Yes.
Mr. Chair, I've provided it to the clerk, and I believe it's been circulated to all members. Again, I just want to clarify that there's a revised version of G-1.
I'll just read it into the record. I move that Bill C-59, in clause 28, be amended by adding after line 23 on page 133, under “Insurance corporations—exemption”, the following:
(2.03) Subsection (2.01) does not apply to a dividend received by an insurance corporation in a taxation year that is
(a) either
(i) received on a share (other than a share described in subparagraph (2.02)(a)(i)) held by the corporation in connection with an insurance contract entered into, issued or acquired in the ordinary course of an insurance business of the corporation, or
(ii) deemed to be received by the corporation as a result of a designation by a mutual fund trust under subsection 104(19) in respect of a unit of the trust that is held by the corporation in connection with an insurance contract entered into, issued or acquired in the ordinary course of an insurance business of the corporation; and
(b) identified in the corporation’s return of income under this Part for the year.
That's the revised motion, Chair.
If I may, I will just add a few brief comments.
The purpose of the dividend received deduction changes in this part is to ensure that financial institutions pay their fair share. This amendment clarifies that Canadians with certain types of life insurance policies that offer variable returns, who are not the target of this change, are not affected by it.