Tax & Accounting July 30, 2019

Government publishes draft income tax legislation

On July 30, 2019, the government released draft income tax legislation with explanatory notes for consultation. Comments should be submitted by October 7, 2019. All of the proposed amendments relate to measures announced in the 2019 Federal Budget.

The draft legislation proposes the following measures from Budget 2019:

  • Accelerated Investment Incentive for Resource Expenditures
  • Accelerated Investment Incentive for Depreciable Property
  • Change in Use Rules for Multi-Unit Residential Properties
  • Permitting Additional Types of Annuities under Registered Plans
  • Registered Disability Savings Plan – Cessation of Eligibility for the Disability Tax Credit
  • Contributions to a Specified Multi-Employer Plan for Older Members
  • Pensionable Service Under an Individual Pension Plan
  • Mutual Funds: Allocation to Redeemers Methodology
  • Electronic Delivery of Requirements for Information
  • Accelerated Capital Cost Allowance for Zero-Emission Vehicles
  • Character Conversion Transactions
  • Transfer Pricing Measures
  • Foreign Affiliate Dumping
  • Cross-Border Share Lending Arrangements
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.