CPA Canada, "Summary of Issues Identified: Capital Gain Inclusion Rate Draft Legislation", 3 September 2024 CPA Canada submission

Summary Under
Tax Topics - Income Tax Act - Section 13 - Subsection 13(7) - Paragraph 13(7)(e)

Formulae in ss. 13(7)(b), (d) and (e) do not properly reflect the change in CGIR and s. 38.01 (pp. 1-4)

  • The formulae in ss. 13(7)(b), (d) and (e)...

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Summary Under
Tax Topics - Income Tax Act - Section 38.01 - Paragraph 38.01(b) - Variable E

Variable E extending to transferee (pp. 4-5)

  • Variable E of the formula in s. 38.01 of the August 12, 2024 draft capital gains legislation...

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Summary Under
Tax Topics - Income Tax Act - Section 96 - Subsection 96(1.72)

Inappropriate results for partners of partnership with a year end before June 25, 2024 (pp. 5-6)

  • Regarding, for example, Aco (with a June 30,...

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