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. 

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Your marginal tax rate is a measure of the rate of tax you’ll pay on the next dollar earned or, alternatively, the rate of savings on the next dollar deducted.

The Income Tax Act contains rules pertaining to the taxation of income earned on the savings in a life insurance policy. The tax treatment differs depending on whether a policy is classified as an exempt supply or not.

On August 23, the Minister of National Revenue, the Honourable Kerry-Lynne D. Findlay, and the Taxpayers’ Ombudsman, J. Paul Dubé, met with local business owners in Edmonton to discuss, in large part, the addition of a new right announced in the Taxpayer Bill of Rights in June.

Did you just drop a bundle on school supplies and performance-enhancing running shoes? Parental peer pressure from the mini-mes can be daunting this time of the year, especially if Mandarin lessons, dance, and hockey all appear on the agenda.