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ARTICLE · 19 SEPTEMBER 2017

Proposed Draft Legislation For Investment Limited Partnerships

Osler, Hoskin & Harcourt LLP
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On September 8, 2017, the Department of Finance released draft legislation to amend the Excise Tax Act (Canada) ("ETA"), including amendments to (a) in effect, deem general partners of certain newly defined "Investment Limited ...

CanadaTax
Alan Kenigsberg
Alan Kenigsberg
Matias Milet
Matias Milet
Timothy Hughes
Timothy Hughes
Alain Fournier
Alain Fournier
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In this Update

  • on September 8, 2017, the Department of Finance released draft legislation to amend the Excise Tax Act (Canada) (ETA) to deal with “Investment Limited Partnerships”
  • impact of these changes on mutual funds or investment plans which use limited partnerships in their structure
  • broad definition of “Investment Limited Partnership”
  • the Draft Legislation has the potential to significantly increase the amount of unrecoverable GST/HST paid by many limited partnerships

On September 8, 2017, the Department of Finance released draft legislation to amend the Excise Tax Act (Canada) (“ETA”), including amendments to (a) in effect, deem general partners of certain newly defined “Investment Limited Partnerships” that provide management or administrative services (which are broadly defined to include asset management services, and would generally cover most of the activities performed by a general partner) to the limited partnership to be making a

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