Tax and financial advisors will be interested in CRA s new handbook on securities transactions. The handbook discusses who has to file a T5008 information return to report securities transactions, including some interesting situations like:
The guide goes on to explain the T5008 is not required to report the exchange of old shares for new shares occurring in the course of a reorganization of the capital structure of a corporation as long as the exchange meets the requirements of section 86 of the Income Tax Act, and no consideration other than new shares is receivable. Among other topics, reporting rules for the dissolution and continuation rules for partnerships are also discussed. For more information click here.