moved for leave to introduce Bill C-466, an act to amend the Income Tax Act (exemption from taxation of 50% of U.S. social security payments to Canadian residents).
Mr. Speaker, I am pleased to move first reading of this bill which would seek to reduce the inclusion rate of taxation for social security income received by Canadian residents from the 85% rate adopted by this parliament in Bill C-10, the fourth protocol on taxation with the United States, to 50% inclusion rate which existed prior to 1996. This is a measure which would provide tax relief to many Canadian seniors on fixed incomes.
(Motions deemed adopted, bill read the first time and printed)