The federal Liberal government has fulfilled one of its campaign promises by announcing it is waiving the onerous reporting requirements of Bill C-377.
National Revenue Minister Diane Lebouthillier has indicated that the government intends to repeal the legislation that was pushed through in the waning days of the Stephen Harper government.
She has waived reporting requirements for labour organizations and labour trusts arising from the legislation, officially known as Bill C-377, An Act to Amend the Income Tax Act (requirements for labour organizations).
The requirements would have placed obligations on labour organizations and labour trusts to track their activities for fiscal years beginning on or after Dec. 31, 2015.
The waiver ensures that unions and other stakeholders affected by the Bill will not be required to develop and submit detailed tracking of their activities to the Canada Revenue Agency.
Click here for the press release from the CRA.