Finance Committee on Dec. 13th, 2021

[The Chair, Liberal, Peter Fonseca]

Is it on this? Time is of the essence.

[Sophie Chatel, Liberal, Pontiac, QC]

At least this version is more in line with the existing language in Bill C-2 and the Income Tax Act that Bill C-2 amends.

[Daniel Blaikie, NDP, Elmwood—Transcona, MB]

I'm happy to vote on the drafter's language in NDP-3, as long as we can have a vote on NDP-4 that will reflect that same language change. That would mean replacing “dividends” in NDP-4 with the term “taxable dividends to an individual who is a holder of common shares of the company or of the subsidiary of the company”.

If we can do that, then it's no problem, because we'll have consistency in the language.

[The Chair, Liberal, Peter Fonseca]

I'm just going to look to the legislative clerk.

[Philippe Méla]

The problem is they won't have time to draft NDP-4 before 10 o'clock. That's pretty much a given at this point.

[Daniel Blaikie, NDP, Elmwood—Transcona, MB]

It's a straight swap of terms, so the term “dividend” in NDP-4 is removed, and it would be replaced by the same terms for everything that's highlighted in NDP-3 as submitted by the drafter this evening.

[Philippe Méla]

If it is the will of the committee to adopt it that way—

[Daniel Blaikie, NDP, Elmwood—Transcona, MB]

Okay.

[The Chair, Liberal, Peter Fonseca]

We are going to vote first on the amendment to amendment NDP-3.

[Terry Beech, Liberal, Burnaby North—Seymour, BC]

My hand is raised, Mr. Chair.

[The Chair, Liberal, Peter Fonseca]

Mr. Beech, go ahead.

[Terry Beech, Liberal, Burnaby North—Seymour, BC]

I'm a little confused at this stage as to whether this is an appropriate action, given the discussion tonight, but with regard to my previous comments, particularly around preferred shares and dividends within groups of companies, I just want to ask the officials if those concerns, which were raised by officials earlier in this meeting, are addressed by this redraft that is currently being presented to—

[Pierre Poilievre, Conservative, Carleton, ON]

They can't answer that. They already said so, and so did you.

[The Chair, Liberal, Peter Fonseca]

Do we have the language for NDP-4?

[Philippe Méla]

Yes, Mr. Chair. I just received it. I just passed it to my colleague, who is going to pass it on to you.

[The Chair, Liberal, Peter Fonseca]

This is what we are voting on.

[Greg McLean, Conservative, Calgary Centre, AB]

I think it was a friendly amendment, and I think Mr. Blaikie accepted the friendly amendment.

[Daniel Blaikie, NDP, Elmwood—Transcona, MB]

Yes.

Well, I'll leave it to the clerk.

[Philippe Méla]

There is no such thing as a friendly amendment. Once you move an amendment, it has to be adopted by the whole committee.

[Greg McLean, Conservative, Calgary Centre, AB]

All right.

[The Chair, Liberal, Peter Fonseca]

On the subamendment—

[Yvan Baker, Liberal, Etobicoke Centre, ON]

I need clarification, Chair, on what we are voting on.

[Pierre Poilievre, Conservative, Carleton, ON]

It's a yea or a nay. There are two options.

[Yvan Baker, Liberal, Etobicoke Centre, ON]

Mr. Poilievre, I was speaking to the chair. I need clarification on what we are voting on.

[Pierre Poilievre, Conservative, Carleton, ON]

I'm just clarifying for you how voting works.