PwC's submission on Canada Revenue Agency Income Interpretation Bulletins updates

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In a recent letter to the Canada Revenue Agency's, PwC responds to the CRA's request for feedback on which Interpretation Bulletins published by the CRA are in the most urgent need of review and update. While identifying several such bulletins, PwC recommends the CRA does not to take its selections and those of other stakeholders as definitive. Each taxpayer has a different situation and each deserves certainty as to how to comply with the provisions of the Act. Accordingly, in addition to the present initiative, PwC urges the CRA to put into place processes and resources dedicated to revising Interpretation Bulletins on an ongoing basis. At the very least, the CRA should update bulletins to reference subsequent publications. PwC believes the cost of such processes and resources would be made up through greater compliance and administrative efficiencies.