marginal note:Verification of seller information
285 (1) The reporting platform operator must determine whether the information collected under subsection 283(2) and sections 284 and 287 is reliable, using all records available to the reporting platform operator, as well as any publicly available electronic interface to ascertain the validity of the TIN.
Marginal note:Due diligence
(2) Notwithstanding subsection (1), for the completion of the due diligence procedures pursuant to subsection 288(2), the reporting platform operator may determine whether the information collected pursuant to subsection 283(2) and sections 284 and 287 is reliable using electronically searchable records available to the reporting platform operator.
Marginal note:Verifying accuracy
(3) For the purpose of paragraph 288(3)(b), despite subsections (1) and (2), in instances where the reporting platform operator has reason to know that any of the information items described in section 284 or 287 may be inaccurate by virtue of information provided by the Minister, it must verify such information item using reliable, independent-source documents, data or information.
Marginal note:Residence
286 (1) A reporting platform operator must consider a seller resident in the jurisdiction of the seller’s primary address.
Marginal note:Government verification service
(2) Notwithstanding subsection (1), a reporting platform operator must consider a seller resident in each jurisdiction confirmed by a government verification service pursuant to subsection 284(3).
Marginal note:Rented immovable property
287 Where a seller provides relevant services for the rental of immovable property, the reporting platform operator must collect the address of each property listing.
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.
Marginal note:Active sellers
289 A reporting platform operator may elect to complete the due diligence procedures under sections 283 to 288 in respect of active sellers only.
Marginal note:Due diligence by third parties
290 (1) A reporting platform operator may rely on a third-party service provider to fulfil the due diligence obligations under sections 291 and 292, but such obligations remain the responsibility of the reporting platform operator.
Marginal note:Partner jurisdiction
(2) When a platform operator fulfils the due diligence obligations for a reporting platform operator with respect to the same platform under subsection (1), such platform operator may carry out the due diligence procedures pursuant to substantially similar rules in its partner jurisdiction.
Marginal note:Reporting to Minister
291 (1) A reporting platform operator must report to the Minister the information set out in section 292 with respect to the reportable period no later than January 31 of the year following the calendar year in which the seller is identified as a reportable seller.
Marginal note:Reporting to seller
(2) A reporting platform operator must provide the information set out under section 292 to the reportable seller to which it relates no later than January 31 of the year following the calendar year in which the seller is identified as a reportable seller.
Marginal note:Reporting not required
(3) Notwithstanding subsections (1) and (2), the information in relation to a reportable seller is neither required to be reported to the Minister nor to be made available to the reportable seller in circumstances where the reporting platform operator has obtained adequate assurances that another platform operator has or will fulfil the reporting obligations under this section and section 292
(a) with respect to the reportable seller pursuant to the rules in Canada; or
(b) with respect to the reportable seller, other than a reportable seller resident in Canada, under substantially similar rules in a partner jurisdiction.
Marginal note:Reporting
(4) A reporting platform operator required to report information under this section shall report the information in prescribed form.
Marginal note:Electronic filing
(5) Information required to be reported under this section shall be filed by way of electronic filing.
Marginal note:Currency
(6) The information with respect to the consideration paid or credited in a fiat currency must be reported in the currency in which it was paid or credited. In case the consideration was paid or credited in a form other than fiat currency, it should be reported in the local currency of Canada, converted or valued in a manner that is determined consistently by the reporting platform operator.
Marginal note:Reporting in respect of quarter
(7) The information with respect to the consideration and other amounts must be reported in respect of the quarter in which the consideration was paid or credited.
