An Act to amend the Income Tax Act (exemption from taxation of 50% of United States social security payments to Canadian residents)
This bill is from the 39th Parliament, 2nd session, which ended in September 2008.
This bill is from the 39th Parliament, 2nd session, which ended in September 2008.
Jeff Watson Conservative
Introduced as a private member’s bill. (These don’t often become law.)
In committee (House), as of Oct. 16, 2007
(This bill did not become law.)
This is from the published bill.
The purpose of this enactment is to reduce from 85% to 50% the inclusion rate on United States social security payments received by Canadian taxpayers.
The “inclusion rate” is the percentage of United States social security payments to be included as income by a Canadian taxpayer. The Canada-United States Tax Convention Act, 1984 provides for 15% of such payments to be non-taxable in the hands of Canadian residents, thus resulting in an 85% inclusion rate.
This enactment provides for an additional 35% of United States social security payments to be excluded from taxable income. The enactment therefore increases the exemption to 50% and decreases the inclusion rate to 50%.
All sorts of information on this bill is available at LEGISinfo, an excellent resource from 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-305s: