FIs — New Draft Legislation Contains Tax Surprises | KPMG | CA

FIs — New Draft Legislation Contains Tax Surprises

FIs — New Draft Legislation Contains Tax Surprises

Many financial institutions will be affected by tax changes in new draft legislation that Finance released on September 8, 2017.

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Although Finance already announced some of these measures in the 2017 federal budget, the legislation also contains some unanticipated amendments that may affect certain financial institutions, including some welcome relief for investment fund corporations and new rules affecting some limited partnerships. In addition, the new legislation clarifies or modifies certain aspects of some previously announced measures.

Specifically, the legislative proposals will affect:

  • Asset management
  • Limited partnerships
  • Banking and capital markets
  • Insurance companies

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