Submission in response to the August 4, 2023 Draft Legislative Proposals

The Joint Committee on Taxation of CPA Canada and the Canadian Bar Association (the Joint Committee) provided the Department of Finance Canada (Finance) with an informal submission in response to the August 4 Draft Legislative Proposals. The submission consolidated the feedback received from Joint Committee members and working group volunteers on the following proposed tax measures:

  • Employee ownership trusts
  • Intergenerational business transfer framework
  • Retirement compensation arrangements
  • Alternative minimum tax
  • Tax on repurchases of equity including share buybacks
  • General anti-avoidance rules (GAARs)
  • Excessive interest and financing expense limitation (EIFEL)
  • Some of the technical amendments
  • The Joint Committee also highlighted the issues included in the submission during discussions with Finance. 

An informal submission on the Global Minimum Tax (Pillar II), which is due at the end of September, will also be made by the Joint Committee.

Finally, CPA Canada, with the help of a working group, made an informal submission to Finance on the revised Digital Services Tax Act, which was also released on August 4.

We are grateful to all the volunteers that dedicated their time during the month of August, providing important feedback to Finance related to a significant volume of proposed tax measures.

We will continue to provide relevant updates on further developments.