The Securities and Exchange Commission (the “SEC”) recently adopted amendments to Regulation S-X and related rules and forms that will streamline and reduce the financial statements required to be filed in connection with significant business acquisitions by all SEC registrants.1 As part of these amendments, the SEC overhauled Rule 3-14 of Regulation S-X, which applies to acquisitions of real estate operations and is therefore of critical importance to real estate investment trusts (“REITs”). Overall, the […]

Canadian residents pay income tax on their worldwide income. In an effort to crack down on unreported offshore income, the Canada Revenue Agency (the “CRA”) recently announced that it will start a cross-border investigation in the United States.

The investigation will look through the past six years’ worth of real estate transactions, from 2014 to 2020, in search of any American “real estate and real property data where a Canadian resident is the owner or […]