moved for leave to introduce Bill 447, an act to amend the Income Tax Act
Madam Speaker, the bill seeks to amend the Income Tax Act to disallow the fact that currently fines and levies on businesses are tax deductible.
The bill finds its origin in the supreme court ruling that allowed that fines, penalties and levies that businesses incur were tax deductible as long as the business received the fine in the operation of its business and in searching to make an income.
Most Canadians would agree that I do not think parliament ever intended to allow this particular situation. The penalty would undermine the detrimental value of the fine if it were allowed as a tax deduction. I cannot deduct my parking tickets from my income taxes. We do not believe that a business should be able to deduct any kind of a fine or penalty from its taxes either.
I hope that the bill finds broad support among members of the House.
(Motions deemed adopted, bill read the first time and printed)