CRA has waived Bill C-377 labour reporting demands for fiscal periods starting in 2017.
As a result, labour organizations and labour trusts will not have to file reports with the CRA to disclose detailed financial information and information on political, lobbying and other non-labour relations activities, or to make that information publically available. Previously, the CRA waived this reporting requirement for fiscal periods starting on December 31, 2015 and through 2016.
Bill C-4 proposes to repeal the reporting requirements. Bill C-4 has completed second reading in the Senate and is expected to be enacted soon.
The reporting requirements would have placed an obligation on labour organizations and labour trusts to track their activities for fiscal years beginning on or after December 31, 2015. These rules were contentious since there is already legislation in place to ensure that unions make financial information available.
For more information, contact your KPMG adviser.
Information is current to January 17, 2017. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500