Minister of Finance Ralph Goodale today released a revised package of draft technical amendments to the Income Tax Act.
The draft amendments are, in part, revised versions of amendments that were originally released for consultation on December 20, 2002. Those amendments were designed to correct or clarify the application of existing income tax provisions, implement measures that had already been announced and deal with other situations that require a legislative response. The draft amendments released today reflect changes arising as a result of this consultative process.
Today’s release also includes draft amendments to implement new measures announced since December 2002, as well new provisions that have become necessary since the last draft.
Examples of these new provisions include measures that:
- ensure that non-compete payments are taxable;
- better target the tax incentives for certified Canadian films; and
- limit the tax benefits of charitable donations made under certain tax shelter and other arrangements.
Goodale said that the amendments proposed today are being released in draft form to provide taxpayers and their advisors with an opportunity to consider and comment on the proposed changes.
Finance invites the public and tax professionals to comment on the proposals by April 30.
http://www.fin.gc.ca/news04/04-014e.html