Bill C-457 (Historical)
An Act to amend the Income Tax Act (interest rates on debts owed) and to make a consequential amendment to the Income Tax Regulations
This bill was last introduced in the 39th Parliament, 2nd Session, which ended in September 2008.
This bill was previously introduced in the 39th Parliament, 1st Session.
Introduced as a private member’s bill. (These don’t often become law.)
Not active, as of June 12, 2007
(This bill did not become law.)
This is from the published bill. The Library of Parliament often publishes better independent summaries.
This enactment provides for the rates of interest to be paid in certain circumstances when money is owed to the Receiver General or to the taxpayer.
Income Tax Act
June 12th, 2007 / 10:05 a.m.
Brian Pallister Portage—Lisgar, MB
moved for leave to introduce Bill C-457, An Act to amend the Income Tax Act (interest rates on debts owed) and to make a consequential amendment to the Income Tax Regulations.
Mr. Speaker, for the last 12 years Revenue Canada has credited the interest on refunds owing to Canadians at a rate lower than the rate it has charged those same Canadians when they owed Revenue Canada. This bill proposes to make the rate the same for Canadians who are owed money and those who owe it, so that we equalize the treatment of Canadians under the Income Tax Act. I would urge members of the House of Commons to support that concept and this bill.
(Motions deemed adopted, bill read the first time and printed)