Regulatory Initiative: Regulatory Proposals Relating to Income Tax (August 2024) – Forward Regulatory Plan 2025-2027
Title or working title of the regulatory initiative:
Regulatory Proposals Relating to Income Tax
Description of the objective:
On August 12, 2024, the Government of Canada announced proposed amendments to various regulations related to Income Tax. This announcement included regulatory proposals related to:
- proposed amendments to support proposed Income Tax Act amendments to the disability supports deduction;
- proposed amendments to support proposed Income Tax Act amendments to the registered charities rules;
- proposed amendments to support proposed Income Tax Act amendments to the Registered Education Savings Plan rules;
- proposed amendments to support proposed Income Tax Act amendments to the synthetic equity arrangement rules;
- proposed amendments relating to the accelerated capital Cost allowance for productivity-enhancing assets;
- proposed amendments relating to the accelerated capital Cost allowance for purpose-built residential rental housing;
- proposed amendments to support proposed Income Tax Act amendments to the clean economy tax credits rules;
- proposed amendments to support proposed Income Tax Act amendments related substantive CCPC rules; and
- proposed amendments to implement technical tax amendments to improve the certainty and integrity of the tax system.
These regulatory proposals continue to be included in the Forward Regulatory Plan.
Indication of business impacts:
The Small Business Lens is not expected to apply.
Public consultation opportunities:
Canadians were consulted on the draft regulatory proposals as part of a consultation announced by news release on August 12, 2024. Interested parties were invited to provide comments on the proposals by September 11, 2024.
The news release for the consultation, along with the draft regulatory proposals, is available on the Finance Canada website.