Finance Committee on Oct. 27th, 2009

Evidence of meeting #57 for Finance in the 40th Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was year.

A recording is available from Parliament.

On the agenda

Bill C-51, An Act to implement certain provisions of the budget tabled in Parliament on January 27, 2009 and to implement other measures

MPs speaking

James Rajotte
Jim Flaherty
John McCallum
Jean-Yves Laforest
Thomas Mulcair
Ted Menzies
Kelly Block
John McKay
Jean-Yves Roy
Bob Dechert
Massimo Pacetti
Mike Wallace
Daryl Kramp

Also speaking

Patrick Halley  Chief, Tariffs and Market Acess, International Trade and Finance, Department of Finance
Philippe Hall  Senior Economist, International Trade and Finance, Department of Finance
Colette Downie  Director General, Marketplace Framework Policy Branch, Department of Industry
Gérard Lalonde  Director, Tax Legislation Division, Tax Policy Branch, Department of Finance
Tim Wach  Director of Legislative Development, Tax Policy Branch, Department of Finance
Chris Forbes  General Director, Federal-Provincial Relations and Social Policy, Department of Finance
Dominique La Salle  Acting Senior Assistant Deputy Minister, Income Security and Social Development, Department of Human Resources and Social Development Canada
Shane Williamson  Executive Director, Knowledge Infrastructure Program, Department of Industry
Wayne Foster  Senior Chief, Financial Markets Division, Department of Finance
Nicholas Phillips  Senior Economist, International Trade and Finance, Department of Finance
Bill Matthews  Acting Assistant Comptroller General, Financial Management and Analysis Sector, Treasury Board Secretariat

5:10 p.m.

Liberal

The Vice-Chair Liberal Massimo Pacetti

I have just one last question related to that. On the departments named in schedule 1, would that be all departments?

5:10 p.m.

Acting Assistant Comptroller General, Financial Management and Analysis Sector, Treasury Board Secretariat

Bill Matthews

That's basically all departments and all crown corporations--all the major departments, yes.

5:10 p.m.

Liberal

The Vice-Chair Liberal Massimo Pacetti

But wouldn't the crown corporations report on a quarterly basis now?

5:10 p.m.

Acting Assistant Comptroller General, Financial Management and Analysis Sector, Treasury Board Secretariat

Bill Matthews

They don't produce publicly available quarterly reports right now. They do annual financial statements.

5:10 p.m.

Liberal

The Vice-Chair Liberal Massimo Pacetti

These quarterly statements don't have to be audited, correct?

5:10 p.m.

Acting Assistant Comptroller General, Financial Management and Analysis Sector, Treasury Board Secretariat

Bill Matthews

They are to be unaudited, exactly. If you want to do it sixty days after the quarter ends, there's no way you could do audits. If you went the audit route, it's quite an expensive proposition.

5:10 p.m.

Liberal

The Vice-Chair Liberal Massimo Pacetti

Okay, great. Thank you.

Thank you to everybody. I don't think members have any more questions.

Yes, go ahead.

5:10 p.m.

Director, Tax Legislation Division, Tax Policy Branch, Department of Finance

Gérard Lalonde

I just have one piece of information for Mr. McKay. I'm advised by one of our helpful people behind me that last year the T1 return was available from the CRA on December 22. So if you want something for your Christmas stocking this year, there you go.

5:10 p.m.

Liberal

The Vice-Chair Liberal Massimo Pacetti

That was me who asked the question, so thank you, Mr. Lalonde.

That's why Mr. McKay was clueless. As a lawyer, that's what happens.

The meeting is adjourned.