Finance Canada Drops Draft Legislation August 15

All professional tax practitioners, financial advisors should take note of an important mid-summer release of draft legislation to implement some of the proposals from the November 2024 Fall Economic Statement, the April 2024 Budget, the EIFEL rules announced on August 12, 2024, and rules relating to passive income of foreign affiliates announced in the 2022 federal budget.  This draft legislation also introduces more modifications to new trust filing requirements. Brief highlights appear below;  technical details will be discussed in the September 17 and November 5 CE Summits and Knowledge Bureau’s certificate course on T3 Filings. 

Pooled Registered Pension Plans (PRPPs) are inching their way toward becoming a way for Canadians without a workplace pension plan to save for retirement.

In a hot housing market, “flipping” can be a lucrative strategy — but only if you don’t run afoul of the Canada Revenue Agency (CRA).

A civil third-party penalty has been judged a criminal penalty, shifting the burden of proof to beyond a reasonable doubt and shaking up the Canada Revenue Agency (CRA).

Canada’s Great Recession started in November 2008 and lasted seven months until May 2009, says the C.D. Howe Institute’s newly established Business Cycle Council.

Tax preparers, planners and advisors need to know the details of continuous tax change, using expert professional tax software and research skills.

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