Canadian Bill C-59 to implement Budget 2023 and other measures receives first reading
- On 30 November 2023, Bill C-59, Fall Economic Statement Implementation Act, 2023, received first reading in the House of Commons.
- The bill contains income tax proposals, GST/HST and other indirect tax proposals, as well as a revised version of the proposed Digital Services Tax Act.
- Notable income tax measures contained in the bill include the excessive interest and financing expenses limitation rules; hybrid mismatch arrangement rules; investment tax credits for carbon capture, utilization and storage and clean technologies; changes to the intergenerational business transfer rules; and substantive Canadian-controlled private corporation measures relating to the taxation of investment income.
Source EY
