Reporting requirements waived for labour unions

Diane Lebouthillier, national revenue minister, has waived reporting requirements for labour organizations and labour trusts for fiscal periods starting in 2017. The requirements arise from Bill C-377, An Act to amend the Income Tax Act (requirements for labour organizations).

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That act, which came into force on December 30, 2015, requires labour organizations and labour trusts to file reports with the minister to disclose, among other things, detailed financial information, as well as information on political, lobbying and other non-labour relations activities.

Repealing Bill C-377 was identified as a priority in the mandate letter for the minister of employment, workforce development and labour. On January 28, 2016, the government tabled Bill C-4 to repeal the reporting requirements introduced by the act; Bill C-4 is currently at second reading in the Senate.

In the meantime, unions and other affected stakeholders won’t be required to develop and submit detailed tracking of their activities to CRA.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.