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CPA Canada has provided feedback on Finance Canada’s functional currency rules contained in section 261 of the Income Tax Act in this January 19, 2012 submission. Developed by the Joint Committee on Taxation of the Canadian Bar Association and CPA Canada, this submission paper identifies a number of issues with the rules, and provides several detailed recommendations for how to improve their effectiveness.
What you will learn
Committee members provide their expert insights on the various aspects of the functional currency rules, including:
- time limits for filing an election or revocation
- corporate amalgamations
- partnerships and foreign affiliates
- anti-avoidance rules