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:

Federation of Law Societies of Canada news releases, September 12 and October 23, 2023, and related Court order: mandatory reporting rules being challenged in Court, and Government consent to 30-day injunction suspending their application to members of the legal profession [237.3(2)]
Oct. 5, 2023 Finance consultation, covering: whether to revise the Clean Technology and Clean Electricity Investment Tax Credits to include domestic content requirements, in response to US and other countries’ rules [127.45]; the effective date for the labour requirements for the clean energy credits [127.46]; excluding Indigenous settlement trusts from the Alternative Minimum Tax [127.55(f)]
Aug. 2023 TN (budget)—Technical Notes to draft legislation of August 4, 2023 on a range of matters proposed in recent Budgets [throughout the Act and Regulations]
Aug. 2023 TN (technical)—Technical Notes to draft legislation of August 4, 2023 on a range of technical matters [throughout the Act and Regulations]
April 2023 TN (budget)—Technical Notes to 2023 budget bill #1 (Bill C-47, S.C. 2023, c. 26, Royal Assent June 22, 2023, from Budget draft legislation of March 28, 2023) [throughout the Act and Regulations]
2023 BSI—Budget Supplementary Information from federal Budget of March 28, 2023
Nov. 2022 TN (Economic Statement)—Technical Notes to draft legislation of November 3, 2022, which became Bill C-32 (2022 Budget bill #2), First Reading November 4, 2022; Royal Assent December 15, 2022 as S.C. 2022, c. 19 [throughout the Act and Regulations]
December 1, 2022 consultations announced by the Department of Finance, re clean hydrogen tax credit [after 127.46]; labour conditions for clean-energy investment tax credits [127.46]
Agriculture Canada news release, August 21, 2023: prescribed drought and flood regions for 2023 [Reg. 7305.01]
Various announcements from the Canada Revenue Agency (CRA).

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2023 Department of Finance Technical Notes: Income Tax, 35th Edition

2023 Department of Finance Technical Notes: Income Tax, 35th Edition