The Department of Finance Canada on Friday released for consultation draft legislative proposals that would implement certain measures from the 2016 federal budget.
The proposals, which have been modified in some cases to take into account consultations and deliberations since the tabling of federal budget, relate to:
- alternative arguments in support of assessments;
- taxation of switch fund shares;
- sales of linked notes;
- expanding tax support for clean energy;
- emissions trading regimes;
- multiplication of the small business deduction;
- avoidance of the business limit and taxable capital limit;
- life insurance policies;
- debt-parking to avoid foreign exchange gains;
- valuation for derivatives;
- eligible capital property;
- country-by-country reporting;
- the common reporting standard penalty and consequential amendments;
- cross-border surplus stripping; and
- extension of the back-to-back rules.
“These measures, as well as other Budget 2016 measures, may be included in a bill to be tabled in Parliament following the consultation period,” Finance says in a statement.
Interested parties are invited to provide comments on the draft legislative proposals by Sept. 27.
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