Can you provide it?
Evidence of meeting #87 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was capital.
A video is available from Parliament.
Evidence of meeting #87 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was capital.
A video is available from Parliament.
4:20 p.m.
Conservative
The Chair Conservative James Rajotte
I will move on to part 2. I'll ask the officials for part 2 to come forward, please.
On behalf of the committee, I want to thank the officials for part 1. We appreciated that very much.
Part 2, as you know, colleagues, deals with amendments to the Excise Tax Act and the Jobs and Economic Growth Act.
I want to welcome our officials to the committee. Thank you very much for being with us here today.
Do you want to give a very brief overview of part 2?
Colleagues, do you have any specific questions on the section dealing with the amendments to the Excise Tax Act and the Jobs and Economic Growth Act?
We'll start with Monsieur Mai.
4:25 p.m.
NDP
Hoang Mai NDP Brossard—La Prairie, QC
From what I understand, the measures included in Part 2 were announced in 2007. But I would like to know why they are being applied now, in 2012.
November 1st, 2012 / 4:25 p.m.
Pierre Mercille Senior Legislative Chief, Sales Tax Division, GST Legislation, Tax Policy Branch, Department of Finance
The measures included in that regard are part of a series of announcements that were made by the Department of Finance. First there was a communiqué on May 19, 2009. It was what we call an information document, without legislation. Another communiqué followed, on June 30, 2010. It included some proposed regulations, but no legislative proposal and no official text. It was meant for consultation. Some comments were conveyed and another communiqué was published on January 28, 2011. Draft legislation was included with it. In other words, we are not talking here about 2007.
4:25 p.m.
NDP
4:25 p.m.
Senior Legislative Chief, Sales Tax Division, GST Legislation, Tax Policy Branch, Department of Finance
Some elements of the bill are in response to comments we received. I can give you one example, where financial institutions used to have to claim a rebate from the provincial component of the HST during the actual period in which they incurred the expenditure. This was not standard. For financial institutions, the general rule regarding a claim for a tax credit respecting inputs is two years. This is an example of the changes we made in response to consultations.
4:25 p.m.
NDP
Hoang Mai NDP Brossard—La Prairie, QC
Will the proposed changes have impacts on tax liabilities with regard to pension plans offered by an employer or offered jointly by several employers?
4:25 p.m.
Senior Legislative Chief, Sales Tax Division, GST Legislation, Tax Policy Branch, Department of Finance
The measures proposed here are not really designed to change the tax burden. Rather they are technical measures affecting the way of doing things. For example, we are proposing a simplified method over another method, or changing the fiscal year for the calendar year. These are not things that should have major consequences.
4:25 p.m.
NDP
Hoang Mai NDP Brossard—La Prairie, QC
So it will not have major consequences as far as revenue is concerned. I see.
4:25 p.m.
Liberal
4:25 p.m.
Senior Legislative Chief, Sales Tax Division, GST Legislation, Tax Policy Branch, Department of Finance
Yes, it's basically an amendment to the GST/HST relating to financial institutions.
4:25 p.m.
Conservative
4:25 p.m.
Senior Legislative Chief, Sales Tax Division, GST Legislation, Tax Policy Branch, Department of Finance
You will have to remind me what is Bill C-38.
4:25 p.m.
Liberal
Rodger Cuzner Liberal Cape Breton—Canso, NS
I'm slightly ahead of my time here, Mr. Chair, so we'll go at that again, okay?
4:25 p.m.
Conservative