Canadian Income Tax Act with Regulations, Annotated, 112th Edition, Autumn 2021
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Representing the tax and accounting intelligence of specialists from Dentons, Minden Gross, PwC, Thorsteinssons, and Wolters Kluwer, no other single reference is better qualified to keep you fully informed. Canadian Income Tax Act with Regulations, provides valuable cross-references, comprehensive editorial notes, and a breadth of related third-party references, all selected by experienced tax specialists.
The Full Text of the Income Tax Act and Regulations
Since the Income War Tax Act first came into force over a century ago, the size and complexity of the legislation have grown exponentially. Over the past months, numerous new amendments and proposals continued this trend. Canadian Income Tax Act with Regulations, Annotated contains all of the latest legislative developments since the Autumn Edition, including:
Bill C-14, Economic Statement Implementation Act, 2020 (S.C. 2021, c. 7)
Bill C-14, Economic Statement Implementation Act, 2020, received Royal Assent on May 6, 2021. Bill C-14 implements the increased Canada Child Benefit amount for 2021 as proposed in the Fall Economic Statement, and proposals relating to the Canada Emergency Rent Subsidy that were first released on November 19, 2020.
Bill C-30, Budget Implementation Act, 2021, No. 1 (S.C. 2021, c. 23)
Bill C-30, Budget Implementation Act, 2021, No. 1, which amends the Income Tax Act and Regulations, received Royal Assent and passed on June 29, 2021. The Bill implements certain measures from Budget 2021, the 2020 Fall Economic Statement, Budget 2019, and other recent announcements. All the income tax measures implemented by Bill C-30 are listed below. Associated explanatory notes were released on May 6, 2021 for the Income Tax Act and Regulations.
Budget 2021 measures:
- Canada Workers Benefit
- Tax Treatment of COVID-19 Benefit Amounts
- Registration and Revocation Rules Applicable to Charities
- Emergency Business Supports and Canada Recovery Hiring Program
Fall Economic Statement 2020 measures:
- Registered Disability Savings Plan – Cessation of Eligibility for the Disability Tax Credit
- Employee stock options
- Agricultural Cooperatives: Patronage Dividends Paid in Shares
Budget 2019 measures:
- Accelerated Investment Incentive for Resource Expenditures
- Accelerated Investment Incentive for Depreciable Property
- Change in Use Rules for Multi-Unit Residential Properties
- Permitting Additional Types of Annuities under Registered Plans
- Contributions to a Specified Multi-Employer Plan for Older Members
- Pensionable Service Under an Individual Pension Plan
- Mutual Funds: Allocation to Redeemers Methodology
- Electronic Delivery of Requirements for Information
- Accelerated Capital Cost Allowance for Zero-Emission Vehicles
- Character Conversion Transactions
- Transfer Pricing Measures
- Foreign Affiliate Dumping
- Cross-Border Share Lending Arrangements
Other Recent Proposals:
- COVID-19 (childcare expenses and disability supports deduction)
- Temporary Adjustments to the Automobile Standby Charge due to COVID-19
- Time Extensions for Flow-Through Share Issuers
- Zero-Emission Vehicles (Class 56)
- Employee Life and Health Trusts
- Support for Canadian Journalism
- Basic Personal Amounts
- Shared-Custody Parent
Bill C-31, Reducing Barriers to Reintegration Act (June 10, 2021)
Bill C-31 proposes amendments to s. 149.1(1) and 149.1(1.01) of the Income Tax Act.
Bill C-35, Canada Disability Benefit Act (June 22, 2021)
Bill C-35 proposes an amendment to s. 241(4)(d) of the Income Tax Act.
