On 31 July 2015, the Canadian Department of Finance announced the launch of a public consultation on draft legislation to implement certain tax measures from Economic Action Plan 2015. The measures as summarized in the announcement are as follows.
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Personal Income Tax
- Amending the repeated failure to report income penalty to apply for a taxation year only if a taxpayer fails to report at least $500 of income in the year and for any of the three preceding taxation years. The penalty is …