Bill C-29 implements most of the outstanding tax measures from the 2016 federal budget.
Specifically, the bill includes the 2016 federal budget measures contained in the draft legislation that was released by Finance on July 29, 2016, and the common reporting standard draft legislation released on April 15, 2016. The bill also includes the trusts and estates and trust loss restriction event measures that were contained in draft legislation released on January 15, 2016.
Since Bill C-29 received first reading on October 25, 2016, the corporate tax measures that it introduces are considered to be substantively enacted for purposes of IFRS and ASPE as of this date (as Canada has a majority Liberal government).
The bill was first released as a Notice of Ways and Means Motion on October 21, 2016, along with accompanying Explanatory Notes.
2016 Federal budget tax measures
Measures from the July 29, 2016 draft legislation
Bill C-29 includes all of the measures from the July 29, 2016 draft legislation with the exception of the proposed regulations to expand and accelerate CCA related to clean energy equipment. Bill C-29 includes measures to:
Common Reporting Standard measures from the April 15, 2016 draft legislation
Bill C-29 includes measures from the April 15, 2016 draft legislation to implement the common reporting standard recommended by the OECD for the automatic exchange of financial account information between tax authorities.
GST/HST and excise duties measures
Bill C-29 implements certain GST/HST measures proposed or confirmed in the 2016 federal budget, including measures to:
Other tax measures
Trusts and estates (January 15, 2016 draft legislation)
Bill C-29 includes the measures from the January 15, 2016 draft legislation concerning trusts and estates. This legislation provides relief for trusts and estates affected by the "graduated rate estate rules", and also includes amendments affecting trusts that are subject to the "loss restriction event" rules. Specifically, Bill C-29 includes measures to:
For more information, contact your KPMG adviser.
Information is current to November 01, 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