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FREE: Canada seeks comments on tax law changes

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The Canadian Department of Finance has released for public comment a package of draft legislative proposals relating to a number of technical changes to the country’s tax laws.

The changesrelate to the Income Tax Act, Income Tax Amendments Act, 2000, Income Tax Regulations, and the Excise Tax Act.

Many of the proposals respond to issues brought to the attention of the department by taxpayers and their representatives. This release is part of an effort to ensure that the tax legislation is clear and reflects the underlying policy intent.

The proposalsinclude 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.

Interested parties are invited to provide comments on the draft legislation by November 30 2011 to:

Tax Policy Branch

Department of Finance

140 O’Connor Street

Ottawa, Ontario

K1A 0G5

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