Wednesday, June 16, 2010

Canwest newspapers and the Income Tax Act

http://www.torontosun.com/money/2010/06/16/14414486.html Tilted, "Union mulls over challenge to Canwest newspaper sale"
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Quotes, "Parliament should be acting now to ensure these newspapers remain under Canadian control and ownership,” Murdoch said.

"And even if the government chooses to allow this sale to proceed, the level of foreign ownership could trigger provisions of the Income Tax Act that would negatively impact advertisers."

"Current regulation requires a publication to be 75% Canadian-owned in order for the expense of an ad to be deducted from income."