FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 60

Thursday, February 1, 2007

The Standing Committee on Finance met in a televised session at 11:00 a.m. this day, in Room 237-C, Centre Block, the Chair, Brian Pallister, presiding.

Members of the Committee present: Diane Ablonczy, Dean Del Mastro, Rick Dykstra, Hon. John McCallum, Hon. John McKay, Massimo Pacetti, Brian Pallister, Pierre A. Paquette, Thierry St-Cyr, Hon. Robert Thibault, Mike Wallace and Judy Wasylycia-Leis.

Acting Members present: Wayne Marston for Judy Wasylycia-Leis and Hon. Jim Peterson for Massimo Pacetti.

Associate Members present: Paul Szabo.

Other Members present: Hon. Jim Peterson.

In attendance: Library of Parliament: June Dewetering, Principal ; Alexandre Laurin, Analyst.

Witnesses: As an individual: Yves L. Fortin. BMO Capital Markets: Gordon C. Tait, Managing Director and Research Analyst. Manulife Financial: Dominic D'Alessandro, President and Chief Executive Officer. Bank of Canada: David A. Dodge, Governor. Desjardins Securities Inc.: Jeffrey F. Olin, Managing Director, Ontario, Head of Investment Banking. Standard and Poors: Kevin Hibbert, Chief Accountant. Canadian Institute of Chartered Accountants: Kevin Dancey, President and Chief Executive Officer. National Pensioners and Senior Citizens Federation: Art Field, President. RBC Capital Markets: Dirk M. Lever, Managing Director, Global Equity Research, Chief Income Trust Strategist. University of Toronto: Ramy Elitzur, The Edward Kernaghan Professor, Financial Analysis Rotman School of Management. Coalition of Canadian Energy Trusts: Gordon Kerr, Co-Chair. HDR|HLB Decision Economics: Dennis Bruce, Vice-President. Government of Prince Edward Island: Hon. Mitchell Murphy, Provincial Treasurer, Department of Provincial Treasury. Department of Finance: Brian Ernewein, General Director, Tax Legislation Division, Tax Policy Branch; Denis Normand, Senior Chief, Financial Institutions, Business Income Tax Division, Tax Policy Branch.

Pursuant to Standing Order 108(2), the Committee resumed its study on Income trusts.

On motion of John McCallum, it was agreed, — That the meeting time be extended to 1:30 p.m. the first panel being from 11:00 a.m. to 12:15 p.m., and the second panel from 12:15 to 1:30 p.m..

The witnesses made statements and answered questions.

At 12:12 p.m., the sitting was suspended.

At 12:16 p.m., the sitting resumed.

The witnesses made statements and answered questions.

At 1:22 p.m., the sitting was suspended.

At 1:26 p.m., the sitting resumed.

The Committee proceeded to the consideration of matters related to committee business.

John McCallum moved, — ORDERED - That the Department of Finance provide the Standing Committee on Finance, no later than 11:00 a.m. on Tuesday, February 6, 2007, all documents and information used to justify the government's decision to tax income trusts, as announced on October 31, 2006.

The question was put on the motion and it was agreed to, by a show of hands: YEAS: 7; NAYS: 4.

At 1:31 p.m., the Committee adjourned to the call of the Chair.

Elizabeth B. Kingston
Clerk of the Committee

2007/02/02 4:11 p.m.