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Legislative proposals relating to the Income Tax Act and the Income Tax Regulations

Legislative Proposals Relating to the Income Tax Act and the Income Tax Regulations

Employee Ownership Trusts

Retirement Compensation Arrangements

Alternative Minimum Tax for High-Income Individuals

Intergenerational Business Transfers

Investment Tax Credit for Carbon Capture, Utilization, and Storage

Income Tax Act

 Subsection 225.1(1.1) of the Act is amended by striking out "and" at the end of paragraph (b) and by adding the following after paragraph (b):

  • (b.1) in the case of an amount payable under subsection 211.92(2) to (5), in respect of the day on which the notice of assessment is sent,

    • (i) for one-fifth of the amount, one year after that day,

    • (ii) for two-fifths of the amount, two years after that day,

    • (iii) for three-fifths of the amount, three years after that day,

    • (iv) for four-fifths of the amount, four years after that day, and

    • (v) for the entire amount, five years after that day; and

Income Tax Regulations

Clean Technology Investment Tax Credit

Consequential amendments related to the CCUS and Clean Technology Investment Tax Credits

Labour Requirements Related to Certain Investment Tax Credits

Zero-Emission Technology Manufacturers

Flow-Through Shares and Critical Mineral Exploration Tax Credit – Lithium from Brines

Tax on Repurchases of Equity

General Anti-Avoidance Rule

 Section 237.3 of the Act is amended by adding the following after subsection (12):

  • Marginal note:Optional disclosure — GAAR

    (12.1) If subsection (2) does not apply to a taxpayer in respect of a transaction or series of transactions of which the transaction is a part, the taxpayer may file an information return in prescribed form and containing prescribed information in respect of the transaction or series on or before the taxpayer's filing-due date for the taxation year in which the transaction occurs.

  • Marginal note:Late filing — GAAR

    (12.2) Despite subsection (12.1), a taxpayer may file the information return referred to in subsection (12.1) up to one year after the deadline referred to in that subsection, in which case

    • (a) for the purpose of applying subparagraphs 152(4)(b)(viii) and (4.01)(b)(xi) to the transaction referred to in subsection (12.1), the reference to "3 years" in paragraph 152(4)(b) shall be read as "1 year"; and

    • (b) for the purpose of applying subsection 245(5.1) to the transaction, the information return is deemed to have been filed within the time required by this section.

Income Tax and GST/HST Treatment of Credit Unions

Excessive Interest and Financing Expenses Limitation

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