Ottawa, November 5, 2010

Archived - Government of Canada Releases Income Tax Technical Amendments for Public Comment

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The Department of Finance today released for public comment a package of draft legislative proposals relating to a number of technical changes to the Income Tax Act.

The draft legislative proposals include changes to:

  • rules applicable to partnerships and their members;
  • provisions in the Income Tax Act and Income Tax Regulations relating to pensions;
  • rules relating to Labour Sponsored Venture Capital Corporations; and
  • provisions relating to the lifetime capital gains exemption.

Many of these proposed changes would respond to issues brought to the attention of the Department by taxpayers and their representatives. This release of draft legislative proposals is part of an ongoing effort to ensure that the tax legislation is clear and reflects the underlying policy.

Full explanatory notes are included with the draft legislation. References to “Announcement Date” in the draft legislation and explanatory notes refer to today’s date.

Interested parties are invited to provide comments on the draft legislation by December 5, 2010 to: 

Tax Policy Branch
Department of Finance
140 O’Connor Street
Ottawa, Ontario
K1A 0G5

For further information, media may contact:

Annette Robertson
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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