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20 September 2016

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Canada Consults on Updates to the Tax System

On 16 September 2015, the Canadian Department of Finance announced the release of draft legislative and regulatory proposals relating to technical amendments to the Income Tax Act and related legislation. According to the announcement, the main proposed amendments include:

  • Improving the accuracy and consistency of the income tax legislation and regulations;
  • Extending the types of reverse takeover transactions to which the corporate acquisition of control rules apply;
  • Improving the consistency of rules applicable for expenditures in respect of scientific research and experimental development;
  • Introducing new rules to ensure that the taxable income of federal credit unions will be allocated among provinces and territories using the same allocation formula as applicable to the taxable income of banks; and
  • Ensuring the appropriate application of Canada’s international tax rules, including by:
    • Making largely relieving changes to the “upstream loan” rules (and related transitional relieving rules);
    • Re-introducing previously proposed rules to ensure an appropriate income inclusion for stub-year foreign accrual property income on dispositions of foreign affiliate shares;
    • Introducing a new elective rule that provides tax-deferred treatment in respect of dispositions of taxable Canadian property on a foreign merger;
    • Making generally relieving changes to the shareholder benefit rules as they apply to foreign corporate reorganizations; and
    • Clarifying the taxation of dispositions of taxable Canadian property resulting from a “negative adjusted cost base” in a property.

Click the following links for the legislative proposals and the explanatory notes.

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