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

Bill Morneau  Liberal

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


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Liberal

Andrew Leslie Liberal Orléans, ON

Mr. Speaker, I believe that if you seek it, you shall find unanimous consent to apply the results from the previous vote to this vote.

Income Tax ActGovernment Orders

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


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Green

Elizabeth May Green Saanich—Gulf Islands, BC

Mr. Speaker, I hate to interrupt votes for clarification, but I thought we were voting on Bill C-6. However, I heard you call Bill C-2 and I do not want to vote the wrong way. I just want a clarification.

Income Tax ActGovernment Orders

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


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The Speaker Geoff Regan

It is Bill C-2 and if I said Bill C-6, I apologize, but I do not think so. The vote is on Bill C-2.


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(The House divided on the motion, which was agreed to on the following division:)

Vote #33

Income Tax ActGovernment Orders

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


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The Speaker Geoff Regan

I declare the motion carried.

Accordingly, the bill stands referred to the Standing Committee on Finance.

(Bill read the second time and referred to a committee)

A motion to adjourn the House under Standing Order 38 deemed to have been moved.