Ottawa, October 31, 2011

Archived - Government of Canada Releases Income Tax and Sales 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 Income Tax Amendments Act, 2000, the Income Tax Regulations, and the Excise Tax Act.

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

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.

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 November 30, 2011 to:

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

For further information, media may contact:

Mary Ann Dewey-Plante
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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