Partnerships beware!

摘要

On March 29,2007,the Canadian House of Commons gave first reading to Bill C-52,which includes the legislation to implement the federal government's proposed tax on SIFT(specified investment flow-through)trusts and partnerships.In our January 2007 Blakes Bulletin on Tax,"Taxation of Income Trusts and Other SIFT Trusts," we commented on the initial version of the SIFT proposals that was in the form of draft legislation released by the Canadian Department of Finance on Dec.21,2006.This earlier version was also the subject of an extensive submission to the Department of Finance from the Joint Committee on Taxation of the Canadian Bar Association and the Canadian Institute of Chartered Accountants.