2 December 2013
On 22 October 2013, the Minister of Finance introduced the Economic Action Plan 2013 Act, No. 2. The Act implements key measures from Economic Action Plan 2013 related to job creation and stimulating the economy. Measures aimed at closing tax loopholes and combating tax evasion include:
|-||introducing new administrative monetary penalties and criminal offences to deter the use, possession, sale and development of electronic suppression of sales software designed to falsify records for the purpose of tax evasion;|
|-||closing tax loopholes relating to character conversion transactions, synthetic dispositions, leveraged life insurance arrangements and other schemes;|
|-||extending, in certain circumstances, the period during which the Canada Revenue Agency can reassess a taxpayer who fails to report income from foreign property.|
With regard to tax measures, the Act also phases out the Labour-Sponsored Venture Capital Corporations tax credit.
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