Section 288 — Income Tax Act: Due diligence

A reporting platform operator must complete the due diligence procedures set out in sections 283 to 287 by December 31 of the reportable period. Despite subsection (1), the due diligence procedures set out in sections 283 to 287 are required to be completed by December 31 of the second reportable period of the reporting platform operator, for sellers that are already registered on the platform as of January 1, 2024; or as of the date on which an entity becomes a reporting platform operator. Notwithstanding subsection (1), a reporting platform operator may rely on the due diligence procedures conducted in respect of previous reportable periods, provided the primary address of the seller has been either collected and verified or confirmed within the last 36 months; and the reporting platform operator does not have reason to know that the information collected pursuant to sections 283, 284 and 287 is or has become unreliable or incorrect.