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Ottawa, June 1, 1995
1995-044

Draft Legislation on Securities Held by Financial Institutions Released

Finance Minister Paul Martin today released draft amendments to the Income Tax Regulations to implement the February 1994 budget proposals for the taxation of securities held by financial institutions. Bill C-70, which is currently before Parliament, includes amendments to the Income Tax Act relating to these proposals.

Mr. Martin also released a small number of amendments to the Act, which are mostly of a technical nature and which include proposed changes to a few of the provisions of Bill C70.

A detailed description of the amendments is contained in the explanatory notes being released with the amendments. References to "Announcement Date" in the draft regulations and notes should be read as referring to today's date.

Comments from interested taxpayers and the professional community are invited and should be forwarded to Tax Policy Branch, Department of Finance, Ottawa, K1A 0G5.

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For further information:

Andrew Nicholls
Tax Legislation Division
(613) 995-3586

For copies of the draft legislation and notes:

Distribution Centre
Department of Finance
(613) 995-2855 - Fax (613) 996-0518