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Elimination of dividend deductions from income tax for financial institutions

Caroline Nicol
Published on June 15, 2023 PDF(opens a new window)

Budget 2023 introduced a new amendment to the Income Tax Act that would eliminate the deduction of dividends received on shares that are “mark-to-market” property held by financial institutions. As a result, dividends received after 2023 will be considered regular business income.

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