Joint Committee, "Subject: Proposed section 67.7 of the Income Tax Act", 5 February 2024 Joint Committee Submission

Summary Under
Tax Topics - Income Tax Act - Section 67.7 - Subsection 67.7(1) - Non-Compliant Amount

Wording of non-compliant amount does not reflect different timing for various deductions

  • The wording, “outlays made, or expenses incurred, in...

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Summary Under
Tax Topics - Income Tax Act - Section 67.7 - Subsection 67.7(1) - Short-Term Rental

Limiting to short-term rentals by the taxpayer

  • It would seem appropriate to add the limitation that the short-term rental definition refers to...

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Summary Under
Tax Topics - Income Tax Act - Section 67.7 - Subsection 67.7(4)

Unlimited assessment period

  • Quaere whether it is necessary to provide no time limit on CRA assessments under s. 67.7.
Summary Under
Tax Topics - Income Tax Act - Section 67.7 - Subsection 67.7(2)

Advantage to non-residents

  • Non-residents who are not subject to Part I tax have a tax advantage over Canadian residents regarding the taxation of...

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