---

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

Issue 17 - Minutes of Proceedings

---

OTTAWA, Wednesday, April 30, 2008
(27)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met at 4:20 p.m., this day, in room 9, Victoria Building, the chair, the Honourable W. David Angus, presiding.

Members of the committee present: The Honourable Senators Angus, Banks, Dawson, Eyton, Goldstein, Ringuette and Tkachuk (7).

In attendance: June Dewetering and Philippe Bergevin, Analysts, Parliamentary Information and Research Services, Library of Parliament.

Also in attendance: The official reporters of the Senate.

Pursuant to the order of reference adopted by the Senate on December 4, 2007, the committee continued its study of Bill C-10, An Act to amend the Income Tax Act, including amendments in relation to foreign investment entities and non-resident trusts, and to provide for the bijural expression of the provisions of that Act. (For complete text of the order of reference, see proceedings of the committee, Issue No. 4.)

APPEARING:

The Honourable James M. Flaherty, P.C., M.P., Minister of Finance.

WITNESSES:

Department of Finance Canada:

Brian Ernewein, General Director, Senior Assistant Deputy Minister's Office, Tax Policy Branch;

Gérard Lalonde, Director, Tax Legislation Division, Tax Policy Branch.

Investment Counsel Association of Canada:

Katie A. Walmsley, President;

Tom Johnston, Chair, ICAC Industry, Regulation and Tax Committee.

Minister Flaherty made a statement and, together with Mr. Ernewein and Mr. Lalonde, answered questions.

It was agreed that the representatives from the Investment Counsel Association of Canada be invited to the table.

At 5:40 p.m., the committee suspended.

At 5:41 p.m., the committee resumed.

Mrs. Walmsley and Mr. Johnston each made a statement and, together with Mr. Ernewein, answered questions.

At 6:10 p.m., the committee adjourned to the call of the chair.

ATTEST:

Line Gravel

Clerk of the Committee

---