Finance Committee on Dec. 5th, 2006

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

I'm in the middle of a sentence. I said that we may as well delete it because the $20 is representing $36 to a part-time student. By changing the amount, or amending the amount from $20 to $60, at least we're giving $100. Why bother doing all this for $36? That's provided a part-time student goes to school for 10 or 12 months. At least if we're going to do something, do something.

[The Chair, Conservative, Brian Pallister]

Okay.

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

Thirty-six dollars for all this is not worth it.

[The Chair, Conservative, Brian Pallister]

I believe we just had this discussion a moment ago on another amendment.

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

So all I'm doing here is trying to put it to a reasonable amount. Sixty dollars represents a hundred dollars to a student who goes to school part-time for 10 to 12 months a year. That's my point. So I suggest that we adopt my amendment.

Thank you, Mr. Chairman.

[The Chair, Conservative, Brian Pallister]

Thank you, Mr. Pacetti.

All in favour of the amendment?

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

A recorded vote, please.

(Amendment negatived: nays 6; yeas 5) [See Minutes of Proceedings]

(Clause 23 agreed to on division)

(Clauses 24 to 34 inclusive agreed to on division)

[The Chair, Conservative, Brian Pallister]

We have new clause 34.1. How can I have new clause 34.1 when I just carried clause 34?

[Dean Del Mastro, Conservative, Peterborough, ON]

Mr. Chair, I can explain that for you.

[The Chair, Conservative, Brian Pallister]

On new clause 34.1, Mr. Del Mastro.

[Dean Del Mastro, Conservative, Peterborough, ON]

Yes, thank you.

Amendment G-3.... We're actually going to insert a new clause into the bill on page 90. The new clause will be 34.1, a proposed subparagraph in section 127.52.

It's a technical amendment, Mr. Chair.

[The Chair, Conservative, Brian Pallister]

Mr. Pacetti.

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

Yes, it looks like by adding this clause we're going to expand the scope of the bill. I'd like Mr. Del Mastro to explain it to me.

[The Chair, Conservative, Brian Pallister]

He's kidding. That was good.

Nice shot.

Any discussion on this?

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

Could somebody just explain it? It doesn't mean anything to me.

[Dean Del Mastro, Conservative, Peterborough, ON]

Mr. Pacetti, we have to take in the whole scope of the bill to understand this.

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

Can anybody from finance...? I don't have a problem with it, but it just doesn't say anything—

[The Chair, Conservative, Brian Pallister]

Mr. Lalonde, would you like to take a shot at explaining this amendment, please?

[Gérard Lalonde]

Sure.

The bill includes amendments to extend the $500,000 lifetime capital gains exemption to fishers. One of the existing provisions in the Income Tax Act dealing with the $500,000 lifetime capital gains exemption for farmers ensures that capital gains that are eligible for that exemption are not subject to the alternative minimum tax. This amendment would ensure, as well, that in the same situation for a fisher, their gains eligible for the $500,000 lifetime capital gains exemption would also not be subject to the alternative minimum tax.

[The Chair, Conservative, Brian Pallister]

Thank you, Mr. Lalonde.

(Amendment agreed to on division) [See Minutes of Proceedings]

(Clauses 35 to 38 inclusive agreed to on division)

(On clause 39)

[The Chair, Conservative, Brian Pallister]

Clause 39 has an amendment, G-4.

[Mike Wallace, Conservative, Burlington, ON]

I'll move amendment G-4.

[The Chair, Conservative, Brian Pallister]

Thank you, Mr. Wallace.

[Mike Wallace, Conservative, Burlington, ON]

It's a technical amendment, as usual. It says:

the amount is paid under the letter of

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

It's so technical that even we—