Finance committee  This is the best estimate we have within the department, given the information we have.

Finance committee  Based on our understanding of the bill in its current form, if one is entitled to a deduction, one cannot obtain an exemption for $1,000. The two measures are mutually exclusive, one cannot benefit from those two measures at the same time. An organization can recognize the number

Finance committee  In fact, I would not wish to advise you on that point. It's a rather technical issue which falls outside my purview. However, I believe such a change would be a technical change...

Finance committee  Indeed. It's not how the bill is written nor understood right now. Nor is that how we have calculated costs.

Finance committee  The bill as it stands... As worded, this is about a deduction, so this would have to be declared first and it would call for a T4 slip. That's how we understand the bill. Then there would be a deduction that would apply against all income, because this is a deduction that will g

Finance committee  My name is Yves Gingras and I am from the Personal Income Tax Section of the Department of Finance. Currently in effect is an exemption on amounts that have been paid. It is incumbent upon cities and organizations to decide on the remittance of these amounts. Expenses of up to $

Finance committee  Regarding the first question, my understanding is that after 2006, any increase in the contribution limit will be based on the consumer price index. Taking into account inflation, the new limit would be set at $5,000 beginning in 2006. As I understand it, contributions would be l

Finance committee  I can answer that question. We have briefed our minister based on a scenario where contributions will increase. The figures have been circulated and made public to Parliament. Mr. McTeague, you calculate that a 20% increase in contributions would translate into an overall cost o

Finance committee  Mr. McTeague's bill proposes to do away with the annual limit and replace it with the limit that applies to RRSPs, while maintaining the deduction applied to contributions. This measure would cost $565 million annually. Moreover, as I understand it, the plan would be amended wit

Finance committee  The number I cited, which is an annual cost of $565 million, does not do a net calculation. If it did, not much of it would disappear, because most students are not effectively taxable. It is fair to assume that at the end, when this money was taken out in the name of the student

Finance committee  The Department of Finance based its calculations on certain assumptions, specifically that contributors would not behave any differently. Based on that assumption, it concluded that additional costs would be in the order of $565 million. We're talking here about the cost to the

Finance committee  No.

Finance committee  My name is Yves Gingras and I'm the Chief of Employment and Education with the Personal Income Tax Division at the Department of Finance.

Finance committee  Regarding Mr. McTeague's proposals, as I understand it, where contributions result in a tax deduction, there will be significant financial implications for the government during the contribution years. When the funds are withdrawn in the student's name, because students for the m