FINA Committee Meeting

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MINUTES OF PROCEEDINGS

Meeting No. 38

Thursday, June 18, 2009

The Standing Committee on Finance met in a televised session at 9:01 a.m. this day, in Room 253-D, Centre Block, the Chair, James Rajotte, presiding.

Members of the Committee present: Hon. Maxime Bernier, Robert Carrier, Bob Dechert, Daryl Kramp, Jean-Yves Laforest, Hon. John McCallum, Hon. John McKay, Thomas J. Mulcair, Massimo Pacetti, James Rajotte and Mike Wallace.

Acting Members present: Martha Hall Findlay for Hon. John McKay and Mike Lake for Ted Menzies.

In attendance: House of Commons: Jacques Maziade, Procedural Clerk . Library of Parliament: Philippe Bergevin, Analyst ; Mark Mahabir, Analyst.

Witnesses: Nortel Networks Corporation: Mike S. Zafirovski, President and Chief Executive Officer; Derrick Tay, Legal Counsel. As individuals: Diane Urquhart, Independent Financial Analyst; Paul Hanrieder, Professional Engineer. Nortel Retirees' and Former Employees' Protection Committee: Donald Sproule, National Committee Chair; Ken Lyons, Representative. Canadian Nortel Employees on Long Term Disability: Lawrence Clooney, Leader; Sue Kennedy, Spokesperson. As an individual: David Jeanes, Nortel Pensioner.

Pursuant to Standing Order 108(2) and the motion adopted by the Committee on Thursday, February 5, 2009, the Committee resumed its study on measures to enhance credit availability and the stability of the Canadian financial system.

Mike S. Zafirovski made a statement and, with Derrick Tay, answered questions.

At 10:04 a.m., the sitting was suspended.

At 10:06 a.m., the sitting resumed.

The witnesses made statements and answered questions.

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

By unanimous consent, on motion of John McCallum, it was agreed, — That the Committee hold a two hour meeting to hear from self employed persons who own their own companies which have been classified as Personal Service Businesses by the Canada Revenue Agency and /or Revenue Québec;

That the Committee also hold a two hour hearing with Canada Revenue Agency officials to explain how the agency arrives at its decision to designate a company a Personal Service Business; and

That the Committee report its findings to the House.

Mike Wallace moved, — That the Committee request that the Parliamentary Budget Officer provide a cost estimate of Bill C-288, An Act to amend the Income Tax Act (tax credit for new graduates working in designated regions) and report those findings to the Committee by the week of September 21, 2009.

Jean-Yves Laforest moved, — That the motion be amended by adding before the words “and report those findings” the following: “ including an evaluation for each of the economic regions designated in the Bill,”.

After debate, the question was put on the amendment of Jean-Yves Laforest and it was agreed to.

After debate, the question was put on the motion, as amended, and it was agreed to.

The motion, as amended, read as follows:

That the Committee request that the Parliamentary Budget Officer provide a cost estimate of Bill C-288, An Act to amend the Income Tax Act (tax credit for new graduates working in designated regions), including an evaluation for each of the economic regions designated in the Bill, and report those findings to the Committee by the week of September 21st, 2009.

At 11:12 a.m., the Committee adjourned to the call of the Chair.

Jean-François Pagé
Clerk of the Committee

2010/01/05 11:00 a.m.