Clause 40 has amendments to section 152 that provide for the normal reassessment periods. One provides references to the consequential amendments in respect of the wage and rent subsidies. Another amendment relates to one-half of the transfer pricing measures. In that case, the transfer pricing rules in section 247 of the act deal with transactions between Canadian residents and non-residents.
The concept of “transaction” is at the core of those rules: The rules that provide for the reassessment period in respect of transactions with non-residents that apply in the transfer pricing context use a different definition of “transaction”. This ensures that the terms used in section 152 line up with the subject matter in the transfer pricing rules in section 247.