Finance committee  Good evening, Mr. Chair. With respect to the lifetime capital gains exemption, as you've indicated, it's increasing from $750,000 to $800,000 and then will be indexed for inflation. With respect to the impact, we don't have any specific intergenerational information. What we do

Finance committee  My pleasure.

Finance committee  In terms of the revenue from this measure....

Finance committee  It is just $5 million in terms of the revenue—

Finance committee  That's correct.

Finance committee  I can't speak directly to the consultation. I can talk about the response to the Supreme Court decision.

Finance committee  Well—

Finance committee  It's not about that so much as...all this measure does is return the law to what it was prior to the Craig decision. The Moldowan decision was made by the Supreme Court of Canada in 1971, I think, under the interpretation of section 31 at that time. CRA has administered that sinc

Finance committee  Just to clarify, it was a drafting error made at the Department of Finance. What it related to is not the rate of tax that would apply to credit unions after the phase-out. During the phase-out period, 80% of the income would be eligible for the additional deduction. That ext

Finance committee  Certainly I can give you a brief overview. I would say to the chair that the official who is the subject matter expert will be up for part 2, so if you want to have—

Finance committee  If that's okay with the member. Will I bring him up?

Finance committee  There are equivalent amendments with exactly the same wording in both parts 1 and 2.

Finance committee  In terms of the types of loopholes that are addressed, there is certain planning with respect to leveraged life insurance and leveraged insured annuities. More particularly, there are also changes with respect to the taxation of trust attributes and corporate loss trading transac

Finance committee  To give you a couple of examples of the types of revenue impacts we're looking at with respect to character conversion transactions, there are approximately $55 million per year. Trust loss trading has been, as noted, $70 million per year. With respect to the leveraged life insur

Finance committee  Well, that's always a difficult question, because how do you know—