moved for leave to introduce Bill C-399, An Act to amend the Income Tax Act (mutual fund trust accounting principles).
Mr. Speaker, I am pleased to introduce this bill, which amends subsection 132(6) of the Income Tax Act to improve the transparency of mutual fund trust accounting rules.
This amendment would result in improved transparency for those investing or considering investing in income trusts by requiring a clear differentiation between income made on capital investments and the return of capital on all financial reporting, a distinction currently not required.
This lack of a distinction has been cited by regulators and others as a cause for concern that seniors and other investors may be misled as to the value of their investment. Protecting seniors and all Canadian consumers remains our primary objective, and this bill goes a considerable distance in achieving that.
(Motions deemed adopted, bill read the first time and printed)