Canada Family Office Global Tax Rules Raise Info Swap Concerns

Canada is proposing to give some of the country’s largest private firms more flexible reporting rules under the global minimum tax, a move that could prompt questions from overseas tax collectors.

The Department of Finance’s draft bill would give a specific set of enterprises — Canadian private firms that own public companies — the option of filing separate information reports from the public companies if the companies fall within the global minimum tax’s scope. It will only affect family offices, private firms that manage the investments of ultra-high-net-worth individuals, according to tax practitioners.

The draft legislation could become an issue ...