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Ottawa, September 16, 2004 Minister of Finance Releases Draft Income Tax Amendments Implementing Budget 2004 MeasuresRelated document: Minister of Finance Ralph Goodale today released a package of draft amendments to the Income Tax Act and other related acts to implement income tax measures proposed in the 2004 budget. These measures include:
The Government intends to introduce, at the earliest opportunity, a bill to implement these measures. Releasing legislation in draft form at this time will give taxpayers and their advisors an opportunity to consider these changes and comment on them before they are introduced in Parliament. Comments are requested by October 15, 2004. To facilitate this review, detailed explanatory notes relating to the proposed amendments are also being released. References to "Announcement Date" in the draft legislation and explanatory notes should be read as references to today’s date. Not included in this package are the 2004 budget proposals to limit the investment by pension funds in business income trusts. As announced in the May 18, 2004, press release, these income trust measures have been suspended to allow for further consultation. The draft legislation and explanatory notes may be viewed on the Department of Finance Web site. Printed copies are available for $16.00 from the Department of Finance Distribution Centre at (613) 943-8665. ___________________
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