On January 31, TEI filed comments and recommendations with the Canadian Department of Finance regarding proposed excessive interest and financing expense limitation (EIFEL) legislation. The Institute’s recommendations included delaying the effective date of the rules, providing transition relief, and not applying the EIFEL rules when computing the foreign accrual property income of controlled foreign affiliates. TEI’s comments were prepared under the aegis of its Canadian Income Tax Committee, chaired by Steve Saunders of Atco. Benjamin R. Shreck, TEI tax counsel, assisted in the preparation of the Institute’s comments. To read the comment letter, click here.