Bill C-432 (Historical)

An Act to amend the Income Tax Act and the Old Age Security Act (seniors' windfall exemption)

This bill is from the 37th Parliament, 3rd session, which ended in May 2004.

Sponsor

Deepak Obhrai  Canadian Alliance

Introduced as a private member’s bill. (These don’t often become law.)

Status

Outside the Order of Precedence (a private member's bill that hasn't yet won the draw that determines which private member's bills can be debated), as of Feb. 2, 2004
(This bill did not become law.)

Similar bills

C-432 (37th Parliament, 2nd session) An Act to amend the Income Tax Act and the Old Age Security Act (seniors' windfall exemption)
C-449 (37th Parliament, 1st session) An Act to amend the Old Age Security Act

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other C-432s:

C-432 (2019) An Act to amend the Public Servants Disclosure Protection Act
C-432 (2013) An Act to amend the Holidays Act and to make consequential amendments to other Acts (St. John the Baptist Day)
C-432 (2012) An Act to amend the Holidays Act and to make consequential amendments to other Acts (St. John the Baptist Day)
C-432 (2010) An Act to amend the Motor Vehicle Safety Act (brake pads)
C-432 (2009) An Act to amend the Motor Vehicle Safety Act (brake pads)
C-432 (2007) Seniors' Day Act

Income Tax ActRoutine Proceedings

April 9th, 2003 / 3:15 p.m.


See context

Canadian Alliance

Deepak Obhrai Canadian Alliance Calgary East, AB

moved for leave to introduce Bill C-432, an act to amend the Income Tax Act and the Old Age Security Act (seniors' windfall exemption).

Mr. Speaker, the bill would provide a once in a lifetimeexemption with respect to an insurance policy or an RRSP payout that is received by a senior who is receiving income from the guaranteed income supplement or the old age security program.

The payout would be subject to income tax but would not be considered an increase in the annual income of a senior and therefore would not result in a clawback of income received from the guaranteed income supplement or old age security.

(Motions deemed adopted, bill read the first time and printed)