Government consults Canadians to advance key priorities
November 3, 2022 - Ottawa, Ontario - Department of Finance Canada
Today, in tandem with the 2022 Fall Economic Statement, the Government of Canada is launching a series of consultations on measures to reduce costs for small businesses, ensure the stability of our economy in a digital world, and improve the fairness of our tax system. Canadians are invited to share their views and feedback on the proposed measures and have their say in the government’s direction as it works toward implementation of the following previously announced government priorities.
- Lowering credit card fees for small business. As announced in the 2022 Fall Economic Statement, the Department of Finance intends to enter into negotiations with the payment card industry and merchants to achieve an agreed solution. If the industry does not come to an agreed solution, the draft legislative proposals to the Payment Card Networks Act being released today will be introduced in the new year to ensure fees are reduced. Comments may be sent to firstname.lastname@example.org.
- Addressing the digitalization of money to maintain financial sector stability and security in the face of digital assets and cryptocurrencies being used to avoid global sanctions and fund illegal activities. The Department of Finance is launching targeted consultations with stakeholders on digital currencies, including cryptocurrencies, stablecoins, and central bank digital currencies. Canadians can also send their comments to email@example.com. This will help inform future policy development, as well as further and broader public consultations on this matter.
- Ensuring tax fairness in the growing digital economy by implementing the Organisation for Economic Co-operation and Development (OECD) Model Rules for income reporting by digital platforms. The Department of Finance today released for public comment draft legislative proposals to incorporate the OECD Model Rules into the Income Tax Act. Interested parties are invited to send comments to Consultation-Legislation@fin.gc.ca by January 6, 2023. (This measure is separate from the two-pillar international tax reform plan of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting.)
- Limiting excessive interest deductions to ensure large and multinational companies pay their fair share of tax. Based on submissions responding to prior draft legislative proposals, the Department of Finance today released further revisions to the draft legislation which address stakeholder comments and other issues identified, including now proposing the coming-into-force of this legislation for taxation years beginning on or after October 1, 2023. Interested parties are invited to send comments to Consultation-Legislation@fin.gc.ca by January 6, 2023.
The Department of Finance today launched the 2022 Consultation on Official Development Assistance. This biennial exercise provides Canadians and stakeholders with an opportunity to comment on whether current international assistance payments continue to contribute to fighting poverty, meeting the needs of developing countries, and upholding international human rights standards. Canadians are invited to send comments to firstname.lastname@example.org by December 14, 2022.
In order to fully assess the feedback received as part of the public consultation on mandatory disclosure rules launched August 9, 2022, the government intends to delay the coming into force date of the reporting requirements for reportable transactions and notifiable transactions until the date on which a bill implementing these changes receives Royal Assent. The coming into force date for uncertain tax treatments would remain the same as described in August (i.e., taxation years beginning after 2022, with penalties only applying after Royal Assent).
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