Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 29 - Minutes of Proceedings

OTTAWA, Thursday, October 30, 2003
(49)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met at 11 a.m., this day, in room 505, Victoria Building, the Chair, the Honourable Richard H. Kroft, presiding.

Members of the committee present: The Honourable Senators Angus, Biron, Hervieux-Payette, P.C., Kelleher, P.C., Kroft, Mahovlich, Massicotte, Moore, Prud'homme, P.C., and Tkachuk (10).

In attendance: From the Parliamentary Research Branch, Library of Parliament: Mr. Alexandre Laurin, Analyst and Mr. Stephen Laurent, Analyst.

Also in attendance: The official reporters of the Senate.

Pursuant to the Order of Reference adopted by the Senate on Monday, June 9, 2003, the committee began its examination of Bill S-21, An Act to amalgamate the Canadian Association of Insurance and Financial Advisors and The Canadian Association of financial Planners under the name the Financial Advisors Association of Canada.

The Chairman read into the record a legal opinion with regard to the use of the words ``conseillers financiers'' in the French version of the Bill.

It was agreed, — That the committee proceed with the clause-by-clause consideration of Bill S-21, An Act to amalgamate the Canadian Association of Insurance and Financial Advisors and The Canadian Association of financial Planners under the name the Financial Advisors Association of Canada.

It was agreed, — That the title stand postponed.

It was agreed, — That the preamble stand postponed.

It was agreed, — That clause 1, the short title stand postponed.

It was agreed, — That clauses 2 to 4 carry.

It was moved by Senator Massicotte, — That clause be amended by:

(a) on page 3, by replacing line 32, with the following:

``by establishing best practices, promoting''; and

(b) on page 4, by replacing line 15, with the following:

``(f) to promote and encourage ethical behav-''.

The question being put on the motion, it was adopted.

It was agreed, — That clause 5 as amended carry.

It was agreed, — That clauses 6 to 15 carry.

It was agreed, — That clause 1, the short title carry

It was agreed, — That the preamble carry

It was agreed, — That the title carry.

It was agreed, — That the Bill, as amended, carry.

It was agreed that the Chair report the Bill as amended.

Pursuant to the Order of Reference adopted by the Senate on Monday, October 27, 2003, the committee began its examination of the Bill C-48, An Act to amend the Income Tax Act (natural resources).

APPEARING:

Mr. Bryon Wilfert, M.P., Parliamentary Secretary to the Minister of Finance.

WITNESSES:

From the Department of Finance:

Ms. Louise Levonian, Director, Business Income Tax, Department of Finance;

Mr. James Greene, Chief, Resource and Environmental Tax Section, Department of Finance;

Mr. Gerard Lalonde, Assistant Director, Tax Legislation Division, Tax Policy Branch, Department of Finance.

From the Indian Resource Council of Canada:

Mr. Roy Fox, President and CEO;

Chief Ernest Wesley, Stoney First Nation, Alberta and Chairman of the Board;

Mr. Larry Kaida, Assistant to the President;

Mr. Doug Rae, Legal Counsel;

Ms. Marilyn Buffalo, Senior Policy Advisor, Samson Cree Nation.

From the Green Budget Coalition:

Ms. Catherine Coumans, Mining Watch Canada, Research Coordinator.

From the Sierra Club of Canada:

Ms. Elizabeth May, Executive Director.

Mr. Wilfert made a statement and answered questions.

Chief Wesley, Mr. Fox and Ms. Buffalo made statements and, with the assistance of Mr. Rae and Mr. Kaida, answered questions.

The officials from the Department of Finance answered questions.

The committee recessed from 12:50 p.m. to 1 p.m.

Ms. May of the Sierra Club made a statement and answered questions.

At 1:30 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Denis Robert

Clerk of the Committee