Ottawa, November 21, 2012
The Honourable Jim Flaherty, Minister of Finance, today introduced the Technical Tax Amendments Act, 2012.
“It has been over a decade since Parliament last passed a comprehensive package of technical income tax amendments. This has created a significant backlog of outstanding measures that need to be addressed to provide certainty for Canadian taxpayers,” said Minister Flaherty. “Indeed, the Auditor General of Canada has identified the backlog of technical amendments as an issue requiring pressing attention.”
The Technical Tax Amendments Act, 2012 moves to clear the backlog with the inclusion of outstanding income tax and sales tax amendments, the majority of which have already been released for public consultation. Specifically, from 2009 to 2011, in advance of the Technical Tax Amendments Act, 2012, the Government engaged in open and public consultations on the majority of the proposed amendments included in the legislation (see list below):
The Certified General Accountants Association of Canada (CGA-Canada) welcomed the introduction of the Technical Tax Amendments Act, 2012.
“As the last technical income tax bill was passed by Parliament in 2001, a significant backlog has accumulated that must be addressed. The Government has consulted on the majority of these measures in recent years and now is the time for action,” said Anthony Ariganello, President and CEO of CGA-Canada. “Taxpayers—whether businesses, individuals or families—need clear guidance for interpreting the Income Tax Act.”
The Government provided the opposition with an advance copy of the bill and indicated that it will work with them over the coming months to make any necessary changes to the legislation.
Detailed information on the measures contained in the Technical Tax Amendments Act, 2012 can be found in the explanatory notes released on October 24, 2012.
Going forward, the Government will continue to work toward ensuring that necessary technical amendments are put forward for consideration on a regular and timely basis.
Office of the Minister of Finance
Department of Finance