The Dept. of Finance has just releasedin draft form a slew of legislative proposals to implement tax measures from Budget 2010 and other tax initiatives. The Tax Policy Branch of the department will accept comments from interested parties until Sept. 27, 2010. Draft proposals include:
Provide for the sharing of the Canada Child Tax Benefit and the Universal Child Care Benefit in cases of shared custody.
Allow Registered Retirement Savings Plan proceeds to be transferred to a Registered Disability Savings Plan on a tax-deferred basis.
Implement disbursement quota reform for registered charities.
Better target the tax incentives in place for employee stock options.
Expand the availability of accelerated capital cost allowance for clean energy generation.
Provide legislative authority for the Canada Revenue Agency to issue online notices where the taxpayer so requests.
Implement a new reporting regime for aggressive tax planning, taking into account comments received during post-budget consultations.
Replace the previous proposals relating to foreign investment entities with several limited enhancements to the current Income Tax Act and better target and simplify previous proposals relating to non-resident trusts
Counter schemes designed to shelter tax otherwise payable by artificially increasing foreign tax credits.
Ensure that income trust conversions into corporations are subject to the same loss utilization rules that currently apply to similar transactions involving only corporations.
Limit tax arbitrage opportunities by extending the application of the Specified Leasing Property rules to property that is the subject of a lease to a government or other tax-exempt entity, or to a non-resident.
Rules to facilitate the implementation of Employee Life and Health Trusts, released in draft form on February 26, 2010.
The introduction of a personal income tax credit in respect of Employment Insurance premiums paid by self-employed individuals.
Blogs & Comment
Proposed changes to tax laws
By Larry MacDonald
The Dept. of Finance has just releasedin draft form a slew of legislative proposals to implement tax measures from Budget 2010 and other tax initiatives. The Tax Policy Branch of the department will accept comments from interested parties until Sept. 27, 2010. Draft proposals include:
Provide for the sharing of the Canada Child Tax Benefit and the Universal Child Care Benefit in cases of shared custody.
Allow Registered Retirement Savings Plan proceeds to be transferred to a Registered Disability Savings Plan on a tax-deferred basis.
Implement disbursement quota reform for registered charities.
Better target the tax incentives in place for employee stock options.
Expand the availability of accelerated capital cost allowance for clean energy generation.
Provide legislative authority for the Canada Revenue Agency to issue online notices where the taxpayer so requests.
Implement a new reporting regime for aggressive tax planning, taking into account comments received during post-budget consultations.
Replace the previous proposals relating to foreign investment entities with several limited enhancements to the current Income Tax Act and better target and simplify previous proposals relating to non-resident trusts
Counter schemes designed to shelter tax otherwise payable by artificially increasing foreign tax credits.
Ensure that income trust conversions into corporations are subject to the same loss utilization rules that currently apply to similar transactions involving only corporations.
Limit tax arbitrage opportunities by extending the application of the Specified Leasing Property rules to property that is the subject of a lease to a government or other tax-exempt entity, or to a non-resident.
Rules to facilitate the implementation of Employee Life and Health Trusts, released in draft form on February 26, 2010.
The introduction of a personal income tax credit in respect of Employment Insurance premiums paid by self-employed individuals.