August 24, 2022
Canada's Department of Finance releases draft income tax technical amendments
The Department of Finance released for public comment draft legislative proposals (and accompanying explanatory notes) on August 9, relating to long-awaited technical amendments to the Income Tax Act (the Act) and Income Tax Regulations. Many of the technical amendments included in this release respond to issues raised by taxpayers and their representatives or are part of an ongoing effort by the Department of Finance to improve the certainty and integrity of the tax system. These amendments include various minor technical amendments, as well as a number of more significant technical amendments and new rules. In total, there are more than 130 new or amended provisions included in this technical amendments' package.
A Tax Alert prepared by Ernst & Young Canada, and attached below, provides additional details.
Full text of Tax Alert