Mr. Chair, in Bill C-15, an act to implement certain provisions of the budget tabled in Parliament on March 22, 2016 and other measures, one of the measures proposes to amend the Income Tax Act to include rules that apply in respect of the continuance of the Canadian Wheat Board under the Canada Business Corporations Act.
The amendment ensures consistency between the English and French versions of clause 38 of the bill by correcting an editorial error in the English version. The correction adds to the English version the words “a Canadian partnership” at line 30 on page 41. The amended text appears in proposed paragraph 135.2(4)(b) of the Income Tax Act. The amendment ensures that a Canadian partnership is not deemed under the paragraph to be a designated beneficiary under an eligible trust.