Ottawa, October 18, 2013
Minister Aglukkaq Tables Notice of Ways and Means Motion to Implement Remaining Tax Measures From Economic Action Plan 2013 and Other Previously Announced Tax Measures
On behalf of the Honourable Jim Flaherty, Minister of Finance, the Honourable Leona Aglukkaq, Minister of the Environment, Minister of the Canadian Northern Economic Development Agency and Minister for the Arctic Council, today tabled in the House of Commons a detailed Notice of Ways and Means Motion to implement remaining tax measures from Economic Action Plan 2013, as well as certain previously announced tax measures.
The Notice of Ways and Means Motion includes:
Supporting Jobs and Growth
- Increasing and indexing the Lifetime Capital Gains Exemption, making investing in small business more rewarding.
- Expanding accelerated capital cost allowance to further encourage investments in clean energy generation.
Improving Tax Fairness
- Ensuring that synthetic disposition transactions are taxed as actual dispositions.
- Providing that income from character conversion transactions is taxed appropriately.
- Ensuring that the tax attributes of trusts cannot be inappropriately transferred among arm’s length persons.
- Amending the rules applicable to non-resident trusts.
- Eliminating unintended tax benefits in respect of two types of leveraged life insurance arrangements.
- Restricting corporate loss trading among arm’s length persons.
More details on these measures can be found in the attached Notice of Ways and Means Motion and detailed explanatory notes.
For further information, media may contact:
Office of the Minister of Finance
Department of Finance