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Proposed Changes to the Income Tax Act
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Date: June 12 2008 |
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The 2008 federal budget announced proposed changes to section 116 of the ITA that were aimed at alleviating the administrative burden of complying with the section 116 requiremements. However, the proposed amendments are insufficient to cause a major change in the circumstances in which it will be necessary to comply with section 116 because, practically speaking, they will only affect a small portion of the transactions that are subject to the section 116 rules, namely, related party transactions.
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