Proposed s. 212.1(4) discriminates against foreign buyers

The proposed version of the s. 212.1(4) safe harbour from the application of s. 212.1(1) “discriminates against foreign buyers” – notwithstanding that “there is no difference to the Canadian tax base whether purchasers are Canadian or foreign or whether they deal at arm's length or not (as shareholders) with the Canadian corporation that acquires the non-resident corporation.”

Neal Armstrong. Summary of Nathan Boidman, "Judicial and Legislative Developments Threaten Indirect Canadian Acquisitions", Tax Notes International, Vol. 84, No. 2, 10 October 2016, p. 163 under s. 212.1(4).