As discussed in the September Tax Letter (under “Bare trusts and nominee agreements”), the Quebec government introduced a rule in May 2019 requiring a nominee agreement signed after May 19, 2019 to be disclosed to Revenu Québec in an information return within 90 days of signing, with a penalty for non-compliance. However, on August 22, 2019 Revenu Québec extended the date for filing the information return to the later of the following dates:
the 90th day following the conclusion of the nominee agreement; or
the 90th day following the day the bill introducing the new measures receives assent.
At the time of writing, the bill had not been introduced and therefore has not received assent.
This letter summarizes recent tax developments and tax planning opportunities from a third-party affiliate; however, we recommend that you consult with an expert before embarking on any of the suggestions contained in this blog post, which are appropriate to your own specific requirements. Please feel free to get in touch with Lee & Sharpe to discuss anything detailed above, we would be pleased to help.
