Bill C-31: Royal Asset and New CRA Powers Could Come Soon

Changes are coming to the Income Tax Act and both you and your clients will all be affected with new tax risks including longer tax audits. Bill C-31, which passed second reading in the House of Commons on June 3 and is now at committee stage, contains elements of previous Federal Budgets that will expand the CRA’s compliance and enforcement powers. Here’s what you need to know and pass along to your clients:

The article "Must Audit Support Documents be Electronically Filed?", published in the April 17, 2013 issue of Knowledge Bureau Report has been amended.

A “synthetic disposition” refers to financial arrangements which allow taxpayers to defer tax by “economically” disposing of a property while continuing to own it for tax purposes. These transactions were shut down as of Budget Day, March 21, 2013.

On May 2, 2013, the Bank of Canada announced that a new Governor of the Bank had been appointed under Section 9 of the Bank of Canada Act.

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