Bill C-2 (Historical)

An Act to amend the Income Tax Act

This bill was last introduced in 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.

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.

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 11th, 2016 / 2:05 p.m.

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The Assistant Deputy Speaker Anthony Rota

Is the House ready for the question?

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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Some hon. members

Question.

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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The Assistant Deputy Speaker Anthony Rota

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

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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Some hon. members

Agreed.

No.

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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The Assistant Deputy Speaker Anthony Rota

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

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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Some hon. members

Yea.

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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The Assistant Deputy Speaker Anthony Rota

All those opposed will please say nay.

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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Some hon. members

Nay.

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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The Assistant Deputy Speaker Anthony Rota

In my opinion the yeas have it.

And five or more members having risen:

Pursuant to Standing Order 45, the recorded division stands deferred until Monday, March 21, 2016, at the ordinary hour of daily adjournment.

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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Liberal

Andrew Leslie Liberal Orléans, ON

Mr. Speaker, I believe if you seek it you would find unanimous consent to see the clock as 2:30 p.m.

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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The Assistant Deputy Speaker Anthony Rota

Is it agreed?

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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Some hon. members

Agreed.

Income Tax ActGovernment Orders

March 11th, 2016 / 2:05 p.m.

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The Assistant Deputy Speaker Anthony Rota

It being 2:30 p.m. the House stands adjourned until Monday, March 21, 2016, at 11 a.m., pursuant to Standing Orders 28(2) and 24(1).

(The House adjourned at 2:06 p.m.)

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The House resumed from March 11 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.

Income Tax ActGovernment Orders

March 21st, 2016 / 7:20 p.m.

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The Speaker Geoff Regan

The House will now proceed to the taking of the deferred recorded division on the motion at second reading stage of Bill C-2.