Reporting obligations under the Income Tax Act (Canada) have expanded significantly in recent years, with a corresponding impact on taxpayers and their advisors. This article examines the application of the reportable transaction rules in section 237.3. The authors argue that, while section 237.3 is broadly drafted, a disciplined approach to applying these rules demonstrates that there is a limit to disclosure. The article provides a practical framework for analyzing whether the reportable transaction rules apply in a particular circumstance and, through detailed examples, demonstrates how such a disciplined approach can clarify when reporting is—and is not—required.