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ARTICLE · 13 NOVEMBER 2012

New Technical Amendments Permit Non-Canadian Trust Units Including ETFs To Be Qualified Securities

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On October 24, 2012, the Minister of Finance (Canada) tabled a Notice of Ways & Means Motion (the "Notice of Ways & Means Motion") containing almost 1000 pages of technical amendments to the Income Tax Act (Canada) (the "ITA").

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Christopher Steeves
Christopher Steeves
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On October 24, 2012, the Minister of Finance (Canada) tabled a Notice of Ways & Means Motion (the "Notice of Ways & Means Motion") containing almost 1000 pages of technical amendments to the Income Tax Act (Canada) (the "ITA").  Included in the Notice of Ways & Means Motion are changes to section 260 of the ITA (which applies to securities lending arrangements in Canada) that were originally announced back in 2002 and 2007 but were never enacted, largely because of federal elections and changes to the Canadian Government.  Importantly, a new modification to section 260 included in the Notice of Ways & Means Motions will greatly expand the types of listed securities that will be considered qualified securities for securities lending arrangements for Canadian tax purposes.

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