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New Reporting Requirement - Forced Labour and Child Labour (Bill S-211)
The Fighting Against Forced Labour and Child Labour in Supply Chains Act enacted by Bill S-211 became effective on January 1, 2024. All publicly traded companies must file an annual report by May 31st. Other entities, such as privately-held corporations, partnerships, trusts, and unincorporated organizations may also have to file an annual report.
This new reporting requirement targets entities whose activities include producing, selling, or distributing goods into Canada, or controlling an entity engaged in any of these activities. For your business to meet the filing requirement, it must also meet at least two out of the three following criteria:
- Has at least $20 million in assets;
- Has at least $40 million in revenue; and
- Employs an average of at least 250 employees.
Our tax specialists in our domestic and cross-border tax group are available to address any specific enquiries relating to the reporting criteria and the reporting requirements.
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