Thursday, March 31, 2011

Dissolution of Parliament: what happens next?

I thought of sharing what I read from Deloitte weekly highlights:
As a result of the dissolution of Parliament on March 26, 2011, all incomplete business in both the House of Commons and the Senate was terminated, including government bills. There were no government tax bills on the order paper at the time of dissolution. The legislative proposals contained in the March 22, 2011 budget also “died”, but they may be reintroduced by the next government. It is noteworthy that the future federal corporate tax rate reduction to 15% as of January 1, 2012 remains intact at this time as this amendment was already enacted at dissolution. Outstanding draft tax amendments published by the government but not yet introduced into the House of Commons are not affected by the dissolution of Parliament. However, the decision as to whether to proceed with those proposals (as well as with the corporate rate reduction) will be made by the next government.

Courtesy: Deloitte weekly tax highlights

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