• Service: Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 9/18/2013

Canada - Business, individual tax provisions in draft budget legislation 

September 18:  Canada’s Department of Finance released draft legislative proposals to implement certain measures as originally announced in the 2013 federal budget.

The proposals would affect businesses and individual taxpayers; are contained in 67 pages of draft legislation and 94 pages of explanatory notes; and relate to, among other topics:

  • Character conversion transactions
  • Synthetic dispositions
  • Leveraged life insurance arrangements
  • Trust and corporate tax loss trading
  • Mining tax changes
  • The extension of the thin capitalization rules to Canadian resident trusts and non-resident entities

Finance is accepting comments on the draft legislative proposals until 15 October 2013.

Read a September 2013 report prepared by the KPMG member firm in Canada: 2013 Federal Budget Part 2 - Draft Legislation Released

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