Finance committee  As I've said before, both today and certainly at the Senate agriculture and forestry committee in an earlier appearance on Bill C-208, right now the tax administrators at the Canada Revenue Agency are tasked with applying the law as it stands and not anything else. The CRA, I'm s

Finance committee  As I said, the Canada Revenue Agency, or maybe the government, would apply the law as it exists. If planning develops that goes beyond what the legislation currently permits, including if it somehow crosses the level to becoming abusive tax avoidance, of course that's something t

Finance committee  I would say that the government, an elected government, can't make changes; of course, any change would have to be included in a bill, and only Parliament could enact that to change the existing law. I don't know that it is something that the government could do, absent going to

Finance committee  In its July 19 news release, the government said it would be releasing conditions for defining what is a genuine transfer and would entitle a transfer or making use of the exception for the anti-avoidance rule in section 84.1. It said that it would allow the benefit or that it wo

Finance committee  My only hesitation is that not before November 1, so up until October 31, the government wouldn't introduce other additional conditions in excess of what's currently there now. So that's right: The law that's in place now will be there until October 31, or until November 1 at the

Finance committee  Okay. I thought the question related to measures that have received royal assent in the Income Tax Act but that do not have effect until a delayed date. There are certainly provisions in the Income Tax Act that do not get applied to certain taxpayers. For example—

Finance committee  As department officials, as my colleague Miodrag noted, we continually work on providing the best and most frank advice we can to the government. That relates to the Income Tax Act and bills.

Finance committee  Thank you. I think I understand the question now. I had been focusing on the date on which it received royal assent and amended the Income Tax Act. In terms of the administration of the rules in Bill C-208 and whether or not the Canada Revenue Agency was ready to go on that on

Finance committee  I'm not aware of a private member's bill that has received royal assent and then shortly thereafter.... Private members' bills amending the tax act and receiving royal assent are not terribly common. This is the first one I can think of that has amended the Income Tax Act. My c

Finance committee  No. Actually, the administration of the Income Tax Act is the responsibility of the Canada Revenue Agency.

Finance committee  I'm not certain I understand the question.

Finance committee  It's important to note, I think, as I believe I may have mentioned earlier, that in terms of these amendments, they will be reflected in an individual's tax return that gets filed for the 2021 taxation year. There's no administrative action that the CRA really needs to take until

Finance committee  Yes. It is the later of November 1 and the final publication of draft legislative proposals. The earliest it could be is November 1, but of course it could be later than that.

Finance committee  Yes. That's absolutely correct. It would need to be tabled as part of a bill and then pass through Parliament and receive royal assent.

Finance committee  That is certainly the intent behind yesterday's release. I think yesterday's release provides a bit of a framework for the development of issues that will provide a general idea until draft legislative proposals are released in the near term. We've already started hearing comment