Finance committee  We don't have any particular figures on how many additional reports we're expecting. I would just point out that you've kind of shifted. There are actually two measures contained in part 1. One relates to reportable transactions and tax shelters. That gives an additional three y

Finance committee  That's right, and that's consistent with some existing provisions in the act where corporations are engaged in international transactions. Obviously, international transactions are more difficult for the CRA to audit, and this ensures they have the additional time necessary.

Finance committee  In terms of the costing, are you talking about investments through partnerships as opposed to directly?

Finance committee  There is no difference in specific costing. The costing we have used in the budget is based on the $800,000. As you point out, it's available with respect to either qualified small business corporation shares, or qualified farm property, or qualified fishing property.

Finance committee  You are right in the sense that if there are two partners, then each—

Finance committee  —individual has their own capital gains exemption. The costing we have in the budget would be the full costing, which includes that for each individual who is able to claim it directly or indirectly through a partnership. The lifetime capital gains exemption is approximately $35

Finance committee  That's correct. It's three years from the time the missing information is provided to the CRA, and it's in respect of those particular transactions, be they tax shelter or reportable transactions.

Finance committee  In terms of how we do it, individuals have their own reporting obligations for the income tax return. As well as the actual income tax return obligations, there are these additional reporting requirements, which are for tax shelter promoters and people involved in these reportabl

Finance committee  Thank you, Mr. Chair. I understand that there were three measures in particular from budget 2013 that the committee had expressed a particular interest in. I'll provide just a brief overview of each of those three measures. Then we'd be happy to answer any questions the committ

Finance committee  I'm sorry. I don't have any comments other than Mr. Castonguay's.

Finance committee  Yes. Perhaps I'll provide some comments.

Finance committee  You talked about the 75 measures. That's kind of a listing of the number of integrity measures—

Finance committee  No, that's going back several years. Going to a larger point, exchange of information is just one component in dealing with the tax system and ensuring that it operates in the correct fashion. Certainly, when I've been in front of the committee before, we've talked about tax pl

Finance committee  Just to respond quickly to that, the last time we went for a change was in 1993, and the informal limit was changed from $7,000 to $12,000.

Finance committee  With respect to that, I can't respond directly to the number of Canadians. I can explain our analysis and the general impact. The safety deposit boxes are not recorded on the T1. How much is paid by Canadians for safety deposit boxes is buried in investment and carrying charges.