moved for leave to introduce Bill C-315, an act to amend the Income Tax Act (deductibility of expense of tools provided as a requirement of employment).
Mr. Speaker, the purpose of this bill is to allow employees to deduct the cost of providing tools for their employment if they are required to do so by their employer as a condition of employment.
The deduction includes an allowance in respect to the capital cost of tools and rental, maintenance and insurance expenses. Regulations would set the appropriate depreciation rates applicable to the capital cost of various types of tools.
(Motions deemed adopted, bill read the first time and printed)