Legislative proposals relating to the treatment of restrictive covenants: February 10, 2006.
Tax Executive › Vol. 58 Nbr. 2, March 2006
Linked as:
Summary
Canada
See the full content of this document
Extract
Legislative proposals relating to the treatment of restrictive covenants: February 10, 2006.
On February 10, 2006, Tax Executives Institute submitted comments to the Canadian Department of Finance on proposed legislation relating to the treatment of restrictive covenants. The comments were prepared by TEI's Canadian Income Tax Committee whose chair is David V. Daubaras of General Electric Canada. Contributing substantially to the development of TEI's letter was Alan E. Wheable of Toronto Dominion Bank.
On behalf of Tax Executives Institute (TEI), I am writing to express TEI's concerns about proposed amendments to the Income Tax Act (hereinafter "the ITA" or "the Act") to revise the tax treatment of restrictive covenants. The amendments are part of the Legislative Proposals initially released by the Department of Finance on February 27, 2004, and subsequently revised and reissued in News Release 2005-049 (July 18, 2005). The provisions address the Department's concerns about the tax treatment of payments for non-competition payments that were identified in News Release 2003-049 (October 7, 2003). TEI Background Tax Executives Institute is the preeminent international association of business tax executives. The Institute's 5,800 professionals manage the tax affairs of 2,800 of the leading companies in North America, Europe, and Asia. Canadians constitute 10 percent of TEI's membership, with our Canadian members belonging to chapters in Calgary, Montreal, Toron...See the full content of this document
Sponsored links
