BANC - Standing Committee

Banking, Commerce and the Economy

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36-1 36th Parliament, 1st Session (September 22, 1997 - September 18, 1999)
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Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 7 - Minutes of Proceedings

OTTAWA, Tuesday, December 9, 1997
(12)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met this day, at 9:35 a.m. in Room 505, Victoria Building, the Chairman, the Honourable Michael Kirby, presiding.

Members of the committee present: The Honourable Senators Angus, Austin, P.C., Callbeck, Kelleher, P.C., Kirby, Kolber, Meighen, St. Germain, P.C., Stewart and Tkachuk (11).

Other senators present: The Honourable Senators Grafstein, Oliver and Whelan, P.C (3).

In attendance: From the Parliamentary Research Branch, Library of Parliament, Mr. Gerry Goldstein, Director, Economics Division and Ms Margaret Smith, Research Officer, Law and Government Division.

Also present: The official reporters of the Senate.

WITNESSES:

From the Department of Finance:

Mr. Dan MacIntosh, Legislation Coordinator, Tax Policy Branch; and

Mr. Jean-Marc Déry, Chief, Tax Treaties, Tax Legislation Division.

From Canadians Asking for Social Security Equality:

Mr. William Thrasher, Spokesperson.

Pursuant to the Order of Reference adopted by the Senate on Monday, December 8, 1997, the committee proceeded to study Bill C-10, Act to implement a convention between Canada and Sweden, a convention between Canada and the Republic of Lithuania, a convention between Canada and the Republic of Kazakhstan, a convention between Canada and the Republic of Iceland and a convention between Canada and the Kingdom of Denmark for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and to amend the Canada-Netherlands Income Tax Convention Act, 1986 and the Canada-United States Tax Convention Act, 1984.

Mr. MacIntosh made an opening statement and then, along with Mr. Déry, answered questions.

Mr. Thrasher made an opening statement and answered questions.

It was agreed, -- That, upon receipt of a letter from the Minister of Finance giving his assurance that Canada will not proceed with ratification of the protocol with the Netherlands until the committee is satisfied with respect to the article on mutual assistance in collection of taxes, Bill C-10 be adopted and reported to the Senate without amendment.

At 10:45 a.m., pursuant to the Order of Reference adopted by the Senate on Wednesday, October 22, 1997, the committee resumed its examination into the state of the financial system in Canada and in particular its study of institutional investors. (See Issue No. 1, October 23, 1997, for the full text of the Order of Reference.)

The committee reviewed, in camera, a draft report on professional liability.

At 11:35 a.m., the committee adjourned to the call of the Chair.

ATTEST:

Paul Benoit

Clerk of the Committee