The Finance Minister has published draft legislative proposals on 31st July 2015 that would implement certain tax measures from the Economic Action Plan 2015 including:
- Amending the frequent failure report of income penalty to apply only for a taxation year if a taxpayer forgets to report at least CAD 500 of income in the year and for any of the 3 preceding taxation years.
- Providing a capital gains exemption for some natures incorporating private company shares or real state to a listed charity within 30 days.
- Giving requirements to allow registered charities to obtain interests in limited partnerships in certain circumstances
- Modifying rules of dividend rental arrangement to reject the inter-corporate dividend deduction.
- Taking an exception to the withholding rules for payments by eligible non-resident employers to succeeding non-resident employees.
- Changing an existing anti avoidance rule for foreign accrual property income rules in Canada.
Comments from interested parties are invited on the proposals by 30th September 2015.
