Budget 2021 recognized that the lack of timely, comprehensive and relevant information on aggressive tax planning strategies is one of the main challenges faced by tax authorities worldwide. Early access to this information allows tax authorities to respond quickly to tax risks through informed risk assessments, audits and changes to legislation. To this effect, the Income Tax Act contains rules requiring that certain transactions be reported to the Canada Revenue Agency (CRA). However, the CRA’s experience with these rules since their introduction indicates that they are not sufficiently robu…