(July 31 – 15:50 ET) – The Canada Customs and Revenue Agency is starting consultations on developing guidelines for third-party civil penalties.

Last fall Martin Cauchon, Minister of National Revenue, committed to consulting the private sector in developing guidelines for administering third-party civil penalty provisions. The CCRA is now starting the consultation process to get input on the form and content of the guidelines. It will begin consultations in September 2000 by contacting various national legal, accounting, valuation, and other industry associations.

The CCRA says the new penalty provisions, legislated in the recently passed Bill C-25, “will affect tax advisors, valuators, tax return preparers, and those who participate in promoting or selling tax shelters, flow-through shares, and other arrangements bought mainly for their tax benefits”.

Organizations and individuals wanting to participate in the process are invited to file their comments by September 30, to the Assistant Commissioner, Compliance Programs Branch, CCRA.
-IE Staff