Canada Consults On Income And Sales Tax Changes
Thursday, November 3, 2011
The Canadian government has unveiled a package of draft legislative proposals
relating to income and sales tax regulations.
The Department of Finance released for public comment the plans to introduce
a number of technical changes to the Income Tax Act, the Income Tax Amendments
Act, 2000, the Income Tax Regulations, and the Excise Tax Act.
The government's proposals are part of an ongoing effort to ensure that the
tax legislation is clear and reflects the underlying policy intent. Many of
the proposals respond to issues brought to the attention of the Department by
taxpayers and their representatives.
The proposals include technical changes relating to:
- Trusts, investment corporations, mortgage investment corporations, mutual
fund corporations and agricultural cooperative corporations;
- The treatment of non-residents with Canadian service providers;
- Corporations that carry on an insurance business; and
- The reporting of recaptured input tax credits.
Interested parties are invited to provide comments on the draft legislation
by November 30, 2011.