Bill C-621

SUMMARY

This enactment amends the Income Tax Act to require the Minister or the court to take into consideration the economic substance of a transaction in the determination of whether that transaction is an avoidance transaction and whether that transaction results in a misuse or abuse of that Act. Further, it establishes the presumption that an avoidance transaction that does not have substantial economic substance in relation to its anticipated tax benefit results in a misuse or abuse of that Act.