More bite than bark: Proposed changes to tax laws look to empower CRA

By Michelle Fong and MaryAnne Loney (October 3, 2022, 1:33 PM EDT) -- The government appears to be focusing its legislative efforts when it comes to increasing tax revenue by empowering the Canada Revenue Agency (CRA) with changes that target tax planning it does not like. There have been significant proposed changes designed to give the CRA more information and power announced by the federal government in recent years. In 2022, we saw the introduction of draft legislation and consultation papers as the government prepares to implement some of these changes. In this two-part series, we discuss three proposed changes that we consider most concerning for our clients. In part one, we discuss changes to reporting requirements....