Richter bulletin | Deadline to disclose nominee agreements for 2020

On May 17, 2019, Finances Québec announced measures expanding the General Anti-Avoidance Rule (GAAR) disclosure rules and penalties to aggressive tax planning involving shams. These measures include a requirement to disclose the use of nominees, such as prête-noms. Additional information regarding this new requirement can be found here.

On September 24, 2020, the Government of Quebec passed these measures into law, thereby giving legal force to the new requirements to disclose nominee agreements.

The deadline to disclose the use of nominees, by way of a prescribed form is the later of the following dates:

• the 90th day after the nominee agreement was entered into;
• December 23, 2020.

As always, your Richter team is available to assist you or your legal counsel in meeting these new compliance requirements.