June 9, 2021
Canada Revenue Agency releases revised Information Circular on Mutual Agreement Procedures
The Canada Revenue Agency (CRA) released Information Circular IC71- 17R6 Competent Authority Assistance under Canada's Tax Conventions on June 1, replacing and cancelling Information Circular IC71-17R5, issued January 1, 2005. Among other items, the new Information Circular (IC) includes significant changes from the CRA's prior guidance or confirms its known positions on the following topics:
A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.
Full text of Tax Alert