moved for leave to introduce Bill C-412, an act to amend the Income Tax Act (exemption from taxation of 50% of U.S. social security payments to Canadian residents).
Madam Speaker, I am pleased to rise to reintroduce this bill. It was previously on the Order Paper in the last session of parliament. It seeks to re-establish tax equity for Canadian residents who pay taxes on social security payments received from the U.S. government. These taxpayers have been forced to incur an 85% tax increase as a result of the fourth tax protocol between Canada and the United States. There are seniors on fixed incomes who cannot afford this outrageous increase. This bill would rectify that problem.
(Motions deemed adopted, bill read the first time and printed)