Interventions in Committee
 
 
 
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View James Rajotte Profile
CPC (AB)
I call this meeting to order. This is meeting number 87 of the Standing Committee on Finance. Orders of the day are pursuant to the order of reference of Monday, May 25, 2015. We are doing clause-by-clause of Bill C-59, an act to implement certain provisions of the budget tabled in Parliament on April 21, 2015 and other measures.
Colleagues, we will obviously go through clause by clause. We will have different officials, depending on which part of the bill we are dealing with. I want to welcome the officials here for part 1.
As you know, a motion was adopted that guides the committee on how long to speak. The three political parties on the committee have five minutes per clause, but as you know, as chair I can grant a little more time if we speak a little longer for certain items and then group other clauses together. Some parties have helpfully indicated which ones they wish to speak to as a priority. I appreciate that very much.
For clause-by-clause consideration pursuant to Standing Order 75(1), consideration of clause 1, the short title, is postponed. The chair will therefore call clause 2 dealing with part 1, amendments to the Income Tax Act and related legislation.
I do not have any amendments for clauses 2 to 28, and I understand that I can group clauses 2 to 10 together.
Mr. Brison.
View James Rajotte Profile
CPC (AB)
Clause 1, the short title, is deferred. It's postponed to the end. We're on clauses 2 to 10.
Do you want to speak to one of them?
(On clause 2)
View Scott Brison Profile
Lib. (NS)
I'll begin with clause 2 on the registered retirement income funds or RRIFs. These rules apply to Canadians who are at least 71 years old. The new rules are expected to cost $670 million over the next five years, but many baby boomers won't turn 71 until 2020.
Have you examined how much this will cost once the bulk of the baby boom has turned 71 and falls under the new rules? How much will this measure cost in 10 years?
View James Rajotte Profile
CPC (AB)
Thank you.
(Clauses 2 to 10 inclusive agreed to)
The Chair: I understand the NDP would like to speak to clauses 11 and 12.
Mr. Caron.
(On clauses 11 and 12)
View Guy Caron Profile
NDP (QC)
I just wanted to say that we introduced an opposition day motion in February seeking the exact measures proposed here. So we're very glad that the government has finally listened to reason and taken the necessary steps to help small businesses.
We are pleased with the direction the government has taken and proud of our efforts to get to this point.
View James Rajotte Profile
CPC (AB)
Thank you. That's a good way to start the meeting.
Is there further discussion on clauses 11 and 12?
View James Rajotte Profile
CPC (AB)
Okay, we'll have a recorded vote.
(Clauses 11 and 12 agreed to: yeas 9; nays 0)
The Chair: I'm told I can group clauses 13 to 18 together.
Mr. Brison.
View James Rajotte Profile
CPC (AB)
Okay. Shall clauses 13 to 17 carry?
(Clause 13 to 17 agreed to)
(On clause 18)
The Chair: On clause 18, Mr. Brison, go ahead.
View Scott Brison Profile
Lib. (NS)
What was the original policy rationale in 2012 for excluding foreign charitable foundations from being qualified donees under the Income Tax Act?
View Scott Brison Profile
Lib. (NS)
What was an unintended consequence of the change in 2012? Were there any unintended consequences of the change in 2012?
View Scott Brison Profile
Lib. (NS)
Could you provide the committee with an example of a foreign charitable foundation that was a qualified donee prior to 2012 but became excluded because of the 2012 rule change? Could you give us an example?
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