moved for leave to introduce Bill C-457, An Act to amend the Income Tax Act (interest rates on debts owed) and to make a consequential amendment to the Income Tax Regulations.
Mr. Speaker, for the last 12 years Revenue Canada has credited the interest on refunds owing to Canadians at a rate lower than the rate it has charged those same Canadians when they owed Revenue Canada. This bill proposes to make the rate the same for Canadians who are owed money and those who owe it, so that we equalize the treatment of Canadians under the Income Tax Act. I would urge members of the House of Commons to support that concept and this bill.
(Motions deemed adopted, bill read the first time and printed)