Tax & Accounting June 21, 2018

Bills receive Royal Assent and multilateral convention Bill introduced

Today Bill C-45 and Bill C-74 received Royal Assent. Bill C-45, Cannabis Act, legalizes and regulates the sale of cannabis nation-wide. Bill C-74, Budget Implementation Act, 2018, No. 1, implemented several tax measures, including:
  • changes to the tax on split income rules;
  • the passive income changes for private corporations;
  • other income tax and GST/HST measures announced in Budget 2018;
  • introducing the excise tax on cannabis (plus related GST/HST amendments); and
  • the Greenhouse Gas Pollution Pricing Act.
Also, yesterday Bill C-82, Multilateral Instrument in Respect of Tax Conventions Act, was read for the first time in the House of Commons. This legislation was recently introduced as a Notice of Ways and Means Motion on May 28, 2018. As the name implies, this Act will implement the multilateral instrument which is a part of the G20 and OECD's project to address base erosion and profit shifting (BEPS).
Cameron Mancell
CFP®, Senior Technical Writer at Wolters Kluwer Canada
Cameron Mancell, CFP®, is a Senior Technical Writer at the Wolters Kluwer office in Toronto. Cameron contributes to Canadian Tax Reporter, Preparing Your Income Tax Returns, and Preparing Your Corporate Income Tax Returns, among several others.
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