Finance committee  The Department of Finance officials handled the repeal of the education tax credit and textbook tax credit, and I'd happily go through the details on that. As to the comparison with the Canada student grants, that's not in the bill so we're not prepared to speak to that. But I'd

Finance committee  That's correct. Those tax credits would be able to be carried forward and claimed, alongside the tuition tax credit, which is not being affected by Bill C-15.

Finance committee  Yes, you're correct. A single parent would not be able to use the credit. As you also noted, qualifying for the credit requires a child under the age of 18.

Finance committee  I have no idea. I'm sorry.

Finance committee  No, they're separate measures. This is actually more closely related and is a purely consequential amendment to the introduction of the new top marginal rate. The proposed amendments that you mentioned that deal with the donation of proceeds from the sale of real property or pr

Finance committee  The general rule for trusts is they're subject to taxation at the top marginal rate on all of their income. The two exceptions to that rule are qualified disability trusts and graduated rate estates that arise when an individual dies. For qualified disability trusts, as you poin

Finance committee  There are actually two measures in the bill dealing with information sharing. I'll deal with both and try not to confuse them. There's information dealing with information sharing within the Canada Revenue Agency for the sharing of information to support the collection of non-ta

Finance committee  Do you mean in the administration of the program? The information sharing hasn't passed, of course, and my understanding is that it won't be shared until royal assent is given, and so the guidelines of the Privacy Commissioner in sharing information won't have come into effect be

Finance committee  Part 1 implements certain income tax measures that were proposed in the March 22, 2016, federal budget. I'll go through each in order, as I'm aware of the time constraints. It would eliminate the education and textbook tax credits. It would exempt from taxable income amounts re

Finance committee  Would you like a short overview of part 1?

Finance committee  I think I can answer that. The updated numbers in the new tax bracket setting up the various thresholds are the numbers for 2016, and the previous numbers, reflected in the act, were for the 2009 taxation year and were automatically increased by another provision as a result of

Finance committee  We're here to discuss Bill C-2, an act to amend the Income Tax Act. The bill has three main components; first, changes to the personal income tax rates; second, changes consequential to the introduction of the new top marginal income tax rate; and third, restoring the TFSA to its

Finance committee  We have division 1 of part 2, and the other officials would have division 2 of part 2.

Finance committee  Division 1 of part 2 has three main components. It increases the child care expense deduction by $1,000 to $11,000 for disability tax credit eligible children, to $8,000 for children under seven, and for seven through sixteen to $5,000. It repeals the child tax credit. Last, it i

Finance committee  Yes, I will. Thank you. Part 1 of the bill implements a number of tax measures that were proposed in the April budget or that were referenced in that budget. Most notably, it reduces the required minimum amount that must be withdrawn annually from a registered retirement income