Many of these proposals respond to issues brought to the attention of the Department by taxpayers and their representatives. This release is part of an ongoing effort to ensure that the tax legislation is clear and reflects the underlying policy intent.
The proposals include technical changes relating to:
- trusts, investment corporations, mortgage investment corporations, mutual fund corporations and agricultural cooperative corporations;
- the treatment of non-residents with Canadian service providers;
- corporations that carry on an insurance business; and
- the reporting of recaptured input tax credits.
Full explanatory notes are included with the draft legislation. References to “Announcement Date” in the draft legislation and explanatory notes refer to today’s date.