Canada proposes UTPR and further amendments to Global Minimum Tax Act

The Department of Finance released several packages of draft legislative proposals for public comment on 12 August 2024, including draft legislative proposals relating to the Global Minimum Tax Act (GMTA). The proposals reflect additional administrative guidance released by the Organisation for Economic Co-operation and Development (OECD) (e.g., on securitization entities), implement the undertaxed profits rule (UTPR) and make a consequential amendment to the Income Tax Conventions Interpretatio…