Interventions in Committee
 
 
 
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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 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?
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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?
View Scott Brison Profile
Lib. (NS)
On May 26 officials told this committee that they had examined how these changes to TFSAs would impact the provinces.
Can you share with us how these changes will impact the provinces? Do you have that information in terms of the fiscal impact?
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Lib. (NS)
It's no longer a cabinet confidence because the legislation's been introduced, and further to that, members of Parliament of all parties have a fiduciary obligation to Canadians to have this information.
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Lib. (NS)
I'm saying this respectfully. I have great regard for our public servants, but that information ought to be provided to committee and should be provided in a timely manner. It would have been helpful to have it today.
Have you examined the long-term impact to these changes on OAS? We were told by the parliamentary budget office that this change is going to have some unintended consequences on OAS cost.
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Lib. (NS)
But some financial advisers are telling their wealthier clients that they can continue to get the maximum guaranteed income supplement for three years while living off their TFSAs. They are being told to maximize their annual TFSA contributions, delay their CPP benefits and pension plans as well as RRSP withdrawals until the age of 70, and this way they can collect the maximum in OAS and GIS for three years from 67 to 69 while supplementing their income with their TFSA accounts.
Is the government, or are you, aware of this loophole that will allow quite wealthy people to qualify and receive a guaranteed income supplement?
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Lib. (NS)
But would you agree that the policy objective of the guaranteed income supplement is not to benefit wealthy...?
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Lib. (NS)
TFSAs provide an opportunity for people to shelter income or to shelter wealth in a manner that enables them to qualify for GIS.
Would you agree that's inconsistent with the objectives of the GIS?
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