Revenu Quebec Disclosure of Nominee Agreement

13 Lug, 2023

In recent years, the concept of nominee agreements has been gaining popularity among individuals and organizations alike, especially in Quebec. A nominee agreement refers to a legal agreement between two parties, where one party (the nominee) agrees to hold, manage or control certain assets on behalf of the other party (the principal).

However, the Quebec government has become increasingly interested in these types of agreements, as they can be used to evade taxes and other regulatory requirements. As such, Revenu Quebec, the province`s tax authority, has introduced new disclosure requirements for nominee agreements.

According to the new rules, any person or entity entering into a nominee agreement in Quebec must disclose the agreement to Revenu Quebec within 90 days of its creation or modification. The disclosure must include the name and contact information of both the nominee and the principal, as well as a description of the assets covered by the agreement.

It should be noted that failure to disclose a nominee agreement can result in penalties and fines. In addition, Revenu Quebec has the authority to request additional information about the agreement and to verify the accuracy of the disclosure.

The purpose of these new rules is to increase transparency and accountability in the use of nominee agreements. By requiring disclosure, Revenu Quebec can more effectively monitor the use of these agreements and identify potential tax evasion or other illicit activity.

In conclusion, if you are considering entering into a nominee agreement in Quebec, it is important to be aware of the new disclosure requirements introduced by Revenu Quebec. Failure to comply with these rules can result in penalties and fines, so it is best to consult with a legal professional to ensure that your disclosure is accurate and complete. By following these rules, you can avoid any potential legal consequences and ensure that your use of nominee agreements is transparent and above board.

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