Canadian Tax Adviser, April 19, 2016. Finance released a Notice of Ways and Means Motion on April 18, 2016, to implement certain measures that were proposed in the 2015 and 2016 federal budgets. The measures, are set out in 91 pages of draft legislation and 96 pages of explanatory notes.
The draft legislation includes changes proposed in the 2015 budget affecting the taxation of inter-corporate dividends under section 55, withholding tax requirements for non-resident employers under section 153 and the dividend rental arrangement rules under section 112. The draft legislation does not appear to include many of the significant tax changes announced in the 2016 federal budget. We expect the remainder of the budget measures to be released in a future bill.
The draft legislation features numerous amendments to the Income Tax Act, including changes that affect:
Amendments to the Excise Tax Act are also included in the release.
For more information, contact your KPMG adviser.
Information is current to April 19, 2016. 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