Finance Committee on Dec. 5th, 2006

[John McKay, Liberal, Scarborough—Guildwood, ON]

So I'm four months. We're doing her income tax return here as we speak. So four months is three times $65, is that right?

[Gérard Lalonde]

No, it's $65 for each month.

[John McKay, Liberal, Scarborough—Guildwood, ON]

It's $65 a month for four months, so she has $280, or whatever.

[Massimo Pacetti, Liberal, Saint-Léonard—Saint-Michel, QC]

She's part-time.

[John McKay, Liberal, Scarborough—Guildwood, ON]

This is the kind of practical difficulty people are going to run into.

I just want to understand it for my own purposes here. Am I correct that I have $260?

Then you have a second proposed paragraph, where $20 is multiplied by the number of months referred to in proposed paragraph (b). So it's $20 times four months, is that correct?

[Gérard Lalonde]

The proposed paragraph is talking about part-time students.

[John McKay, Liberal, Scarborough—Guildwood, ON]

That's which?

[Gérard Lalonde]

Part-time students.

[John McKay, Liberal, Scarborough—Guildwood, ON]

That's part-time students. But it says “and” at the end of proposed paragraph (b).

[Gérard Lalonde]

Yes, because it's possible for a student to be a part-time student—for example, in January, February, March, and April—then go off for the summer and come back as a full-time student.

[John McKay, Liberal, Scarborough—Guildwood, ON]

Okay, I see what you're saying.

[Gérard Lalonde]

So you would calculate your credit based on the number of the months in the year in which you're in school.

[John McKay, Liberal, Scarborough—Guildwood, ON]

So for her purposes, essentially she has $65 times four months.

[Gérard Lalonde]

In this particular example, yes.

Next year, presumably she'll be in university for the whole two semesters, and it would be eight months.

[John McKay, Liberal, Scarborough—Guildwood, ON]

You said times 15%—

[Massimo Pacetti, Liberal, Saint-Léonard—Saint-Michel, QC]

Which is $39.

[Gérard Lalonde]

It's 15.5%.

[John McKay, Liberal, Scarborough—Guildwood, ON]

Okay, it's $39 if she pays tax. Is that right?

[Gérard Lalonde]

That's right.

[John McKay, Liberal, Scarborough—Guildwood, ON]

Is that transferrable? Can I get the $39?

[Rick Dykstra, Conservative, St. Catharines, ON]

You have to pay for it.

[John McKay, Liberal, Scarborough—Guildwood, ON]

Who else is paying for it?

[Rick Dykstra, Conservative, St. Catharines, ON]

Then you're going to get it.

[John McKay, Liberal, Scarborough—Guildwood, ON]

Is that a transferrable credit?

[Gérard Lalonde]

Yes, it is a transferrable credit, and it's indicated in the budget documents.