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Forget the Isle of Man. Ottawa is our latest tax haven. By Alan Freeman. Published on Jul 21, 2021 4:01pm Realizing a disaster in the making, efforts were made to stop the bill and introduce amendments, but it was too late. Canada Revenue Agency headquarters in Ottawa (Jolson Lim/iPolitics)
Accounting firms and tax lawyers who spend their days figuring out aggressive ways of reducing taxes for their corporate clients no longer have to conjure up schemes that involve sending assets to the Isle of Man or other tax havens.
Thanks to the Parliament of Canada, they’ve been handed a series of loopholes in the Income Tax Act that could allow a rush of tax-free transfers of shares between business owners and their children. It’s called Bill C-208, and it’s the worst public-policy failure I’ve seen in a long time, demonstrating everything wrong about how MPs, government, and the bureaucracy work or, more precisely, don’t work together. The result is a train wre
Ag sector welcomes clarified tax bill after weeks of confusion By Jeff Labine. Published on Jul 20, 2021 4:58pm (Dreamstime photo)
Agricultural associations are relieved, now that the federal government has cleared up confusing legislation that gives more generous tax treatment to small businesses, including farms.
After passing through Parliament, Bill C-208 received royal assent on June 29, which is when it became law. However, a June 30 news release from the Department of Finance created confusion by stating that the bill’s amendments to the Income Tax Act would not apply until the next taxation year, beginning on Jan. 1, 2022.
This caused House of Commons’ Finance committee chair Wayne Easter, a Liberal MP, to call an emergency meeting on Tuesday in an attempt to clear up the matter. On Monday, the Finance Department and Finance Minister Chrystia Freeland issued separate news releases saying Bill C-208 has been part of Canada’s Income Tax Act since June 29.
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