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Canada

3 August 2018

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Canada Consulting on Draft Tax Legislative Proposals

Canada's Department of Finance has announced the launch of a public consultation on several draft legislative proposals, including 2018 Budget measures not included in the Budget Implementation Act, 2018, No. 1 (previous coverage). As announced, the draft income tax legislative proposals would implement measures respecting:

  • Improving access to the Canada Workers Benefit;
  • The deductibility of employee contributions to the enhanced portion of the Quebec Pension Plan;
  • The reporting requirements for trusts;
  • Artificial losses using equity-based financial arrangements;
  • The stop-loss rule on share repurchase transactions;
  • The at-risk rules for tiered partnerships;
  • Cross-border surplus stripping using partnerships and trusts;
  • Foreign affiliate proposals relating to investment businesses, controlled foreign affiliate status, trading or dealing in indebtedness, reassessments and reporting requirements;
  • Passive income – the allocation rule for losses applied against Part IV taxes;
  • Reassessment periods - requirements for information and compliance orders;
  • Reassessment periods - non-resident non-arm's length persons; and
  • The sharing of information relating to criminal matters.

Click the following link for the Legislative Proposals Relating to Income Tax and Other Legislation and Explanatory Notes. The deadline to provide comments is 10 September 2018.

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