Bill Detail
An Act to amend the Income Tax Act (economic substance)
BillC-298
Session44-1
StageOutside Order of Precedence
Introduced2022-09-23
Proposed byDaniel Blaikie
This enactment amends the Income Tax Act to deem certain avoidance transactions to be a misuse of provisions providing for tax benefits.
✦ AI Summary
Bill C-298 aims to close a tax loophole that allows individuals or corporations to claim tax benefits that are significantly larger than the actual economic gain they receive from a transaction. It proposes to amend the Income Tax Act to consider such transactions as an abuse of tax laws, unless proven otherwise. This means that if a tax benefit generated by a transaction is disproportionately higher than the real financial benefit, it will be considered a misuse of the tax system.
Generated by Gemini · may contain errors
Legislative Timeline
2022-09-23
First reading
✦ AIBill proposes deeming certain tax avoidance transactions as misuse.
Current
Outside Order of Precedence