3.Extension of Reassessment Period for
Donors to Registered
Tax Shelters
•As part of its effort to balance the budget, the federal government has taken a hard line on various tax loop-holes, particularly those involving tax shelters
•This change,
set out in Bill C-4, is deemed to have come into force on March 21, 2013, and extends the normal reassessment period with respect to participants in a tax shelter or “reportable transactions” where the information return required to be filed by the tax shelter or reportable transaction is not filed on time, or at all, by a period of a further 3 years after the date that the information return has been filed (for a total of 6 years)