Finance committee  The idea in the July 19 press release was to provide a set of four issues that would need to be considered in the course of developing a rule to help distinguish between genuine transfers of a business to the next generation and more contrived tax planning that does not in fact r

Finance committee  As we've discussed, these amendments to the Income Tax Act that were made by Bill C-208 are part of Canadian law and could only be changed through a subsequent bill tabled in Parliament that receives royal assent.

Finance committee  The government has announced that it would not apply before November 1, 2021. As a general rule, income tax amendments often apply as of the date of their announcement. For example, Bill C-30 received royal assent on the same day as Bill C-208. It was the first budget bill for

Finance committee  Jenifer, did you want to comment on the ability of Parliament to pass retroactive tax bills?

Finance committee  As has been noted, there was an announcement to put out draft legislative proposals shortly, and then a commitment that, whatever effective date those proposals could take, it would not be before November 1, 2021. It's difficult to provide a timeline in terms of putting together

Finance committee  That depends on the specific rules for civil servants to interact during the part of the caretaker period after a writ has been dropped. Obviously, we would continue to analyze submissions. I don't know whether Miodrag or Jenifer know the specific rules for caretaker-stakeholde

Finance committee  Yes. That was the government's announcement, that whatever conditions would be introduced in a later bill, which again would have to go through Parliament, those restrictions or conditions would not apply before November 1. From now until October 31, at a minimum, the law as enac

Finance committee  The press release announced a set of issues that would be considered as part of the consultations. It announced an intention to release draft legislative proposals in the near term. I believe the language was that they would be “forthcoming”. It put out the ideas under considerat

Finance committee  Unfortunately, I was in meetings this morning, but I had a summary of that prepared for me by some of my colleagues.

Finance committee  Yes. It amended the Income Tax Act and produced its effect. The amendments it introduced are now part of the law of Canada.

Finance committee  I see that Mio has joined in.

Finance committee  There are a few technical issues with that. First of all, the amendments enacted by Bill C-208 place the five-year, or 60-month, holding period on the corporation that purchases the shares from the parent, and not the child. There's actually no requirement in Bill C-208 that the

Finance committee  As I said, the five-year holding period imposed by the rules enacted by Bill C-208 applies to the purchasing corporation and not the child. The child could sell within that period. It does not actually provide an effective rule that would require the child to indirectly hold shar

Finance committee  Thank you for the opportunity to continue that. I apologize if my answers were a bit long-winded in getting to the point. To your question on who decided to announce that the amendments would apply as of June 30, as I said, it was an announcement of the Government of Canada. It's

Finance committee  You see, that's part of the difficulty in answering the question, because the announcement was not to delay implementation of a bill passed by Finance. Rather, it was to table a bill in Parliament that would, if passed by Parliament and given royal assent, provide that amendments