Bill C-2 (Historical)

An Act to amend the Income Tax Act

This bill is from the 42nd Parliament, 1st session, which ended in September 2019.

Sponsor

Status

This bill has received Royal Assent and is now law.

Summary

This is from the published bill. The Library of Parliament has also written a full legislative summary of the bill.

This enactment amends the Income Tax Act to reduce the second personal income tax rate from 22% to 20.‍5% and to introduce a new personal marginal tax rate of 33% for taxable income in excess of $200,000. It also amends other provisions of that Act to reflect the new 33% rate. In addition, it amends that Act to reduce the annual contribution limit for tax-free savings accounts from $10,000 to its previous level with indexation ($5,500 for 2016) starting January 1, 2016.

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.

Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other C-2s:

C-2 (2021) Law An Act to provide further support in response to COVID-19

C-2 (2020) COVID-19 Economic Recovery Act

C-2 (2019) Law Appropriation Act No. 3, 2019-20

C-2 (2013) Law Respect for Communities Act

C-2 (2011) Law Fair and Efficient Criminal Trials Act

C-2 (2010) Law Canada-Colombia Free Trade Agreement Implementation Act

Votes

Sept. 20, 2016 Passed That the Bill be now read a third time and do pass.

April 19, 2016 Failed That it be an instruction to the Standing Committee on Finance that, during its consideration of Bill C-2, An Act to amend the Income Tax Act, the Committee be granted the power to divide the Bill in order that all the provisions related to the contribution limit increase of the Tax-Free Savings Account be in a separate piece of legislation.

March 21, 2016 Passed That the Bill be now read a second time and referred to the Standing Committee on Finance.

March 8, 2016 Failed That the motion be amended by deleting all the words after the word “That” and substituting the following: “the House decline to give second reading to Bill C-2, An Act to amend the Income Tax Act, since the principle of the Bill: ( a) fails to address the fact, as stated by the Office of the Parliamentary Budget Officer, that the proposals contained therein will not be revenue-neutral, as promised by the government; (b) will drastically impede the ability of Canadians to save, by reducing contribution limits for Tax-Free Savings Accounts; (c) will plunge the country further into deficit than what was originally accounted for; (d) will not sufficiently stimulate the economy; (e) lacks concrete, targeted plans to stimulate economic innovation; and (f) will have a negative impact on Canadians across the socioeconomic spectrum.”.

Income Tax ActGovernment Orders

March 7th, 2016 / 6:25 p.m.

The Assistant Deputy Speaker Anthony Rota

The question is on the amendment. Is it the pleasure of the House to adopt the amendment?

Income Tax ActGovernment Orders

March 7th, 2016 / 6:25 p.m.

Some hon. members

Agreed.

No.

Income Tax ActGovernment Orders

March 7th, 2016 / 6:25 p.m.

The Assistant Deputy Speaker Anthony Rota

All those in favour of the amendment will please say yea.

Income Tax ActGovernment Orders

March 7th, 2016 / 6:25 p.m.

Some hon. members

Yea.

Income Tax ActGovernment Orders

March 7th, 2016 / 6:25 p.m.

The Assistant Deputy Speaker Anthony Rota

All those opposed will please say nay.

Income Tax ActGovernment Orders

March 7th, 2016 / 6:25 p.m.

Some hon. members

Nay.

Income Tax ActGovernment Orders

March 7th, 2016 / 6:25 p.m.

The Assistant Deputy Speaker Anthony Rota

In my opinion the nays have it.

And five or more members having risen:

Call in the members.

Income Tax ActGovernment Orders

March 7th, 2016 / 6:30 p.m.

Liberal

Andrew Leslie Liberal Orléans, ON

Mr. Speaker, I request that the vote be deferred to Tuesday, March 8 at the end of the time provided for oral questions.

Income Tax ActGovernment Orders

March 7th, 2016 / 6:30 p.m.

The Assistant Deputy Speaker Anthony Rota

The recorded division on the motion stands deferred.

The House resumed from March 7 consideration of the motion that Bill C-2, An Act to amend the Income Tax Act, be read the second time and referred to a committee, and of the amendment.

Income Tax ActGovernment Orders

March 8th, 2016 / 3:25 p.m.

The Speaker Geoff Regan

The House will now proceed to the taking of the deferred recorded division on the amendment.

(The House divided on the amendment, which was negatived on the following division:)

Vote #20

Income Tax ActGovernment Orders

March 8th, 2016 / 3:35 p.m.

The Speaker Geoff Regan

I declare the amendment lost.

Income Tax ActGovernment Orders

March 8th, 2016 / 3:35 p.m.

The Deputy Speaker Bruce Stanton

I wish to inform the House that because of the deferred recorded divisions, government orders will be extended by 28 minutes.

Order. I would like to ask all hon. members who want to carry on conversations to make their way to their respective lobbies at this time.

The House resumed from March 8 consideration of the motion that Bill C-2, an act to amend the Income Tax Act, be read the second time and referred to a committee.