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ARTICLE · 18 NOVEMBER 2011

Minister Approves BSX As Designated Stock Exchange

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Effective October 31, 2011, the Minister of Finance (Canada) approved the addition of the Bermuda Stock Exchange ("BSX") to the list of designated stock exchanges under the Income Tax Act (Canada) (the "ITA").

CanadaTax
Anna Dayan
Anna Dayan
Christopher Steeves
Christopher Steeves
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Effective October 31, 2011, the Minister of Finance (Canada) approved the addition of the Bermuda Stock Exchange ("BSX") to the list of designated stock exchanges under the Income Tax Act (Canada) (the "ITA").

The BSX is only the second foreign stock exchange to be added to the list of designated stock exchanges since the concept of designated stock exchange was introduced in Canada's 2007 federal budget ("Budget 2007").

Budget 2007 updated the concept of "prescribed stock exchange", which was provided for under the Income Tax Regulations and was used in a variety of contexts under the ITA. The list of prescribed stock exchanges was replaced with a three-tiered system of stock exchanges: designated stock exchanges, recognized stock exchanges and stock exchanges.

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