Canada MOF Seeks Comments on Proposals to Implement Various Tax Measures

The Canadian Department of Finance Aug. 15 opened a consultation on draft legislative proposals to implement various tax measures. The proposals include measures to: 1) amend the capital gains rollover conditions for deferring capital gains from dispositions of eligible small business corporation (ESBC) shares; 2) exempt up to C$10 million (US$7.2 million) of capital gains from sales of businesses to employee ownership trusts (EOTs); 3) increase the annual expenditure limit and capital phase-out thresholds for the 35 percent scientific research and experimental development (SR&ED) investment tax credit, and expand its scope; 4) implement the OECD Crypto-Asset Reporting Framework (CARF) and ...