Archived - Government Releases Draft Legislation Concerning Taxation of Canadian Banks With Foreign Affiliates

February 27, 2014 – Ottawa, Ontario – Department of Finance

The Department of Finance today released draft legislative proposals relating to the Income Tax Act and Income Tax Regulations concerning the taxation of Canadian banks with foreign affiliates.

The proposals released today contain modifications to those released for consultation on November 27, 2012, and address comments received during the consultation. They deal with revisions to the so-called “base erosion” rules in the Income Tax Act’s foreign accrual property income regime, which were announced in Budget 2012.

The Government will proceed with legislation at an early opportunity to implement the amendments.

Marie Prentice
Press Secretary
Office of the Minister of Finance

Jack Aubry
Media Relations
Department of Finance

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