Archived - Legislative Proposals and Explanatory Notes Related to the Taxation of Financial Institutions
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The Honourable Jim Flaherty, P.C., M.P.
Minister of Finance
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- Government of Canada Releases Proposals to Improve the Taxation of Financial Institutions (News Release 2007-086)
Table of Contents
Clause in Legislation
Section of the Act Amended
|Income Tax Act|
|1||12.5||Insurer's reserve inclusion|
|2||20.4||Insurer's reserve deduction|
|3||87(2)||Financial institution rules|
|7||142.5||Rules applicable to first deemed disposition of debt obligation|
|9||142.6||Change in status|
|10||152(6.2)||Extended reassessment period|
|11||181.3||Taxable capital employed in Canada of financial institution|
|12||190.11||Taxable capital employed in Canada|
|Income Tax Regulations|
|14||1401||Policy reserves for pre-1996 policies|
|18||9002.1||Prescribed securities exchange investments|
|18||9002.2||Prescribed payment card corporation shares|