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Government Announces Exemptions to the Proposed Lower Criminal Interest Rate

As we previously reported in April 2023 in our blog, Its Official—Proposed Criminal Interest Rate Amendments Introduced, the Government of Canada is proposing to lower the current criminal rate of interest to 35 percent. At the time, the Government indicated certain loans would be exempt from this lower rate. On December 23, 2023, the long-awaited exemptions were announced but were limited to certain commercial loans, pawn loans and payday loans. Importantly for many of our clients, a new excl...
Preet Gill Written By Denise Bright Regulatory Impact Analysis Statement Canada Gazette Criminal Interest Rate Amendments Government Of Canada

Supplemental Pension Plans Secured with a Letter of Credit may Soon Receive Much Anticipated Refundable

On November 30, 2023, the federal government introduced Bill C-59, Fall Economic Statement Implementation Act, 2023 Bill C-59, which included proposed amendments to the Income Tax Act Canada ITA to implement changes respecting the treatment of retirement compensation arrangements RCAs that had previously been announced as part of the 2023 Federal Budget.
Ben Sissons Hennadiy Kutsenko Canada Revenue Agency Written By Jordan Fremont Fall Economic Statement Implementation Act Income Tax Act

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