Bill C-399 (Historical)

An Act to amend the Income Tax Act (mutual fund trust accounting principles)

This bill was last introduced in the 39th Parliament, 2nd Session, which ended in September 2008.

This bill was previously introduced in the 39th Parliament, 1st Session.

Sponsor

Judy Wasylycia-Leis  NDP

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 Oct. 16, 2007
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Income Tax Act to require that mutual fund trusts use generally accepted accounting principles and identify separately income distributions and return of capital distributions.

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.

Income Tax ActRoutine Proceedings

February 8th, 2007 / 10 a.m.
See context

NDP

Judy Wasylycia-Leis NDP Winnipeg North, MB

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)