CRA to review guidance on GAAR in response to proposed amendments

The Canada Revenue Agency (CRA) Income Tax Rulings Directorate has notified the Joint Committee on Taxation of the Canadian Bar Association (CBA) and CPA Canada that the CRA is reviewing the guidance in Information Circular IC88-2 on General Anti-Avoidance Rules (GAAR).

The Canada Revenue Agency (CRA) Income Tax Rulings Directorate has notified the Joint Committee on Taxation of the Canadian Bar Association (CBA) and CPA Canada that the CRA is reviewing the guidance in Information Circular IC88-2 on General Anti-Avoidance Rules (GAAR). This is to determine the impact, if any, of the proposed legislative amendments to the General Anti-Avoidance Rules contained in Bill C-59.

The Income Tax Rulings Directorate also informed the Joint Committee that it is considering ruling or opinion requests on the potential application of the amended General Anti-Avoidance Rules to proposed transactions in the context of an advance income tax ruling request submitted in the manner set out in Information Circular IC 70-6.

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