The CRA announced the Income Tax Folios initiative in August 2012 as a new technical publication series that would replace its interpretation bulletins (IT). The Income Tax Folios are intended to update information currently found in IT bulletins and feature improved web functionality such as links to statutory references, jurisprudence and related publications. As a result, the CRA said it would cancel all archived IT bulletins and nine bulletins effective September 30, 2012.
The CRA noted that this process would initially focus on topics most important to stakeholders, with the first phase expected to cover almost exclusively personal tax topics.
Income Tax Folios
The CRA notes on its new Income Tax Folios website that each chapter of an Income Tax Folio will be an updated version of the technical content in one or more IT bulletins. The folios will also incorporate material currently contained in Income Tax Technical News (ITTN) publications. Chapters will be published as the content has been updated and, at that time, the IT bulletins and any ITTN updated by a folio chapter will be retired. The CRA expects the updates to take several years.
The Income Tax Folios is organized into seven series:
- Series 1 - Individuals
- Series 2 - Employers and Employees
- Series 3 - Property, Investments and Savings Plans
- Series 4 - Businesses
- Series 5 - International and Residency
- Series 6 - Trusts
- Series 7 - Charities and Non-profit Organizations.
The CRA's Income Tax Folios website also includes a cancelled interpretation bulletin table of concordance (i.e., it lists the income tax interpretation bulletins replaced by income tax folios).
The CRA notes that the new income tax folio chapters are published in consultation format for a three-month period to allow for feedback from the tax community. The consultation period for the chapters mentioned above concludes on June 28, 2013.
For more information, contact your KPMG adviser.
Information is current to April 09, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500