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Ottawa, December 13, 1995
1995-107

Income Tax Ways and Means Motion Tabled in Parliament

Finance Minister Paul Martin tabled a Notice of Ways and Means Motion in the House of Commons yesterday to implement a number of income tax measures announced in the February 27, 1995 budget, including:

• Canadian film and video production tax credits
• Deferral of tax on business income
• Family trusts
• Limits on retirement savings
• Old age security benefits
• Refundable tax on investment income
• Scientific research and experimental development tax credit

Much of this legislation had previously been released in draft form in order to facilitate consultation with taxpayers and their advisors. The Ways and means Motion contains the legislation relating to the alternative method of calculating income for the purposes of the measure which eliminates the deferral of tax on business income. Revenue Canada will publish a guide called Tax Changes Relating to the 1995 Fiscal Year End, in mid-February 1996. Until the guide is made available, individuals affected by the new legislation can get more information from any Revenue Canada tax services office.

Detailed explanatory notes on the legislation will be released next week.

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For further information:

Tax Legislation Division
(613) 947-7094
(613) 947-7092