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. 

No income? File a tax return anyway. You’ll need to do that to receive income supplements from the government, often paid monthly or quarterly, including federal tax credits like the Canada Child Tax Benefit, GST/HST credit or the Universal Child Care Benefit.

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We intended to give credit to Roy A. Berg JD, LLM of the law firm of Moodys Gartner as the source of the article posted on border crossing rules in our last issue, but we neglected to do so. We wish to sincerely apologize for this oversight.

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