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Bill C-59, theFall Economic Statement Implementation Act, 2023 was passed by the Parliament and received royal assent on June 20, 2024. Bill C-59 implemented many tax measures of the 2023 federal budget and 2023 fall economic statement. Some major changes are:
- The adoption of theDigital Services Tax Actto impose a Digital Services Tax on certain revenues earned by large businesses on certain digital services from Canada.
- Business tax measures including (i) the excessive interest and financing expenses limitation rules, (ii) tax on repurchases of equity by certain public companies, (iii) substantive Canadian-controlled private corporation (CCPC) rules, and (iv) the modernization and strengthening of the general anti-avoidance rule (GAAR).
- The adoption of employee ownership trust rules.
- The adoption of the hybrid mismatch arrangement rules.
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