An Intergovernmental Agreement (IGA) between the Government of Canada and the Government of the United States for the enhanced exchange of tax information under the Canada-United States Tax Convention was signed on February 5, 2014, in Ottawa.
The IGA will enter into force once Canada has notified the United States that the procedures required by Canadian law for the bringing into force of the IGA have been completed. It is proposed that the IGA have effect as of July 1, 2014.
Detailed draft legislative proposals and accompanying explanatory notes in respect of changes to the Income Tax Act to implement the IGA are attached.
Comments on the legislative proposals can be submitted to the Department of Finance at IGA-AIG@fin.gc.ca or to the address below. The closing date for comments is March 10, 2014.
Tax Policy Branch
Department of Finance
140 O’Connor Street