Print Page
News & Press: International News

Canada: Draft legislation relating to taxation of Canadian banks with foreign affiliates released

05 March 2014   (0 Comments)
Posted by: Author: Alexander Demner
Share |

Author: Alexander Demner (Thorsteinssons LLP)

The Department of Finance released draft legislative amendments to the Income Tax Act (Canada) and the Income Tax Regulations relating to the taxation of Canadian banks with foreign affiliates. The new proposals contain modifications to those released for consultation on November 27, 2012, and also deal with revisions to the "base erosion” rules in the context of the FAPI regime. The full announcement, with a link to the draft legislative proposals, can be found online at:

This article first appeared on


Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

Membership Management Software Powered by YourMembership  ::  Legal