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Ottawa, February 27, 2004 Minister of Finance Releases Revised Draft Technical Amendments to Income Tax ActRelated document: Minister of Finance Ralph Goodale today released a revised package of draft technical amendments to the Income Tax Act. The draft amendments are, in part, revised versions of amendments that were originally released for consultation on December 20, 2002. Those amendments were designed to correct or clarify the application of existing income tax provisions, implement measures that had already been announced and deal with other situations that require a legislative response. The draft amendments released today reflect changes arising as a result of this consultative process. Today’s release also includes draft amendments to implement new measures announced since December 2002, as well new provisions that have become necessary since the last draft. Examples of these new provisions include measures to:
Minister Goodale said that the amendments proposed today are being released in draft form to provide taxpayers and their advisors with an opportunity to consider and comment on the proposed changes in a timely manner. The amendments are being reissued in draft form in recognition of the substantial revisions that have been made to some of the provisions and the fact that, as indicated above, several measures are new to the package. The Department invites the public and tax professionals to comment on the proposals by April 30, 2004. References to “Announcement Date” in the draft legislation and explanatory notes released today should be read as referring to today’s date. Explanatory notes are being released in respect of new proposals included in the package released today, as well as in respect of any revisions to the draft amendments issued in December 2002. The legislative proposals and draft regulations, as well as the explanatory notes, can be viewed free of charge on the Department of Finance Web site. This material is also available in two bound volumes (one entitled Legislative Proposals and Draft Regulations, the other Explanatory Notes) at a price of $45 each from the Department of Finance Distribution Centre at (613) 995-2855. _____________________
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