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FINA Committee Meeting

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Standing Committee on Finance



Tuesday, June 12, 2007

[Recorded by Electronic Apparatus]



     Welcome, committee members and guests.
    Pursuant to the order of reference of Monday, May 14, 2007, which is Bill C-33, an act to amend the Income Tax Act, including amendments in relation to foreign investment entities and non-resident trusts, and to provide for the bijural expression of the provisions of that act, we have witnesses from the Department of Finance.
     Would the Department of Finance representatives like to make any opening statements?
    No, other than to express what a pleasure it is to be back here, and hopefully we'll be able to proceed with some of the work here today. Thank you very much.
    Thank you, Mr. Lalonde. Your tone is in keeping with the general tone of the committee members, it seems.
    Yes, Mr. Pacetti.
    Before we begin, based on the conversations we had last week, can we verify with some of the people who provide us with some advice on these issues? We don't seem to have a problem, but I would once again like to clarify with the officials, since this bill has been around for about seven years, that we're okay. If you do need seven hours, or seven days, or seven more years, please let us know. But are you sure that with these amendments the bill will be satisfactory?
    Thank you.
    And should I be asking the parliamentary secretary, just in case, Mr. Chairman, through you?
    Ms. Ablonczy, are we okay with the amendments as is?
    I'm satisfied that they are appropriate, Mr. Chairman. Thank you.
    Committee members, I'll raise one typo. On amendment G-17, page 29, under paragraph (f), the first “the” in front of “taxpayer” shouldn't be there. Do you agree we can simply take that “the” out of there?
    Some hon. members: Agreed.
    The Chair: All right. In the interest of time, I'd like to propose to committee members that we proceed as follows: I will deal with all amendments as a block--that is not the party, no. All amendments will be dealt with at one time. For Monsieur St-Cyr, Monsieur Plamondon, I want to be sure that you understand. I notice you're engaging in conversation here. I'm going to deal with all amendments at one time and ask for unanimous approval by the committee to deal with those clauses first, then I will move back to those clauses that have no amendments.
    (Amendments agreed to)
    (Clauses 2 to 10 inclusive as amended agreed to)
    (Clauses 12 to 14 inclusive as amended agreed to)
    (Clauses 16 to 26 inclusive as amended agreed to)
    (Clauses 28 and 31 as amended agreed to)
    (Clauses 33 to 35 inclusive as amended agreed to)
    (Clauses 39, 40, 44, 71, 86, 117, 123, and 140 as amended agreed to)
    (Clauses 11, 15, 27, 29, 30, and 32 agreed to)
    (Clauses 36 to 38 inclusive agreed to)
    Clauses 41 to 43 inclusive agreed to)
    (Clauses 45 to 70 inclusive agreed to)
    (Clauses 72 to 85 inclusive agreed to)
    (Clauses 87 to 116 inclusive agreed to)
    (Clauses 118 to 122 inclusive agreed to)
    (Clauses 124 to 139 inclusive agreed to)
    (Clauses 141 to 281 inclusive agreed to)
    The Chair: Shall the short title carry?
    Some hon. members: Agreed.
    An hon. member: On division.
    The Chair: Shall schedule 1 carry?
    Some hon. members: Agreed.
    The Chair: Shall the title carry?
    Some hon. members: Agreed.
    The Chair: Shall the bill as amended carry?
    Some hon. members: Agreed.
    The Chair: Shall the chair report the bill, as amended, to the House?
    Some hon. members: Agreed.
    The Chair: Shall the committee order a reprint of the bill, as amended, for the use of the House at report stage?
    Some hon. members: Agreed.
    Thank you for your cooperation, committee members.
    I want to go on record as apologizing to Madam Wasylycia-Leis, who, although she did appear late in the committee process, during the discussion on the pre-budget consultations was attempting to raise a point of order, which I talked through.
    In reconsidering that, I don't think that was appropriate on my part, but I do want to point out to all committee members, including Judy, that this discussion is ongoing as to how we handle the pre-budget consultations. I would encourage any of your ideas or suggestions to be brought forward. I think that's most appropriate.
    We'll suspend briefly while we turn the cameras off so we can proceed with our in camera discussion.
    [Proceedings continue in camera]