TEI's priority guidance recommendations on income tax folio development for Canada Revenue Agency: February 11, 2014.

• Position: Tax Executives Institute

On February 11, 2014, TEI President Terilea J. Wielenga submitted a letter to the Publications Section of Canada Revenue Agency making recommendations for prioritizing the development and publication of folio guidance for Canadian taxpayers and tax advisers. The folios supplant technical interpretation bulletins previously published by CRA. TEI's letter was prepared under the aegis of its Canadian Income Tax Committee, whose chair is Bonnie Dawe of Finning Corporation. Contributing to the development of the letter were Doug Powrie of Teck Resources Limited and Grant L. Lee of HSBC Bank Canada. Jeffery P. Rasmussen of the Institute's legal staff coordinated the development of the submission.

Tax Executives Institute is the preeminent international association of business tax executives. The Institute's approximately 7,000 professionals manage the tax affairs of more than 3,000 of the leading companies in North America, Europe, and Asia. TEI members, including our non-Canadian members with substantial investments and activities in Canada, must contend daily with the planning and compliance aspects of Canada's business tax laws, including the guidance in CRA's folios. The comments set forth in this letter reflect the views of the Institute as a whole, but more particularly those of our Canadian constituency.

The dissemination of timely guidance is a critical CRA service for taxpayers and practitioners as well as for CRA's auditors and other personnel. By summarizing and publicizing legislative, administrative, and judicial developments, CRA assists taxpayers in understanding and complying with their tax reporting and payment obligations and affords tax professionals the information necessary to tailor advice to their client's facts and circumstances. Hence, TEI fully supports the work of the publications section and its efforts to modernize, streamline, and update its guidance through the issuance of folios on pertinent technical topics.

CRA launched its income tax folio publications in April 2013. The folios are comprehensive technical summaries of information previously found in CRA's income tax interpretation bulletins. There are seven broad "series" of topics with more detailed "folios" within...