Obligation to Provide Information
A tax shelter promoter that accepts consideration at a particular time in a calendar year from an individual resident in Québec at that time, or acts as a mandatary with respect to such an acceptance, must file an RL-14 slip in the name of the individual (referred to as the “investor” on the slip) and the RL-14 summary. These documents must be filed by the last day of February of the following year.
If a partnership is a tax shelter and is required to file the Partnership Information Return (form TP-600-V), it does not have to file RL-14 slips (see courtesy translation RL-14-T) or the RL-14 summary where it files the return and the RL-15 slips (see courtesy translation RL-15.EX-T) by the prescribed deadline. All the information on the RL-14 slip and the RL-14 summary is included on the RL-15 slip and in Schedule E of the return.
- If the partnership ceases to issue, sell or promote shares, it must produce RL-14 slips and an RL-14 summary within 30 days of the date on which those activities ceased.
- If the partnership fails to comply with our request to file an RL-14 slip (or an RL-15 slip, as applicable) for an individual that acquired a share in a tax shelter, or fails to provide the amount paid by the individual for the share or any required information about the individual on such a slip, the partnership is liable to a penalty equal to the greater of the following amounts:
- 25% of any consideration received or to be received from the individual; or
- 25% of the value of the property that the individual could donate to a qualified donee where the tax shelter is a gifting arrangement.