CRA to provide advanced tax rulings for companies looking to invest $1 billion or more, says Ottawa

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Ottawa will prioritize advance income tax ruling requests related to investments of $1 billion or more in Canada, the federal government said on Monday.

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As a result, companies looking to invest more than $1 billion can now obtain a binding decision from the Canada Revenue Agency on how income tax laws will apply to a proposed transaction before they commit the capital.

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The move, announced by the federal government ahead of the Canada Investment Summit this week that will bring together global investors, Canadian executives and public-sector representatives, will ensure major investors have the greater clarity they need to move forward to get projects built.

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“When investors are considering major projects, certainty matters,” Finance Minister François-Philippe Champagne said in a statement. “We are giving them the clarity and predictability they need to invest with confidence, create opportunities and help build Canada’s economic future.”

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