Canada MOF Seeks Comments on Proposals to Implement Previously Announced Tax Measures, Specified Technical Changes

The Canadian Department of Finance Jan. 29 opened a consultation on draft legislative proposals to implement previously announced tax measures and technical changes to existing tax measures. The proposals include measures to: 1) introduce a de-consolidation rule for private investment entities, applicable for fiscal years beginning on or after Dec. 31, 2023; 2) specify that no rebate payments will be made for tax returns filed after Oct. 30; 3) limit deferrals of refundable tax on investment income using tiered corporate structures with mismatched year-ends; 4) clarify that the income derived from assets held by overseas affiliates of Canadian insurance companies, ...