Joint Committee, "Summary of Comments and Recommendations Provided to the Department of Finance on the General Anti-Avoidance Rule Proposals Released on March 28, 2023", Joint Committee Submission dated 7 June 2023

Summary Under
Tax Topics - Income Tax Act - Section 245 - Subsection 245(4.1)

Need for further examples

  • In addition to the TFSA example provided by Finance, other examples of transactions without a high level of economic...

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Summary Under
Tax Topics - Income Tax Act - Section 245 - Subsection 245(5.1)

Effective date

  • The GAAR proposals should apply prospectively so that they would not apply to a series of transactions that commenced before the...

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Summary Under
Tax Topics - Income Tax Act - Section 237.3 - Subsection 237.3(12.1)

Without prejudice disclosures

  • There should be a s. 245 rule stating that a disclosure filed under proposed s. 237.3(12.1) cannot be used as a...

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