TAX: NEW RRSP, RRIF REPORTING REQUIREMENTS
On August 9, 2022, the Department of Finance Canada released a package of draft legislation implementing tax measures announced in the 2022 Federal Budget. Included is the expansion of annual reporting required of financial institutions (FIs) to the CRA to include the fair market value of property held in each RRSP and RRIF FIs administer. See: What you need to know about new RRSP reporting rules.
The IIAC, as well as several other associations, met with the CRA and Finance Canada to get answers to relevant questions related to the new reporting requirements.
Please click here to view the Q&A document prepared for members.