Canada’s New Government Strengthens the Income Tax System
Ottawa, November 9, 2006
2006-065
Canada’s New Government Strengthens the Income Tax System
The Honourable Jim Flaherty, Minister of Finance, today tabled a Notice of Ways and Means Motion in the House of Commons to prevent tax deferral and avoidance through the use of foreign investment funds and trusts. The Motion proposes to tighten the income tax rules, responding to concerns raised by the Auditor General.
“Our new government is committed to a tax system that is both competitive and fair,” said Minister Flaherty. “The Motion we tabled today will amend existing income tax rules to help ensure that income earned by Canadians through foreign jurisdictions, including tax havens, is subject to tax as if it had been earned in Canada.”
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