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On June 22, 2023, Bill C-47 received royal assent, implementing a variety of amendments to the Income Tax Act Canada ITA and its regulations ITA Regulations tabled as part of the 2023 Federal Budget.
With this new development, Canada will join the European Union, Australia, the United Kingdom (UK), and South Korea in outlawing the cruel practice of animal testing for cosmetics.
Officials given wider range of compliance and intervention tools
On June 22, 2023, Budget Implementation Act, 2023, No. 1 formerly Bill C-47 received Royal Assent. Among the various other measures in this omnibus bill, the Act made significant amendments to Canada's autonomous sanctions statutes, the Special Economic Measures Act the SEMA and the Justice for Victims of Corrupt Foreign Officials Act the Magnitsky Law, to clarify ownership and control rules for purposes of sanctions imposed under the SEMA and the Magnitsky Law.
With the enactment of Bill C-47 on June 22, 2023, Canada's enhanced mandatory disclosure rules are now fully in effect. These rules, which were first announced in the 2021 Canadian federal budget: expand the prior rules for reportable transactions; include new reporting requirements for notifiable transactions and uncertain tax treatments; and impose new punitive consequences, including penalties and extended reassessment periods, for failing to comply with the disclosure requirements.