EVIDENCE Standing Committee on Finance NUMBER 091 1st SESSION 39th PARLIAMENT Tuesday, June 12, 2007 Le mardi juin Standing Committee on Finance CANADA [Recorded by Electronic Apparatus] EVIDENCE June 12, 2007 Committee Edited Evidence * Table of Contents * Number 091 (Official Version) Official Report * Table of Contents * Number 091 (Official Version) Témoignages * Table des matières * Numéro 091 (Version officielle) 91 12 06 2007 2007/06/12 11:45:00 House of Commons Comité permanent des finances Standing Committee on Finance FINA Chair Mr. Brian Pallister 39 PUBLIC PART ONLY -

PARTIE PUBLIQUE SEULEMENT (1145) [ English ] The Chair (Mr. Brian Pallister (Portage—Lisgar, CPC)) : Welcome, committee members and guests. Pursuant to the order of reference of Monday, May 14, 2007, which is Bill C-33 ,

an act to amend the Income Tax Act, including amendments in relation to foreign investment entities and non-resident trusts, and to provide for the bijural expression of the provisions of that act, we have witnesses from the Department of Finance. Would the Department of Finance representatives like to make any opening statements? Mr. Gérard Lalonde (Acting Director, Tax Policy Branch, Department of Finance) : No, other than to express what a pleasure it is to be back here, and hopefully we'll be able to proceed with some of the work here today. Thank you very much. The Chair : Thank you, Mr. Lalonde.

Your tone is in keeping with the general tone of the committee members, it seems. Yes, Mr. Pacetti. Mr. Massimo Pacetti (Saint-Léonard—Saint-Michel, Lib.) : Before we begin, based on the conversations we had last week, can we verify with some of the people who provide us with some advice on these issues? We don't seem to have a problem, but I would once again like to clarify with the officials, since this bill has been around for about seven years, that we're okay. If you do need seven hours, or seven days, or seven more years, please let us know.

But are you sure that with these amendments the bill will be satisfactory? Mr. Gérard Lalonde : Yes. Mr. Massimo Pacetti : Thank you. And should I be asking the parliamentary secretary, just in case, Mr. Chairman, through you? The Chair : Certainly. Mr. Massimo Pacetti : Ms. Ablonczy, are we okay with the amendments as is? Ms. Diane Ablonczy (Calgary—Nose Hill, CPC) : I'm satisfied that they are appropriate, Mr. Chairman. Thank you. The Chair : Committee members, I'll raise one typo. On amendment G-17, page 29, under paragraph (f), the first “the” in front of “taxpayer” shouldn't be there.

Do you agree we can simply take that “the” out of there? Some hon. members: Agreed. The Chair: All right. In the interest of time, I'd like to propose to committee members that we proceed as follows: I will deal with all amendments as a block--that is not the party, no. All amendments will be dealt with at one time. For Monsieur St-Cyr, Monsieur Plamondon, I want to be sure that you understand. I notice you're engaging in conversation here.

I'm going to deal with all amendments at one time and ask for unanimous approval by the committee to deal with those clauses first, then I will move back to those clauses that have no amendments. (Amendments agreed to) (Clauses to inclusive as amended agreed to) (Clauses to inclusive as amended agreed to) (Clauses to inclusive as amended agreed to) (Clauses and as amended agreed to) (Clauses to inclusive as amended agreed to) (Clauses 39, 40, 44, 71, 86, 117, 123, and as amended agreed to) (Clauses 11, 15, 27, 29, 30, and agreed to) (Clauses to inclusive agreed to) Clauses to inclusive agreed to) (Clauses to inclusive agreed to) (Clauses to inclusive agreed to) (Clauses to inclusive agreed to) (Clauses to inclusive agreed to) (Clauses to inclusive agreed to) (Clauses to inclusive agreed to) The Chair: Shall the

short title carry? Some hon. members: Agreed. An hon. member: On division. The Chair: Shall

schedule carry? Some hon. members: Agreed. The Chair: Shall the title carry? Some hon. members: Agreed. The Chair: Shall the bill as amended carry? Some hon. members: Agreed. The Chair: Shall the chair report the bill, as amended, to the House? Some hon. members: Agreed. The Chair: Shall the committee order a reprint of the bill, as amended, for the use of the House at report stage? Some hon. members: Agreed. The Chair : Thank you for your cooperation, committee members.

I want to go on record as apologizing to Madam Wasylycia-Leis, who, although she did appear late in the committee process, during the discussion on the pre-budget consultations was attempting to raise a point of order, which I talked through. In reconsidering that, I don't think that was appropriate on my part, but I do want to point out to all committee members, including Judy, that this discussion is ongoing as to how we handle the pre-budget consultations. I would encourage any of your ideas or suggestions to be brought forward. I think that's most appropriate.

We'll suspend briefly while we turn the cameras off so we can proceed with our in camera discussion. [ Proceedings continue in camera ]