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:

Dec. 16, 2021 mandate letters from Prime Minister Trudeau to the Minister of Finance, Minister of National Revenue, and other Ministers, following the Liberals' October 2021 election victory
Feb. 2022 TN — Technical Notes to draft legislation released February 4, 2022 (mostly replaced by Aug. 2022 TN below)
Feb. 4, 2022 Finance Backgrounder — detail on the CCA rules for immediate expensing of capital property
March 2022 TN (Economic Statement) — Technical Notes to Bill C-8, the 2021 economic statement bill (S.C. 2022, c. 5, Royal Assent June 9, 2022)
2022 BSI — federal Budget, Supplementary Information, April 7, 2022, covering a wide range of issues (most of which are now in legislative form, supported by Technical Notes). Various excerpts from Budget chapters are also included.
April 28, 2022 TN (budget) — Technical Notes to 2022 budget bill #1 (Bill C-19, S.C. 2022, c. 10, Royal Assent June 23, 2022)
April 29, 2022 TN (hybrid mismatch) — Technical Notes to draft legislation on hybrid mismatches released April 29, 2022
Aug. 2022 TN (budget) — Technical Notes to draft legislation released August 9, 2022, covering numerous matters primarily announced in the April 7, 2022 Budget, and some previously issued as draft legislation (and some later in Bill C-32, re-released Nov. 3, 2022, not included in this edition)
Aug. 2022 TN (technical) — Technical Notes to draft legislation released August 9, 2022, to implement technical changes in numerous areas
August 9, 2022 GAAR consultation: detailed consultation paper
Sept. 2022 TN (GST Credit) — Technical Notes to Bill C-30 (S.C. 2022, c. 13; Royal Assent Oct. 18, 2022), following Sept. 13, 2022 PMO announcement
Oct. 2022 TN (UHTA) — Technical Notes released October 22, 2022 to the August 9, 2022 Underused Housing Tax Act, with a consequential income tax amendment [116(8)]
Regulatory Impact Analysis Statements of Dec. 22, 2021 [Reg. 8901.2, CEWS]; Feb. 16, 2022 [Reg. 8901.2, CEWS]; March 16, 2022 [Reg. 100(3), Quebec Pension Plan]; April 13, 2022 [Reg. 8901.2, CEWS]
Agriculture Canada Press Release — prescribed regions for 2022 for livestock tax deferral due to weather conditions [Reg. 7305, 7305.01]

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2022 Department of Finance Technical Notes: Income Tax, 34th Edition, Print and ProView eBook

2022 Department of Finance Technical Notes: Income Tax, 34th Edition, Print and ProView eBook