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

This bill was last introduced in the 37th Parliament, 3rd Session, which ended in May 2004.

This bill was previously introduced in the 37th Parliament, 2nd Session.

Sponsor

Deepak Obhrai  Canadian Alliance

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

Status

Not active, as of April 9, 2003
(This bill did not become law.)

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

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)