Finance committee  When the tax-free savings accounts were introduced, they contained a number of what were at the time cutting-edge rules to prevent that type of planning. There were amendments made shortly after the TFSAs were announced, but they had a pretty comprehensive and strong set of anti-

Finance committee  I think there are maybe a couple of points to that, if I understand your question correctly. One, you'll see in the revenue estimates published as part of the budget supplementary information that when it was initially a two-year deferral, there was a short three-year period of i

Finance committee  That was seen as providing a better recognition of income, a truer picture of income, with the idea that under the tax system—and you can look at the IKEA and Canderel Supreme Court of Canada decisions—the goal is really to provide the truest picture of income in any year to dete

Finance committee  The accelerated capital cost allowance rates in class 43.2, which itself builds on class 43.1, are only available in respect of the specific types of projects listed in that class. They're all, I think it's fair to say, what you would consider green energy projects, and they are

Finance committee  These anti-avoidance rules are developed in the context of RRSPs, mainly, and tax-free savings accounts. Perhaps the potential harm is clearest in those cases, but also definitely seen in the RESP and RDSP sphere. There are essentially three different concerns that are addressed

Finance committee  No. That's kind of the harm that these anti-avoidance rules were intended to prevent. These measures provide for a consistent set of anti-avoidance rules that apply across the different vehicles, from RESPs, RDSPs, and TFSAs, to RRSPs.

Finance committee  Most of the anti-avoidance activity we've seen has been in the RRSP and TFSA context, less so in, I think it's fair to say, the RDSP and RESP context, but the potential is still there.

Finance committee  Currently, there are inconsistencies in the tax treatment of different deferred plans, so for simplification of benefits, and the benefit of having a more coherent tax system, there are certain advantages to having one set of rules apply to everyone instead of a more piecemeal ap

Finance committee  Yes. Assuming you had a calendar year-end, which I'm sure was the case in your example, then for that year, the first year, you'd be taxed on your work in progress that accrued up to the end of the year. You wouldn't have to send out two invoices to the client, but the amount you

Finance committee  Yes.

Finance committee  Currently, if a bank operates in more than one province, they have to allocate their income according to which province they earn it in. With recent rules affecting federal credit unions, this would essentially provide the exact same set of rules for credit unions to allocate the

Finance committee  I believe so. I don't want to misrepresent things, but of course they need certainty. I think they had asked for that. I think it's in regulation 404(1), separate from 404, which is for banks, because there was a desire to not be treated as a bank. It provides certainty and clear

Finance committee  I can't say with certainty that they came to the department and asked for it, but it's not something that we've heard concerns about. In September 2016 we released these proposals for public consultation, and I don't believe we heard any criticism of the proposed allocation. I kn

Finance committee  It would need to have income allocated between the provinces.

Finance committee  Yes, that type of treatment, the accelerated capital cost allowance, is basically tax depreciation. In class 43.2 it's a 50% rate. That can be available not just as proposed for geothermal but also for wind, solar, small-scale hydro, and a few others.