Section 291 — Income Tax Act: Reporting to Minister

A reporting platform operator must report to the Minister the information set out in section 292 with respect to the reportable period no later than January 31 of the year following the calendar year in which the seller is identified as a reportable seller. A reporting platform operator must provide the information set out under section 292 to the reportable seller to which it relates no later than January 31 of the year following the calendar year in which the seller is identified as a reportable seller. Notwithstanding subsections (1) and (2), the information in relation to a reportable seller is neither required to be reported to the Minister nor to be made available to the reportable seller in circumstances where the reporting platform operator has obtained adequate assurances that another platform operator has or will fulfil the reporting obligations under this section and section 292 with respect to the reportable seller pursuant to the rules in Canada; or with respect to the reportable seller, other than a reportable seller resident in Canada, under substantially similar rules in a partner jurisdiction. A reporting platform operator required to report information under this section shall report the information in prescribed form. Information required to be reported under this section shall be filed by way of electronic filing. The information with respect to the consideration paid or credited in a fiat currency must be reported in the currency in which it was paid or credited. In case the consideration was paid or credited in a form other than fiat currency, it should be reported in the local currency of Canada, converted or valued in a manner that is determined consistently by the reporting platform operator. The information with respect to the consideration and other amounts must be reported in respect of the quarter in which the consideration was paid or credited.