Proceedings of the Standing Senate Committee on
National Finance

Issue No. 49 - Minutes of Proceedings - November 20, 2017 (morning meeting)

ST. JOHN'S, Monday, November 20, 2017
(119)

[Translation]

The Standing Senate Committee on National Finance met this day at 9:03 a.m., in Salon C/D of the St. John's Hotel Sheraton Newfoundland, for the purpose of holding its reorganization meeting, pursuant to the order of the Senate of November 7, 2017.

Members of the committee present: The Honourable Senators Andreychuk, Cools, Marshall, Mockler and Oh (5).

In attendance: Sylvain Fleury, Analyst, Parliamentary Information and Research Service, Library of Parliament.

Also present: The official reporters of the Senate.

At 9:03 a.m., pursuant to the order of the Senate of November 7, 2017, the clerk of the committee presided over the election of a chair.

The Honourable Senator Cools moved:

That the Honourable Senator Mockler be chair of the committee.

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

The Honourable Senator Mockler took the chair.

It was agreed not to proceed with the election of the vice-chairs and to postpone that until the first meeting held after the committee returns to Ottawa, that is, on Tuesday, November 28, 2017, at 9:30 a.m.

At 9:10 a.m., the committee observed a minute of silence in memory of the Honourable Senator Tobias Enverga Jr., who died on Thursday, November 16, 2017, while participating in a parliamentary delegation to Colombia.

At 9:13 a.m., pursuant to the order of reference adopted by the Senate on Tuesday, September 26, 2017, the committee continued its study on the Minister of Finance's proposed changes to the Income Tax Act respecting the taxation of private corporations and the tax planning strategies involved. (For complete text of the order of reference, see proceedings of the committee, Issue No. 39.)

WITNESSES:

As individuals:

Wade Locke, Professor of Economics and Department Head, Department of Economics, Memorial University of Newfoundland;

Doug May, Professor of Economics, Collaborative Allied Research in Economics (CARE) initiative, Memorial University of Newfoundland.

St. John's Board of Trade:

Dorothy Keating, President.

Newfoundland and Labrador Association of Realtors:

Bill Stirling, Chief Executive Officer.

HollisWealth, a division of Industrial Alliance Securities Inc.:

Larry Short, Portfolio Manager, Senior Investment Advisor and Executive Director, Private Client Group.

The Honourable Senator Marshall made a statement.

The chair made a statement.

At 9:18 a.m., Professor Locke made a statement and, together with Professor May, answered questions.

At 9:49 a.m., the Honourable Senator Oh replaced the Honourable Senator Neufeld as a member of the committee.

At 10:03 a.m., the committee suspended.

At 10:12 a.m., the committee resumed.

Ms. Keating and Mr. Stirling each made a statement and answered questions.

At 11:12 a.m., the committee suspended.

At 11:15 a.m., the committee resumed.

Mr. Short made a statement and answered questions.

At 12:05 p.m., the committee adjourned to the call of the chair.

ATTEST:

Gaëtane Lemay
Clerk of the Committee