Proceedings of the Standing Senate Committee on
National Finance

Issue 3 - Fourth Report of the Committee

Thursday, December 13, 2007

The Standing Senate Committee on National Finance has the honour to table its

FOURTH REPORT

Your committee, which was authorized by the Senate on Wednesday, December 12, 2007, in accordance with rule 74 (1), to examine the subject matter of Bill C-28, An Act to implement certain provisions of the budget tabled in Parliament on March 19, 2007 and to implement certain provisions of the economic statement tabled in Parliament on October 30, 2007, in advance of the said bill coming before the Senate, has, in obedience to its order of reference, completed its pre-study and now reports as follows:

The committee held hearings on the subject-matter of Bill C-28. During the course of its hearings, the committee heard evidence from approximately 32 witnesses, including officials: Mr. Ted Menzies, the Parliamentary Secretary to the Minister of Finance, as well as from a number of officials from the Department of Finance, the Department of Human Resources and Social Development Canada, the Office of the Superintendent of Financial Institutions, the Department of Justice, and the Department of Indian and Northern Affairs. The committee also heard evidence from Professor Wade Locke of Memorial University of Newfoundland and Labrador and Professor Paul Hobson of Acadia University, and from representatives of the Canadian Federation of Agriculture and the National Anti-Poverty Organization.

As is often the case with budget implementation acts, Bill C-28 is an extensive bill. Among other measures, it proposes to: reduce personal and business income taxes; implement a further reduction in the GST; introduce a Working Income Tax Benefit, a Registered Disability Savings Plan, and a savings plan for agricultural producers; and legislate the understanding between the federal government and the provinces of Nova Scotia and Newfoundland and Labrador with respect to their Equalization payments in relation to the new Equalization formula and the 2005 Offshore Accords. The committee heard evidence on these and other matters contained in the bill.

Given the wide range of issues dealt with in this bill, and the shortened timeframe in which it was operating, the committee was pleased to have the assistance of its witnesses as it conducted its pre-study. Their testimony will be of considerable use as the Senate continues it work on the bill.

The committee expresses its approval of the bill in general.

Respectfully submitted,

JOSEPH A. DAY,

Chair