Bill C-362: An Act to amend the Income Tax Act (economic substance)

Bill C-362 LEGISinfo First Reading Bilingual view XML PDF Cover Summary BILL C-362 First Session, Forty-second Parliament, 64-65-66 Elizabeth II, 2015-2016-2017 HOUSE OF COMMONS OF CANADA BILL C-362 An Act to amend the Income Tax Act (economic substance) FIRST READING, June 19, 2017 Mr. Rankin 421403 SUMMARY This enactment amends the Income Tax Act to deem certain avoidance transactions to be a misuse of provisions providing for tax benefits. Available on the Parliament of Canada Web Site at the following address: http://www.parl.gc.ca 1st Session, 42nd Parliament, 64-65-66 Elizabeth II, 2015-2016-2017 HOUSE OF COMMONS OF CANADA BILL C-362 An Act to amend the Income Tax Act (economic substance) Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: R.‍S.‍, c. 1 (5th Supp.‍) 1 Section 245 of the Income Tax Act is amended by adding the following after subsection (4): Economic substance (4.‍1) An avoidance transaction that would result, directly or indirectly, in a tax benefit, the amount of which exceeds the amount of the actual or anticipated financial benefit of the transaction to the taxpayer, is deemed, in the absence of evidence to the contrary, to be a misuse of the provisions of any one or more of the enactments referred to in subparagraphs (4)‍(a)‍(i) to (v). Published under authority of the Speaker of the House of Commons Publication Explorer Publication Explorer ParlVU