On February 3, 2022, CRA updated their “What’s new for corporations?” web page. Some items of interest include:
Penalties associated with the proposed changes to the mandatory disclosure rules would apply to transactions that occur as of the date of royal assent. Note that these rules have not yet been included in draft legislation.
The default method of correspondence for businesses that use CRA's My Business Account portal will be changed to electronic as of the date of royal assent.
This phrase “As of June 29, 2021, electronic signatures are accepted for the T183CORP, Information Return for Corporations Filing Electronically.” was changed to “As of the date of royal assent, signatures may be electronic on Form T183CORP, Information Return for Corporations Filing Electronically.”
Full CCA claims for many newly purchased assets, as proposed in Budget 2021, will only be permitted once supporting legislation is introduced. As of December 31, 2021, no such legislation has been tabled.
Commentary has been added in respect of “Interest deductibility limitations”, “Hybrid mismatch arrangements” and “Employee stock option – Employer deduction for non-qualified securities”.