Explanatory Notes To The Legislative Proposals And Draft Regulations Relating To Income Tax

Presents & explains legislative proposals & draft regulations relating to the Income Tax Act, Budget Implementation Act, Bank Act, Cooperative Credit Associations Act, Income Tax Contraventions Interpretation Act, Tax Court of Canada Act, and Trust & Loan Companies Act. Matters covered include the disability supports deduction, indexation, tax credits, mutual fund corporations & trusts, charities, penalties, non-resident investors, and appeals.

Part 1 contains legislative proposals related to the Income Tax Act and part 2 contains explanatory notes for each proposal. The proposals relate to such matters as employee stock options, deductions form income, property, capital gains & losses, child care expenses, exploration & development expenses, successor rules, debt forgiveness, tax credits, partnerships, mutual fund corporations & trusts, and compliance.

In 1995, the Canadian Institute of Chartered Accountants established new accounting standards for the recognition, measurement, presentation and disclosure of impaired loans, restructured loans and foreclosed assets. This document presents the legislative and regulatory proposals and explanatory notes relating to income tax.