Marginal note:Information reported
292 Each reporting platform operator must report the following information:
(a) the name, registered office address and TIN of the reporting platform operator, as well as any business names of any platforms in respect of which the reporting platform operator is reporting;
(b) with respect to each reportable seller that provided relevant services (other than immovable property rental), rented out a means of transportation or sold goods,
(i) the items required to be collected pursuant to section 284,
(ii) any other TIN, including the jurisdiction of issuance, available to the reporting platform operator,
(iii) any financial account identifiers, insofar as they are available to the reporting platform operator and the jurisdiction of the reportable seller’s residence is specified by the Minister,
(iv) if different from the name of the reportable seller, the name of the holder of the financial account to which the consideration is paid or credited, to the extent available to the reporting platform operator, as well as any other identifying information available to the reporting platform operator with respect to that account holder,
(v) each jurisdiction in which the reportable seller is resident on the basis of the procedures set out in section 286,
(vi) the total consideration paid or credited during each quarter of the reportable period and the number of such relevant activities in respect of which it was paid or credited, and
(vii) any fees, commissions or taxes withheld or charged by the reporting platform operator during each quarter of the reportable period; and
(c) with respect to each reportable seller that provided relevant services for the rental of immovable property,
(i) the items required to be collected pursuant to section 284,
(ii) any other TIN, including the jurisdiction of issuance, available to the reporting platform operator,
(iii) any financial account identifiers, insofar as they are available to the reporting platform operator and either the jurisdiction of residence of the reportable seller or the jurisdiction in which the immovable property is located is specified by the Minister,
(iv) if different from the name of the reportable seller, the name of the holder of the financial account to which the consideration is paid or credited, to the extent available to the reporting platform operator, as well as any other identifying information available to the reporting platform operator with respect to the account holder,
(v) each jurisdiction in which the reportable seller is resident on the basis of the procedures set out in section 286,
(vi) the address of each property listing, determined on the basis of the procedures set out in section 287, and, if available, the land registration number,
(vii) the total consideration paid or credited during each quarter of the reportable period and the number of such relevant services provided with respect to each property listing in respect of which it was paid or credited,
(viii) any fees, commissions or taxes withheld or charged by the reporting platform operator during each quarter of the reportable period, and
(ix) if available, the number of days each property listing was rented during the reportable period and the type of each property listing.
Marginal note:Production of TIN
293 (1) Every reportable seller shall provide their TIN at the request of a reporting platform operator that is required under this Part to make an information return requiring the TIN.
Marginal note:Confidentiality of TIN
(2) A reporting platform operator required to make an information return referred to in subsection (1) shall not knowingly use, communicate or allow to be communicated, otherwise than as required or authorized under this Act or a regulation, the TIN without the written consent of the reportable seller.
Marginal note:Penalty for failure to provide TIN
(3) Every reportable seller who fails to provide on request their TIN to a reporting platform operator that is required under this Part to make an information return requiring the TIN is liable to a penalty of $500 for each such failure, unless
(a) an application for the assignment of the TIN is made to the relevant reportable jurisdiction not later than 90 days after the request was made and the TIN is provided to the reporting platform operator that requested it within 15 days after the reportable seller received it; or
(b) the reportable seller is not eligible to obtain a TIN from the relevant reportable jurisdiction (including because the relevant reportable jurisdiction does not issue TINs).
Marginal note:Assessment
(4) The Minister may at any time assess any amount payable under subsection (3) by a reportable seller and, if the Minister sends a notice of assessment to the reportable seller, sections 150 to 163, subsections 164(1) and (1.4) to (7), sections 165 to 167 and Division J of Part I apply with such modifications as the circumstances require.
Marginal note:Record keeping
294 (1) Every reporting platform operator shall keep, at its place of business or at such other place as may be designated by the Minister, records that it obtains or creates for the purpose of complying with this Part, including records of documentary evidence.
Marginal note:Form of records
(2) Every reporting platform operator required by this Part to keep records that does so electronically shall retain them in an electronically readable format for the retention period referred to in subsection (3).
Marginal note:Retention of records
(3) Every reporting platform operator that is required to keep, obtain or create records under this Part shall retain those records for a period of at least six years following the end of the last calendar year in respect of which the record is relevant.
Marginal note:Anti-avoidance
295 If a person enters into an arrangement or engages in a practice, the primary purpose of which can reasonably be considered to be to avoid an obligation under this Part, the person is subject to the obligation as if the person had not entered into the arrangement or engaged in the practice.
(2) Subsection (1) comes into force on January 1, 2024.
Page Details
- Date modified: