Standing Senate Committee on National Finance

Report of the committee

Wednesday, November 23, 2016

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

EIGHTH REPORT

Your committee, to which was referred Bill C-2, An Act to amend the Income Tax Act, has, in obedience to the order of reference of October 6, 2016, examined the said bill and now reports the same with the following amendment:

1. Clause 1, page 1:

(aReplace lines 16 to 21 with the following:

“paragraph (a), plus

(i) 16.5% of the amount by which the amount taxable for the year exceeds $45,282, but is equal to or less than $52,999, and

(ii) 20.5% of the amount by which the amount taxable for the year exceeds $52,999;

(c) if the amount taxable is greater than $90,563, but is equal to or less than $140,388, the lesser of

(i) the maximum amount determinable in respect of the taxation year under paragraph (b), plus one-half of the amount by which the amount taxable exceeds $90,563 for the year, and

(ii) the maximum amount determinable in respect of the taxation year under paragraph (a), plus 22% of the amount by which the amount taxable exceeds $45,282, but is equal to or less than $90,563, and 26% of the amount by which”; and

(breplace line 26 with the following:

“under subparagraph (c)(ii), plus 29% of the amount by which”.

Respectfully submitted,

LARRY SMITH

Chair