Senate Passes Bill Sponsored by Senator Black to Improve Certainty of Tax System and Close Tax Loopholes

OTTAWA, June 25, 2013 – Today, the Technical Tax Amendments Act (Bill C-48) – sponsored by Alberta elected senator Doug Black – was passed by the Senate.

On June 4th, Senator Black delivered a speech in the Senate Chamber in support of the bill, which emphasized that it will add certainty and predictability to Canada’s tax code – something that will be beneficial to taxpayers and tax professionals alike. The legislation, which has been over a decade in the making, includes many miscellaneous tax changes that have been the subject of numerous open and public consultations.

Of particular importance are measures to close tax loopholes that will ensure that all Canadians pay their fair share. The Act will help to prevent schemes designed to shelter tax by artificially increasing foreign tax credits, and will also implement a regime for information reporting of tax avoidance transactions. These measures and others will make the tax system more fair and equitable for all Canadians.

At the bill’s third reading in the Senate, Senator Black expressed his appreciation for the uniquely non-partisan manner in which the bill was studied and debated.

More information on the bill and to read Senator Black’s speech in the Senate, please click here.