The Department of Finance Monday released for public comment a package of draft legislative proposals relating to a number of technical changes to the Income Tax Act, the Income Tax Amendments Act, 2000, the Income Tax Regulations, and the Excise Tax Act.

Many of these proposals respond to issues brought to the attention of Finance by taxpayers and their representatives. “This release is part of an ongoing effort to ensure that the tax legislation is clear and reflects the underlying policy intent,” Finance said in a release.

The proposals include technical changes relating to:

  • trusts, investment corporations, mortgage investment corporations, mutual fund corporations and agricultural co-operative corporations;
  • the treatment of non-residents with Canadian service providers;
  • corporations that carry on an insurance business; and
  • the reporting of recaptured input tax credits.