Bill C-208, An Act to amend the Income Tax Act (transfer of small business or family farm or fishing corporation) (S.C. 2021, c. 21) (Private Member’s Bill)
Bill C-208 received Royal Assent on June 29, 2021, and amends the Income Tax Act in order to provide that, in the case of qualified small business corporation shares and shares of the capital stock of a family farm or fishing corporation, siblings are deemed not to be dealing at arm’s length and to be related, and that, under certain conditions, the transfer of those shares by a taxpayer to the taxpayer’s child or grandchild who is 18 years of age or older is to be excluded from the anti-avoidance rule of section 84.1.
Bill S-222, Effective and Accountable Charities Act (February 8, 2021) (Private Member’s Bill)
Bill S-222 is a Private Member’s Bill, which proposes amendments to the Income Tax Act to permit charities to provide their resources to a person who is not a qualified donee, provided that they take reasonable steps to ensure those resources are used exclusively for a charitable purpose.
SOR/2021-82, Regulations Amending the Income Tax Regulations (Non-application of Presumption – Declaration of Female Parent)
Effective July 1, 2021, SOR/2021-82 amends s. 6301(1)(a) of the Income Tax Regulations to allow a female parent to waive the CCB in right of a gender-neutral parent.
SOR/2021-127, Regulations Amending the Income Tax Regulations (COVID-19 – Relief for Deferred Salary Leave Plans and Pension Plans)
Effective June 10, 2021, SOR/2021-127 adds 6801.1 and amends s. 8308, 8500, and 8502 of the Income Tax Regulations to add temporary stop-the-clock rules to the conditions applicable to DSLPs for the period between March 15, 2020, and April 30, 2022, in order to provide short-term relief to DSLP participants. These temporary changes will not require a DSLP to be terminated if an employee suspends a leave of absence to return to work or if an employee chooses to delay their paid leave of absence.
Editorial notes with explanations, tips, and traps
The Multilateral Instrument, which modifies the terms of tax treaties between Canada and agreeing countries
Full text of the Canada-U.S. Tax Treaty, with detailed editorial notes by Dentons Canada LLP
Full text of the Canada-U.K. Tax Treaty
Key references to additional resources, including:
Cross references to related sections of the Act and Regulations
Income tax folios, bulletins, circulars, technical interpretations, forms, guides, comfort letters, and news releases
Canadian Tax Foundation, STEP Canada, and Wolters Kluwer newsletter articles
Case annotations summarizing key court decisions
Numerous quick reference charts, including:
- 2021 tax rates and credits tables from PricewaterhouseCoopers LLP
- Tables of automobile, mileage, interest, exchange, and capital cost allowance rates
- Tax integration tables from PricewaterhouseCoopers LLP
- Summary tables of deadlines, offences, and penalties, and a tax calendar
Editorial Board — As of July 2021
Trust the tax and accounting intelligence from the top firms in Canada:
Joseph Frankovic LL.B., LL.M., Ph.D., CFA
Member of the Ontario Bar and the adjunct faculty of Osgoode Hall Law School
Dentons Canada LLP
Paige Donnelly J.D., MBA, CFA
Mark Jadd LL.B.
Earl I. Miller LL.B.
Larry Nevsky LL.B., CPA, CA
Tony Schweitzer LL.B., LL.M.
Yves St-Cyr LL.L.
Mark Woltersdorf LL.B., FCPA, FCA
Jacob Yau J.D.
Minden Gross LLP
Matthew Getzler J.D., MBA
Michael Goldberg B. Comm. Hons., LL.B.
Joan Jung LL.B.
Samantha Prasad B.A., LL.B.
Catherine Hibbard CPA, CA
Ruby Lim CPA, CA
Colin Mowatt CPA, CA
Michael Colborne LL.B., LL.M.
Michael McLaren B.Sc., LL.B.
Wolters Kluwer Canada Limited
Robert Boucher CPA, CA
Jennifer Corris B.Math
Mark Ho CPA (Australia)
Harry Hoogkamp CPA, CMA, CBV
Cameron Mancell CFP®
Roderick McBey GJM, BA, LL.B., TEP
Robert Spenceley M.A., LL.B.
Peter Tomlinson B.A., LL.B.