On Wednesday, October 24, 2012 the Canadian Federal Department of Finance tabled in the House of Commons a large detailed Notice of Ways and Means Motion (“NWMM”) to amend the Income Tax Act (Canada) and a variety of other statutes. Some portions of the NWMM addressed rules relating to foreign affiliate rules, non-resident trusts and offshore investment fund property (to be discussed in a forthcoming Update).
This Update addresses the remaining portions of the NWMM, which primarily address draft legislation that had been announced previously and comfort letters that had previously been issued by the Department of Finance. In many cases the NWMM will have retroactive effect. We anticipate that the NWMM will be enacted later on this year.
To access our commentary on the main topics, please click on the relevant link below. For the remaining changes discussed in this Osler Update please click here or on the relevant link below to access a chart providing a brief description of the change and the draft legislation or comfort letter from which it originated.
For further details, please contact a member of our National Tax Department.