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Housing Finance Framework: Economic Action Plan 2013 will implement changes to limit the use of portfolio insurance and prohibit the use of any government-backed insured mortgage as collateral in securitization vehicles that are not sponsored by Canada Mortgage and Housing Corporation.
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Improving Access to Capital for Canadian Financial Institutions: The Government will introduce legislative amendments to allow public sector investment pools that satisfy certain criteria to directly invest in a Canadian financial institution, subject to approval by the Minister of Finance.
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Improving Corporate Transparency: The Government will consult Canadians on the issue of corporate transparency, with a focus on bearer shares and the ability of competent authorities to access information on corporate beneficial ownership.
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International Growth of the Canadian Financial Sector: Economic Action Plan 2013 will enhance the Government’s support for the strategic international expansion of Canadian financial institutions.
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Over-the-Counter Derivatives Reform: The Government will continue to review federal legislation and, where appropriate, introduce further changes to support the over-the-counter derivatives reform agenda.
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Regulation of Capital Markets: The Government’s preferred approach to improving the regulation of Canada’s capital markets is through a common securities regulator established cooperatively with provinces and territories.
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Risk Management Framework for Domestic Systemically Important Banks: Economic Action Plan 2013 will implement a comprehensive risk management framework for Canada’s systemically important banks.
7. Business Taxation A competitive business tax system plays a key role in supporting businesses in all sectors of the Canadian economy to invest, grow and thrive. The Economic Action Plan’s initiatives and programs spur investment and productivity by improving Canada’s overall business environment and tax competitiveness. •
Combating International Tax Evasion and Aggressive Tax Avoidance: Economic Action Plan 2013 proposes a number of measures to address international tax evasion and aggressive tax avoidance.
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Phasing Out Tax Preferences for Capital Expenditures in the Mining Sector: Economic Action Plan 2013 proposes to phase out tax preferences for capital expenditures in the mining sector by aligning the deduction rates of capital assets in the mining sector with those available in the oil & gas sector.
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Phasing out the Additional Deduction for Credit Unions: Economic Action Plan 2013 proposes to phase out the additional deduction for credit unions to improve the neutrality and fairness of the tax system.