In July, the Department of Finance released a package of draft tax legislation that has important implications for Canadian and/or cross-border businesses, as well as individuals.

If passed, the legislation ⁠–⁠ which proposes changes to several major tax laws ⁠–⁠ could include technical changes to shareholder loan rules, accelerated capital cost allowance write‑offs for low‑carbon LNG facilities and several amendments to GST/HST, excise and luxury tax rules.

These changes can affect people and businesses across a wide swath of industries, but may particularly affect cross‑border structures, related‑party financing, major capital projects, GST/HST‑sensitive operations and disability tax credit claims.

For more insight on the proposed legislation and what it could mean in practice for you and your business, review these insights from Baker Tilly tax specialists.