The draft legislation has released by Canada’s Department of Finance on July 12, 2013, including provisions concerning the taxation of foreign affiliates and non-resident corporations without share capital, the foreign currency election, international shipping rules and the use of taxpayer information. Any comments made on the proposals by interested parties will be taken into account by the government before 13 September 2013.
The changes included in the draft legislation mostly give certain exemption and deal with specific matters that taxpayers have raised over the years. It also includes certain important new “tightening” rules that could affect foreign affiliate groups.
