Today the Department of Finance announced a consultation for a new set of draft tax proposals, relating to income tax, GST/HST, and excise tax. The draft legislation and explanatory notes are also available.
The income tax proposals include:
- Improving access to the Canada Workers Benefit;
- The deductibility of employee contributions to the enhanced portion of the Quebec Pension Plan;
- The reporting requirements for trusts;
- Artificial losses using equity-based financial arrangements;
- The stop-loss rule on share repurchase transactions;
- The at-risk rules for tiered partnerships;
- Cross-border surplus stripping using partnerships and trusts;
- Foreign affiliate proposals relating to investment businesses, controlled foreign affiliate status, trading or dealing in indebtedness, reassessments and reporting requirements;
- Passive income – the allocation rule for losses applied against Part IV taxes;
- Reassessment periods - requirements for information and compliance orders;
- Reassessment periods - non-resident non-arm's length persons; and
- The sharing of information relating to criminal matters.
- The excise refund in respect of diesel fuel used for certain purposes;
- The GST/HST holding corporation rules;
- The GST/HST rebate for printed books for qualifying public service bodies;
- Reassessment periods – requirements for information and compliance orders; and
- The sharing of information relating to criminal matters.