On April 20, the Canada Revenue Agency (CRA) responded to TEI’s comments regarding the excessive interest and financing expenses limitation (EIFEL) rules.
TEI’s comments addressed several EIFEL issues, including excessive information reporting, unnecessary elections, and clarity regarding the many EIFEL forms. The CRA noted in its response that it had already addressed many of TEI’s comments and encouraged the Institute to continue to engage with the CRA on the EIFEL rules.
TEI’s comments were prepared under the aegis of its Canadian Income Tax Committee, whose chair is Sandy Shanks. Benjamin R. Shreck, TEI tax counsel, coordinated the preparation of the comments.
Read the comments here.
