Canada’s taxation system has undergone several key updates in recent years, driven by evolving economic factors, fiscal policy shifts, and adjustments to address the challenges of inflation and economic recovery. These changes impact individuals, businesses, and investors, and understanding these shifts is essential for navigating your tax obligations efficiently. 1. Introduction of the Temporary Cost… Continue reading Recent Developments in Canadian Taxation: A Comprehensive Overview
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Legislation for Implementation of Pillar Two Global Minimum Tax Rules Enacted
On 20 June 2024, Canada enacted new legislation imposing a 15% global minimum tax on profits, significantly impacting Canadian multinational corporations and those operating within the country. The new Global Minimum Tax Act (GMTA) legislates an income inclusion rule (IIR) and a qualified domestic minimum top-up tax (QDMTT). Key Points: Retroactive Implementation: The GMTA applies… Continue reading Legislation for Implementation of Pillar Two Global Minimum Tax Rules Enacted
