CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Canada Consults On Technical Tax Changes

Canada Consults On Technical Tax Changes

by Mike Godfrey, Tax-News.com, Washington

31 December 2012


Canada's Finance Department has launched consultations on a package of draft proposals that will make technical changes to the Income Tax Act and the Income Tax Regulations.

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

The consultation includes details on technical changes relating to:

  • The computation of adjusted taxable income for the purposes of the alternative minimum tax;
  • The prohibited investment and advantage rules for registered plans;
  • A simplified method for determining the Canadian-source income of non-resident pilots employed by Canadian airlines;
  • A number of amendments to sections 55 and 88 of the Income Tax Act related to comfort letters issued to taxpayers by the Department; and
  • Ensuring that a parent corporation cannot benefit from an inappropriate step-up in cost base on the winding-up of a subsidiary corporation.

The consultation remains open until February 19, 2013.

TAGS: Finance | tax | revenue guidance | law | ministry of finance | tax authority | legislation | Canada | revenue statistics | tax reform | regulation | legislation amendments

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »