Registering a tax shelter

Under subsection 237.1(2), promoters of tax shelters have to use prescribed Form T5001, Application for Tax Shelter Identification Number and Undertaking to Keep Books and Records, to register a tax shelter with, and to apply for a tax shelter identification number from, the CRA.

Under subsection 237.1(3), the CRA will issue a tax shelter identification number when we receive an application, if the application includes:

• all the prescribed information, and
• an undertaking that is satisfactory to us for the custody of the tax shelter's books and records. We will usually accept an undertaking by the promoter responsible for the tax shelter's books and records to keep such documents at the promoter's usual place of business in Canada.

When should the promoter register a tax shelter

Under subsection 237.1(4), promoters have to have a tax shelter identification number before selling, issuing, or accepting a contribution towards acquiring an interest in the tax shelter (including gifting arrangements). Preliminary promotions are not affected, as long as no actual sales are concluded or contributions received before we issue the identification number.

Forms and publications

• Form T5001, Application for Tax Shelter Identification Number and Undertaking to Keep Books and Records