FINA Committee Report

Clause 1

That Bill C-2, in Clause 1, be amended by adding after line 21 on page 11 the following:

“(18.1) Section 125.7 of the Act is amended by adding the following after subsection (2):

(2.01) Despite subsection (2), no overpayment on account of a qualifying entity’s liability under this Part for the taxation year in which the qualifying period ends is deemed to have arisen with respect to a qualifying entity that is a publicly traded company or a subsidiary of such a company if, in the qualifying period, it paid taxable dividends to an individual who is a holder of common shares of the company or of the subsidiary of the company.”

That Bill C-2, in Clause 1, be amended by replacing lines 24 and 25 on page 12 with the following:

“A is the greater of

(a) the executive compensation repayment amount of the eligible entity, and

(b) with respect to a qualifying entity that is a publicly traded company or a subsidiary of such a company, the amount of taxable dividends paid by the company or its subsidiary to an individual who is a holder of common shares of the company or of the subsidiary of the company; and”

New Clause 19.1

That Bill C-2 be amended by adding after line 4 on page 37 the following new clause:

“PART 3.1

Review of Acts

19.1 (1) The Auditor General of Canada must, during the first year after the coming into force of this section, complete a performance audit of

(a) the benefits paid under the Canada Worker Lockdown Benefit Act and the Canada Recovery Benefits Act;

(b) the benefits paid under the Canada Emergency Response Benefit and the Canada Emergency Wage Subsidy programs;

(c) the efficiency of the benefits referred to in paragraphs (a) and (b) and the means to measure the effectiveness of those benefits; and

(d) any payments made under the Canada Emergency Response Benefit, the Canada Emergency Wage Subsidy, the Canada Worker Lockdown Benefit Act and the Canada Recovery Benefits Act to ineligible recipients and the response of the Canada Revenue Agency with respect to those payments.

(2) A report on the review completed under subsection (1) must be submitted to the Speaker of the House of Commons, who must table it before that House as soon as feasible after receiving it, or if the House is not then sitting, on the first day of the next sitting of the House.”