Finance committee  I'm not quite sure how to answer that. I guess—

Finance committee  I think a lot of our members or clients of our members see red tape. That's something that goes along with this. I see the government making positive moves in reducing red tape and that sort of thing. We've had a lot of good discussions with the Canada Revenue Agency in making th

Finance committee  I'll deal with the first part first. My understanding is that they—“they” being the Finance people who developed the rules—wanted to prevent certain types of planning that was happening, and one of them was planning with Alberta resident trusts. They didn't want people to be abl

Finance committee  There often is, yes.

Finance committee  I go back to my example again, which was me setting up a trust for my spouse and there's a capital gain at the end of the day. Under the current rules before the law changes, the trusts would be liable to pay tax on the capital gain. Then that would reduce the amount that's avai

Finance committee  I don't like to discuss discussions specifically, but it was mentioned, it just wasn't agree to. That's probably the best I can say.

Finance committee  Sure. That comment was on the question about beneficiaries with disabilities. In the original elimination of graduated rates for testamentary trusts that was raised as a concern. We'd actually suggested a different approach in terms of maybe making the preferred beneficiary elect

Finance committee  Yes, income while she's alive, but it's quite common that she wouldn't have access to capital. It's the capital that usually gives rise to the capital gains.

Finance committee  I think what we're looking for is that the trust itself should be the primary debtor for the tax, not the spouse's estate.

Finance committee  When I discussed this issue with the Finance people early on, I'd suggested that you should be allowed to transfer it to the estate if you want to, if it's beneficial, but it shouldn't be mandatory.

Finance committee  Yes, and I know CPA Canada is probably in the same boat as I am. I believe the taxpayer should pay their fair share. It's unfair to people who pay their taxes, that other people don't.

Finance committee  Yes, we're seeing the results of that for sure. Most of it seems to be more at the CRA end, I guess, in our direct dealings. At CPA Canada, though, we believe there should be a comprehensive review of the tax system to ensure simplification.

Finance committee  Well, I'll deal with the disability one first. When the joint committee discussed the graduated rate estate and the testamentary trust changes, we did bring up issues around disabled beneficiaries. There was a suggested solution to that in the legislation. It's a little early to

Finance committee  Okay. I'll just use the example, say, of what I set up in my will. If I'm on my second marriage but I have children from my first, I want to make sure my wife is taken care of as long as she lives, as an income beneficiary, but I want the assets to go to my children from the fir

Finance committee  I don't know if I can talk to, specifically, whether it's getting better or worse, or quote you a number. For something like the fitness tax credit, in CPA Canada we've been of the belief that we prefer, more generally—not talking about that credit—a broader-based tax reduction a