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NFFN - Standing Committee

National Finance

Past Session: Past Session:
42-1 42nd Parliament, 1st Session (December 3, 2015 - September 11, 2019)
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Proceedings of the Standing Senate Committee on
National Finance

Issue 39 - Order of Reference

Extract from the Journals of the Senate, Tuesday, September 26, 2017:

The Senate resumed debate on the motion of the Honourable Senator Cools, seconded by the Honourable Senator Forest:

That the Standing Senate Committee on National Finance be authorized to examine and report 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, in particular:

  • income sprinkling,
  • holding passive investments inside a private corporation, and
  • converting income into capital gains;

That the committee take particular note of the impact of the Government's proposed changes on:

  • incorporated small businesses and professionals,
  • economic growth and government finances,
  • the fairness of the taxation of different types of income, and
  • other related matters; and

That the committee submit its final report to the Senate no later than November 30, 2017, and retain all powers necessary to publicize its findings for 180 days after presenting the final report.

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

Nicole Proulx
Clerk of the Senate

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