Finance committee  That's right.

Finance committee  That's right. Your work in progress, your performed but unbilled hours, are treated for tax purposes essentially as inventory.

Finance committee  In the abstract, you can elect to choose a fair market value or the lower of cost or market method for valuing inventory. Where you have a lawyer who's incurred expenses, costs in order to earn their revenue, the lawyer can measure that file under work in progress, in respect t

Finance committee  Right, and the concern was that they were—

Finance committee  Right. They were considered partnerships legally, and the rules apply to partnerships and central corporation structures. I don't know that they apply to...or they don't apply to true co-operative structures that are not partnerships. The concern, as I recall from 2016, was that

Finance committee  The difficult is in—

Finance committee  I think part of the difficulty is the terminology. If you have a co-operative, in this case for the purposes of the tax rules, it would be treated as a corporation, at least for the small business deduction rules. But if you're talking more colloquially and not in the specific te

Finance committee  Work in progress is your work that has been done up to a particular point but that is not yet billed. Billed-basis accounting versus accrual accounting are two different ways of treating for tax purposes your work in progress. Your work in progress is a thing, and the question is

Finance committee  Yes, of course. I would be happy to. I think it would be a good idea to provide a brief overview of the 2016 proposals. We have a small business deduction that allows qualifying small businesses, on up to $500,000 of their active business income, to get a small business deductio

Finance committee  I'm trying to remember exactly how the radiologists would have organized their structure. As I recall, many medical practitioners were organized—

Finance committee  As I said in the introduction, the elimination of the election to use billed-basis accounting would essentially align the tax treatment of the designated professionals—these are, as you mentioned, lawyers but also accountants, dentists, medical doctors, veterinarians, and chiropr

Finance committee  Thank you, Mr. Chair. I'm going to provide a brief overview of the items in part 1 of the bill, each of which relates to proposed income tax amendments. Part 1 includes a number of amendments that were announced as part of the 2017 federal budget. These include removing the cla

Finance committee  A number of studies have been undertaken, and I believe provided to members of this committee, looking at the effectiveness of the public transit tax credit in terms of achieving its stated objective of increasing transit usage. In those studies, it was concluded that it did not

Finance committee  I think specific questions about who bears the cost of transit in terms of direct spending are outside the scope of our expertise here. We're looking at federal taxation, specifically the income tax side of things, and in particular here, the impact of the public transit tax cred

Finance committee  The clauses of the bill are aligned with the provisions of the act they seek to amend, and so, unfortunately, because our Income Tax Act is a somewhat complex statute, you'll see some measures appearing in multiple clauses, and some clauses that touch on multiple measures will ha