Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce
Issue 16 - Minutes of Proceedings
OTTAWA, Wednesday, September 28, 2005
(38)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day, at 4:12 p.m., in room 9, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.
Members of the committee present: The Honourable Senators Angus, Biron, Fitzpatrick, Grafstein, Harb, Hervieux- Payette, P.C., Kelleher, P.C., Moore, Oliver and Plamondon (10).
In attendance: June Dewetering, Acting Principal, and Sheena Starky, Analyst, Library of Parliament.
Also present: The official reporters of the Senate.
Pursuant to the Order of Reference adopted by the Senate on Wednesday, October 20, 2004, the committee continued its consideration of the present state of the domestic and international financial system. (See Issue No. 2, November 24, 2004, for the full text of the Order of Reference.)
WITNESSES:
Department of Finance Canada:
Leonard L. Farber, General Director, Legislation, Tax Policy Branch;
Louise Levonian, Director, Business Income Tax Division, Tax Policy Branch;
Denis Normand, Senior Chief, Business Income Tax Division, Tax Policy Branch.
Canadian Association of Income Funds:
Stephen Probyn, President and CEO, Clean Power Income Fund;
George Kesteven, President of the Canadian Association of Income Funds and Manager, Investor Relations, Prime West Energy;
Marcel R. Coutu, President and CEO, Canadian Oilsands;
Paul Hollands, President and CEO, A&W Food Services of Canada Inc.
The Chair made an opening statement.
Mr. Farber and Ms. Levonian made statements and, with Mr. Normand, answered questions.
At 5:30 p.m., the committee suspended.
At 5:32 p.m., the committee resumed.
Mr. Probyn made a statement and, with Mr. Kesteven, Mr. Coutu and Mr. Hollands, answered questions.
The Chair made a closing statement.
DECLARATIONS OF PRIVATE INTERESTS
Pursuant to subsection 14.(1) of the Conflict of Interest Code for Senators, declarations of private interests were made as follows:
—By written declaration, the Honourable Senator Angus (The present state of the domestic and international financial system - Income trusts and other flow-through entities).
At 6:20 p.m., the committee adjourned to the call of the Chair.
ATTEST:
OTTAWA, Thursday, September 29, 2005
(39)
[English]
The Standing Senate Committee on Banking, Trade and Commerce met this day, at 10:55 a.m., in room 9, Victoria Building, the Chair, the Honourable Jerahmiel S. Grafstein, presiding.
Members of the committee present: The Honourable Senators Angus, Biron, Goldstein, Grafstein, Hervieux-Payette, P.C., Moore, Oliver and Plamondon (8).
In attendance: Sheena Starky and Alexandre Laurin, Analysts, Library of Parliament.
Also present: The official reporters of the Senate.
Pursuant to the Order of Reference adopted by the Senate on Tuesday, November 16, 2004, the committee continued its consideration of consumer issues arising in the financial services sector. (See Issue No. 1, November 18, 2004, for the full text of the Order of Reference.)
WITNESSES:
Ombudsman for Banking Services and Investments:
David Agnew, Ombudsman and CEO;
Brigitte Boutin, Deputy Ombudsman.
The Chair made an opening statement.
Mr. Agnew made a statement and, with Ms. Boutin, answered questions.
At 11:45 a.m., the committee suspended.
At 11:50 a.m., pursuant to the Order of Reference adopted by the Senate on Wednesday, October 20, 2004, the committee continued its consideration of the present state of the domestic and international financial system. (See Issue No. 2, November 24, 2004, for the full text of the Order of Reference.)
WITNESSES:
As an individual:
Jack Mintz, President and Chief Executive Officer, C.D. Howe Institute.
Real Property Association of Canada:
Michael Brooks, Executive Director;
Chris Conway, Manager, Government Relations.
Investment Dealers Association of Canada:
Ian C.W. Russell, Senior Vice-President, Industry Relations and Representation.
As individuals:
Oscar Belaiche, Vice President and Portfolio Manager, Goodman & Company Investment Counsel, Dynamic Mutual Funds;
James Alexander McIntyre, Vice-President and Senior Portfolio Manager, Sentry Select Capital Corporation.
Mr. Mintz and Mr. Brooks made statements and, with Mr. Conway, answered questions.
At 12:50 p.m., the committee suspended.
At 12:52 p.m., the committee resumed.
Mr. Russell, Mr. Belaiche and Mr. McIntyre made statements and answered questions.
At 1:17 p.m., the committee adjourned to the call of the Chair.
ATTEST:
Gérald Lafrenière
Clerk of the Committee