The following News Release or Speech has just been posted on the Finance Canada Site.
Ottawa, December 28, 2006
The Honourable Jim Flaherty, Minister of Finance, today announced proposals to improve the taxation of financial institutions by better aligning the current tax rules with new accounting standards set out by the Accounting Standards Board that came into effect as of October 1, 2006.
“Canadaâ€™s New Government is acting to make our tax system simpler and fairer,” said Minister Flaherty. “The proposals I am putting forward today will reduce the compliance burden on financial institutions and improve the economic efficiency of the tax system by improving the measurement of income and capital for tax purposes.”
The attached backgrounder provides further details on the proposed measures.