Evidence of meeting #108 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was finance.
A video is available from Parliament.
10:40 a.m.
Conservative
The Chair Conservative James Rajotte
Thank you.
There's time for a very brief government round, if members wish.
Mr. Adler.
10:40 a.m.
Conservative
Mark Adler Conservative York Centre, ON
Thank you, Mr. Chair.
Thank you, witnesses, for being here this morning.
Mr. Hayos, how many members are there in the CICA?
March 5th, 2013 / 10:40 a.m.
Vice-President, Taxation, Canadian Institute of Chartered Accountants
There are 82,000.
10:40 a.m.
Conservative
Mark Adler Conservative York Centre, ON
I would assume that many have expressed frustration over the years that they have to rely on comfort letters. They would rather have had, I would assume, all these amendments codified much earlier than they are now. Is that correct?
10:40 a.m.
Vice-President, Taxation, Canadian Institute of Chartered Accountants
The comfort letters, as we've said, are an important element, but the timeliness is an issue, yes.
10:40 a.m.
Vice-President, Taxation, Canadian Institute of Chartered Accountants
I'm an accountant—a chartered accountant, by the way.
10:40 a.m.
Vice-President, Taxation, Canadian Institute of Chartered Accountants
Soon to be a chartered professional accountant.
10:40 a.m.
Conservative
Mark Adler Conservative York Centre, ON
If I needed a comfort letter, could you take me through the process? I'm your client.
10:40 a.m.
Vice-President, Taxation, Canadian Institute of Chartered Accountants
Yes. The process would be that I've identified a technical concern. I would call the Department of Finance and say, this doesn't make sense because the rules shouldn't work the way they're working. The Department of Finance considers it and they say, you've identified a problem and it is inconsistent with what the rules say. We then say, why not write us a letter? They will write a detailed letter saying what we have a problem with. The Department of Finance then reflects on that. If they think the legislation is not really working as intended, they'll send you a comfort letter, which is made public to the rest of the tax community, that this is how they think the legislation should work. The Department of Finance will make its best efforts to make a technical amendment.
10:40 a.m.
Vice-President, Taxation, Canadian Institute of Chartered Accountants
I can't give you a typical timeframe. Are you talking about the discussion and talking?
10:40 a.m.
Executive Director and Chief Executive Officer, Canadian Tax Foundation
It could happen very quickly. It could happen in days or it could take weeks.
10:40 a.m.
Executive Director and Chief Executive Officer, Canadian Tax Foundation
Mr. Chair, I'd just like to volunteer that at the Canadian Tax Foundation's annual conference in November, Tim Wach, a former finance official who now works with Gowlings, did a presentation on the technical bill. If the committee members would like to see the presentation, I would be happy to forward it to the secretary and she could distribute it.
10:45 a.m.
Conservative
The Chair Conservative James Rajotte
Please send that to the clerk and we will.
Is that in both official languages?
10:45 a.m.
Executive Director and Chief Executive Officer, Canadian Tax Foundation
No, it's actually only in one official language.
10:45 a.m.
Conservative
10:45 a.m.
Executive Director and Chief Executive Officer, Canadian Tax Foundation
The other thing we do is a tax policy, which I brought for you, Mr. Chair. I would be happy to distribute it to the other members of the committee.
10:45 a.m.
Conservative
The Chair Conservative James Rajotte
You'll have to autograph that copy for me. Thank you.
Thank you all. I appreciate very much, and the committee appreciates very much, your important contribution to this process.
Members of the subcommittee, we will be meeting in the next room, as there is another committee taking place in this room. We'll be going down the hall in about 15 short minutes.
Thank you all. The meeting is adjourned.