Tax Memo: Functional Currency Tax Reporting

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Proposed Amendments and Extended Deadline

On November 10, 2008, the Department of Finance released draft legislation amending section 261 of the Income Tax Act. The section provides new tax-calculating currency rules that taxpayers must use when determining their Canadian tax results. This Tax Memo discusses these and other changes to section 261.

For more information on section 261, read the following Tax Memos:

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