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Public Consultation on Income Tax Legislative Proposalsin Canadian Government News and Updates
1. The Ecological Gifts Program;
2. Clean energy generation equipment: geothermal energy;
3. The Canadian exploration expense: oil and gas discovery wells;
4. The reclassification of expenses renounced to flow-through share investors;
5. The meaning of factual control; and
6. Extending the base erosion rules to foreign branches of life insurers.
The draft income tax proposals also include other measures that have been modified based on previous consultations, respecting:
1. The anti-avoidance rules for registered plans;
2. Investment fund mergers
3. The timing of recognition of gains and losses on derivatives;
4. Billed-basis accounting – the proposals reflect a revised coming-into-force period which would have the effect of phasing in the measure over a five-year period; and
5. Nurse practitioners.
If you wish to provide your comments to the Department of Finance regarding these proposals, you have until October 10, 2017. You can send your comments to email@example.com.