Department of Finance Canada releases draft legislation

On August 9, 2022, the federal Department of Finance (Finance Canada) released a large package of draft legislation covering several tax measures from the 2022 federal budget and previous announcements. This includes revised draft legislation on previously announced measures, including:

  • enhanced reporting requirements for trusts
  • mandatory disclosure rules
  • avoidance of tax debts
  • electronic filing and certification of tax and information returns

In addition, draft legislation was released for various technical amendments. The government also released a consultation paper on strengthening and modernizing the General Anti-Avoidance Rule (GAAR). A number of other initiatives were announced as well. A full summary of the measures with links to underlying information is available in Finance Canada’s August 9, 2022 news release. The deadline for providing Finance Canada with comments on the draft legislation and the GAAR consultation is September 30, 2022.

We will be analyzing the legislation, consulting with members and following up with the government on key measures. Further information will be provided in future updates.

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