Finance committee  I'll make one quick comment with respect to that question. Absolutely, the professional community and the business community are concerned with the reasonableness test. The Department of Finance has set out a few principles, but is now basically I think going to leave it up to th

Finance committee  I'm happy to speak for a minute. With respect to the surplus stripping changes that are proposed by the government, there definitely is retroactivity built into those rules. The Department of Finance is receiving a lot of representations on that. They say that the changes in s

Finance committee  For capital gains stripping, yes, absolutely, we don't agree with that.

Finance committee  Yes, there are some tax advantages with respect to Canadian-controlled private corporations. I think the key here, though, is that we're in favour of a comprehensive tax reform to determine what is the right tax policy to support Canadian businesses, to be fair and also to get ta

Finance committee  Thank you very much for this opportunity. Dan has asked me to speak to two slides here. The first slide is comparing the tax on passive income between the current and the proposed rules. I want to make a couple of points with respect to that. There's no question that the prop

Finance committee  Thank you, Mr. Chair. I don't think the tax rates on this slide are in dispute. They show the substantial increase in the tax costs for these types of passive income. I think the question here, the policy question that really needs to be examined, is whether a deferral is appr