An article published by Captive International notes that Canadian automotive dealerships with interests in captives “are being warned of the risk of fines due to increasingly complex reporting requirements.” MNP Partner Tim Bloos said dealers that fail to file correctly could face penalties of up to $24,000 for each form, according to the publication. “While this seems like a relatively simple premise, these investments in captive insurers are being subject to increasingly complex tax reporting requirements where an error can result in extensive penalties.” (Source: Captive International) Read the original story…
