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Federal Budget Significantly Reduces Section 116 Requirements

March-4-2010

Area Tax

Summary

In the 2010 Federal Budget released this afternoon, the Department of Finance announced a significant, and very welcome, amendment to the Income Tax Act (Canada) (the "Tax Act"), which should greatly facilitate non-resident investment into Canada. In general, this amendment will eliminate the need to obtain clearance certificates under section 116 of the Tax Act on the disposition of shares of most Canadian corporations.

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