On September 13, TEI submitted comments to the Department of Finance Canada regarding proposed legislation that would implement an excessive interest and financing expenses limitation (EIFEL). TEI’s comments addressed the proposed implementation date of the EIFEL rules, the need to except existing debt obligations from the rules for a period of time, and issues surrounding the group ratio election, among other topics.
TEI’s comments were prepared under the aegis of its Canadian Income Tax Committee, whose chair is Steve Saunders of Atco. Benjamin R. Shreck, TEI tax counsel, coordinated the filing of TEI’s comments. Read the comments here.