Ottawa is moving to give major investors faster access to tax certainty as Prime Minister Mark Carney welcomes investors from around the world to Canada’s first-ever investment summit.
Under a new policy announced Monday by the office of Finance Minister Francois-Philippe Champagne, investors planning to put $1 billion or more into the Canadian economy will receive priority access to the Canada Revenue Agency’s Advance Income Tax Rulings (AITR) program.
The program allows qualifying investors to obtain binding decisions from the CRA on how Canadian income tax law will apply to their proposed investments before they commit their capital.
According to the federal government, the measure is intended to reduce uncertainty and investment risks, while giving companies greater confidence to move forward with large-scale projects in Canada.
The announcement comes as hundreds of executives and global asset managers gather in Toronto for the country’s first-ever investment summit.
Over the next two days, Carney, federal ministers and premiers from across Canada are expected to present investors with opportunities across multiple sectors of the Canadian economy.
The summit officially gets underway Monday evening with a gala dinner at the Art Gallery of Ontario. The event is closed to both the public and the media.
