On July 18, 2017, the Department of Finance released a set of proposals to
amend the Income Tax Act (the "July 18 Proposals"). The
position taken by the Department of Finance and the rhetoric
surrounding the July 18 Proposals were that the proposed tax
measures were designed to "improve the fairness of
Canada's tax system by closing tax loopholes and amending
existing rules to ensure that the richest Canadians pay their fair
share of taxes and that people in similar circumstances pay similar
amounts of tax".
The July 18 Proposals were roundly criticized by the tax and
business communities, with town hall meetings, conferences and
consultations held across the country. In addition, over 21,000
written submissions were made to the Federal Government during the
consultation period, which ended October 2, 2017.
