Full explanation for each amendment to each section of Canada's Income Tax Act

This work includes the Department of Finance's explanation of the purpose and application of each section of the Income Tax Act and an explanation of each amendment organized by section of the Act – in the words of those who drafted the amendments.

It consolidates and organizes the following twelve sources of information, going back to 1946: Technical Notes/Explanatory Notes, Notices of Ways and Means Motions, Budget Supplementary Information, Budget Speeches, June 1987 Tax Reform White Paper, December 1987 Tax Reform Supplementary Information, Press Releases, De Boo Budget Date Comments, June 1971 Tax Reform Summary, House of Commons Finance Committee Reports, Regulatory Impact Analysis Statements, and Department of Finance comfort letters.

What's New:

Sept. 2024 TN (capital gains rate) — technical notes to a Notice of Ways and Means Motion, intended to be turned into a bill (but for political reasons this did not happen quickly), with proposed amendments increasing the capital gains rate from 1/2 to 2/3 in many cases [38(a); also 3, 38.01, 111.2, and throughout the Act and Regulations]
Aug. 2024 TN (budget) — technical notes to draft legislation released August 12, 2024 for proposals from the April 2024 federal Budget [throughout the Act and Regulations]
Aug. 2024 TN (technical) — technical notes to draft legislation released August 12, 2024 for technical amendments [throughout the Act and Regulations]
May 2024 TN (budget) — technical notes to Bill C-69, 2024 budget bill #1 (Notice of Ways and Means Motions in Budget April 12, 2024; First Reading May 2, 2024; Royal Assent June 20, 2024 as S.C. 2024, c. 17) [throughout the Act and Regulations]
2024 BSI — Budget Supplementary Information from the April 12, 2024 federal Budget [throughout the Act and Regulations]
Nov. 2023 TN (budget) — technical notes to Bill C-59, 2023 budget bill #2 (Notice of Ways and Means Motion Nov. 28, 2023; First Reading Nov. 30, 2023; Royal Assent June 20, 2024 as S.C. 2024, c. 15) [throughout the Act and Regulations]
Various news releases and announcements from the Canada Revenue Agency. Dept. of Finance and other government departments and agencies.

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2024 Department of Finance Technical Notes: Income Tax, 36th Edition

2024 Department of Finance Technical Notes: Income Tax, 36th Edition