First Session, Forty-fourth Parliament, 70-71 Elizabeth II – 1 Charles III, 2021-2022 |
HOUSE OF COMMONS OF CANADA |
An Act to amend the Income Tax Act (economic substance)
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FIRST READING, September 23, 2022
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Mr. Blaikie |
This enactment amends the Income Tax Act to deem certain avoidance transactions to be a misuse of provisions providing for tax benefits.
Available on the House of Commons website at the following address:
www.ourcommons.ca
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1st Session, 44th Parliament, 70-71 Elizabeth II – 1 Charles III, 2021-2022 |
HOUSE OF COMMONS OF CANADA |
BILL C-298 |
An Act to amend the Income Tax Act (economic substance) |
His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
R.S., c. 1 (5th Supp.)
(4.1) An avoidance transaction that would result, directly or indirectly, in a tax benefit, the amount of which exceeds the amount of the actual or anticipated financial benefit of the transaction to the taxpayer, is deemed, in the absence of evidence to the contrary, to be a misuse of the provisions of any one or more of the enactments referred to in subparagraphs (4)(a)(i) to (v).
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Published under authority of the Speaker of the House of Commons
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