{"id":17219,"date":"2020-12-08T17:09:02","date_gmt":"2020-12-08T22:09:02","guid":{"rendered":"https:\/\/www.rsslex.com\/publications\/update-on-the-requirement-to-disclose-your-prete-nom-or-nominee-agreements-to-revenu-quebec\/"},"modified":"2022-01-10T08:47:06","modified_gmt":"2022-01-10T13:47:06","slug":"20201208_update-on-the-requirement-to-disclose-your-prete-nom-or-nominee-agreements-to-revenu-quebec","status":"publish","type":"post","link":"https:\/\/www.rsslex.com\/en\/bulletins-en\/20201208_update-on-the-requirement-to-disclose-your-prete-nom-or-nominee-agreements-to-revenu-quebec\/","title":{"rendered":"Update on the Requirement to Disclose Your Pr\u00eate-Nom or Nominee Agreements to Revenu Qu\u00e9bec"},"content":{"rendered":"<p><!-- \n<strong>By <a href=\"https:\/\/www.rsslex.com\/en\/avocats\/profil-individuel-des-avocats\/sharon-g-druker\/\">Sharon G. Druker<\/a> and <a href=\"https:\/\/www.rsslex.com\/en\/avocats\/profil-individuel-des-avocats\/genevieve-goulet\/\">Genevi\u00e8ve Goulet<\/a>, from our Business Law Group.<\/strong>\n --><\/p>\n<p><!-- December 8, 2020\u00a0\u2014  -->As previously explained in our <a href=\"https:\/\/www.rsslex.com\/en\/publications\/20190815_pretenom\/\">August 15, 2019 newsletter<\/a>, Revenu Qu\u00e9bec announced new rules on May 17, 2019 requiring the disclosure of all nominee agreements. The application of those rules was suspended until regulations could be adopted. Bill 42 implementing these rules was made final on September 24, 2020, and those rules are now in effect (<em>An Act to give effect to fiscal measures announced in the Budget Speech delivered on 21 March 2019 and to various other measures<\/em>, <a href=\"http:\/\/canlii.ca\/t\/b30l\" target=\"_blank\" rel=\"noopener\">SQ 2020, c 16<\/a>).<\/p>\n<p>Whether or not they already had to be disclosed to Revenu Qu\u00e9bec in the provincial corporate income tax return (CO-17-T), ALL Qu\u00e9bec taxpayers <em>must<\/em> now disclose ALL nominee agreements that fall into the following two categories:<\/p>\n<ul>\n<li>All nominee agreements signed <strong>on or after May 17, 2019<\/strong>, which must be disclosed within the earlier of (i) December 23, 2020 and (ii) <strong>90 days <\/strong>from the date of signature; and<\/li>\n<li>All nominee agreements signed <strong>before May 17, 2019 <\/strong><em>but<\/em> which have income tax consequences that continue <strong>after that date<\/strong> (for example, as to the deduction of expenses, the attribution of rental income, the imposition of a capital gain, claiming the principal residence exemption, etc.), which must be disclosed <strong>by or before December 23, 2020<\/strong>.<\/li>\n<\/ul>\n<p>Nominee agreements signed <strong>before May 17, 2019 <\/strong>which do <em>not<\/em> have <em>any<\/em> continuing tax consequences after that date do <em>not<\/em> need to be disclosed under these new rules.<\/p>\n<p>The disclosure must be made by completing and filing form TP-1079.PN. The information to be disclosed includes the date of the nominee agreement, the identity of all the parties, a full description of the transaction (or the series of transactions) covered by the nominee agreement and the identity of any person or entity for which there are resulting tax consequences, as well as a copy of any written document setting out the arrangement. Disclosure by any party to the nominee agreement covers all parties to it.<\/p>\n<p>Failure to disclose your nominee agreement can result in an initial penalty of $1,000 plus an additional daily penalty of $100 (up to a maximum total penalty of $5,000). As well, Revenu Qu\u00e9bec can suspend your tax assessment period, which means that prescription does not begin to run on its tax claims against you.<\/p>\n<p>For more information on these new rules, and for assistance in preparing the required disclosure materials, please contact one of our following professionals:<\/p>\n<table width=\"100%\">\n<tbody>\n<tr>\n<td width=\"35%\"><a href=\"https:\/\/www.rsslex.com\/en\/avocats\/profil-individuel-des-avocats\/martin-lord\/\"><b>Martin Lord<\/b><\/a><\/td>\n<td width=\"35%\"><a href=\"mailto:mlord@rsslex.com\">mlord@rsslex.com<\/a><\/td>\n<td width=\"30%\">514 393-4041<\/td>\n<\/tr>\n<tr>\n<td width=\"35%\"><a href=\"https:\/\/www.rsslex.com\/en\/avocats\/profil-individuel-des-avocats\/sharon-g-druker\/\"><b>Sharon G. Druker<\/b><\/a><\/td>\n<td width=\"35%\"><a href=\"mailto:sgdruker@rsslex.com\">sgdruker@rsslex.com<\/a><\/td>\n<td width=\"30%\">514 393-4014<\/td>\n<\/tr>\n<tr>\n<td width=\"35%\"><a href=\"https:\/\/www.rsslex.com\/en\/avocats\/profil-individuel-des-avocats\/genevieve-goulet\/\"><b>Genevi\u00e8ve Goulet<\/b><\/a><\/td>\n<td width=\"35%\"><a href=\"mailto:ggoulet@rsslex.com\">ggoulet@rsslex.com<\/a><\/td>\n<td width=\"30%\">514 393-7422<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><!-- \n<a href=\"https:\/\/www.rsslex.com\/wp-content\/uploads\/2020\/12\/20201208_PreteNom_EN.pdf\">PDF version<\/a>\n --><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As previously explained in our August 15, 2019 newsletter, Revenu Qu\u00e9bec announced new rules on May 17, 2019 requiring the disclosure of all nominee agreements. The application of those rules was suspended until regulations could be adopted. Bill 42 implementing these rules was made final on September 24, 2020, and those rules are now in [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[241,50],"tags":[],"class_list":["post-17219","post","type-post","status-publish","format-standard","hentry","category-business-law-en","category-bulletins-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Update on the Requirement to Disclose Your Pr\u00eate-Nom or Nominee Agreements to Revenu Qu\u00e9bec - RSS - Robinson Sheppard Shapiro<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rsslex.com\/en\/bulletins-en\/20201208_update-on-the-requirement-to-disclose-your-prete-nom-or-nominee-agreements-to-revenu-quebec\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Update on the Requirement to Disclose Your Pr\u00eate-Nom or Nominee Agreements to Revenu Qu\u00e9bec - RSS - Robinson Sheppard Shapiro\" \/>\n<meta property=\"og:description\" content=\"As previously explained in our August 15, 2019 newsletter, Revenu Qu\u00e9bec announced new rules on May 17, 2019 requiring the disclosure of all nominee agreements. 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