• Service: Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 7/9/2013

Canada - Tax legislation (foreign affiliate, REIT, GST provisions) enacted 

July 9:  Two Canadian tax legislative packages—Bill C-48, the "catch-up bill," containing a large backlog of tax legislation, and Bill C-60, implementing certain measures announced in the 2013 federal budget—received Royal Assent on 26 June 2013.

The bills contain a broad variety of measures concerning:

  • Foreign affiliate rules
  • Tax status and treatment of a real estate investment trust (REIT)
  • Implementation of remaining 2010 federal budget measures
  • Charitable donation advantage and split-receipting rules
  • Change in the taxation of non-eligible dividends for 2014
  • Goods and services tax (GST) changes

The provisions in Bill C-48 and Bill C-60 are considered substantively enacted for purposes of IFRS and Accounting Standards for Private Enterprise as of 21 November 2012 and 29 April 2013, respectively, when these bills received "first reading" in the House of Commons.

Bill C-48 and Bill 60 are enacted for U.S. GAAP purposes on 26 June 2013—i.e., the date the bills received Royal Assent.

Read a July 2013 report prepared by the KPMG member firm in Canada: Catch-Up Bill and 2013 Budget Bill Receive Royal Assent

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