My Writing > Status of important Federal tax legislation


21 Dec 2007

This is an overview of the current Federal legislation relating to the Income Tax Act, either recently passed or still before the 39th Canadian Parliament - 2nd Session (from Oct. 16, 2007).

Bill

Description

Status

 

House of Commons Government Bills

Adjourned until Monday, January 28, 2008

C-28

An Act to implement certain provisions of the budget tabled in Parliament on March 19, 2007 and to implement certain provisions of the economic statement tabled in Parliament on October 30, 2007.

Received Royal Assent December 14, 2007 (GST 5% January 1, 2008, RDSP etc. from Budget 2007)

C-10

An Act to amend the Income Tax Act, including amendments in relation to foreign investment entities and non-resident trusts, and to provide for the bijural expression of the provisions of that Act.

Second Reading in the Senate and Referred to Committee (December 4, 2007). Remains under review by the Senate Standing Committee on Banking, Trade and Commerce

 

Senate Government Bills

Adjourned until Tuesday, January 29, 2008

S-2

An Act to amend the Canada-United States Tax Convention Act, 1984. Fifth Protocol to amend Canada US Tax Treaty.

Received Royal Assent December 14, 2007 (not yet ratified by the US)

So many changes ... how will you keep up? 

The TaxDetective® has already done it for you! Tax Links provides links to these Bills and another 300 valuable tax topics you can't afford to miss.  Click here. 

Just for interest, I have summarized the Private Member's Public Bills relating to the Income Tax Act still before Parliament. Introduction of these bills enables private members to bring matters that concern them, their constituency or their party to the attention of the House, the Ministries, the media and the public, and they may have an impact on future government policy. Don't make assumptions that any of these proposed changes will in fact become law. In reality nearly all Private Member's Bills are defeated or proceed no further when Parliament is dissolved. Very few become law.

Bill

Description

Status

 

Private Member's Public Bills

All listed have had First Reading in the House of Commons in the current session.

C-207

An Act to amend the Income Tax Act (tax credit for new graduates working in designated regions)

 

C-208

An Act to amend the Income Tax Act (expenses incurred by caregivers).

 

C-215

An Act to amend the Income Tax Act (community service group membership dues)

 

C-216

An Act to amend the Income Tax Act (capital gains exemption on disposition of fishing property)

 

C-217

An Act to amend the Income Tax Act (definition of "Gaspé Peninsula")

 

C-219

An Act to amend the Income Tax Act (deduction for volunteer emergency service)

 

C-229

An Act to amend the Excise Tax Act (no GST on books or pamphlets)

 

C-233

An Act to amend the Income Tax Act (public transportation costs)

 

C-239

An Act to amend the Income Tax Act (services to a charity or public authority)

 

C-241

An Act to amend the Income Tax Act (deductibility of expense of tools provided as a requirement of employment)

 

C-246

An Act to amend the Income Tax Act (vitamins)

 

C-247

An Act to amend the Income Tax Act (deduction for volunteer emergency service)

 

C-253

An Act to amend the Income Tax Act (deductibility of RESP contributions)

 

C-255

An Act to amend the Income Tax Act (herbal remedies)

 

C-256

An Act to amend the Income Tax Act (physical activity and amateur sport fees)

 

C-260

An Act to amend the Income Tax Act (deductibility of expense of tools provided as a requirement of employment)

 

C-266

An Act to confirm the rights of taxpayers and establish the Office for Taxpayer Protection (Taxpayers’ Bill of Rights)

 

C-305

An Act to amend the Income Tax Act (exemption from taxation of 50% of United States social security payments to Canadian residents)

 

C-339

An Act to amend the Income Tax Act (exclusion of income received by an athlete from a non-profit club, society or association)

 

C-342

An Act to amend the Income Tax Act (travel expenses)

 

C-390

An Act to amend the Income Tax Act (travel and accommodation deduction for tradespersons)

 

C-399

An Act to amend the Income Tax Act (mutual fund trust accounting principles)

 

C-405

An Act to amend the Income Tax Act (deduction for medical doctors in underserviced areas)

 

C-418

An Act to amend the Income Tax Act (deductibility of remuneration)

 

C-434

An Act to amend the Income tax Act (in-home care of relatives)

 

C-445

An Act to amend the Income Tax Act (tax credit for loss of retirement income)

 

C-457

An Act to amend the Income Tax Act (interest rates on debts owed) and to make a consequential amendment to the Income Tax Regulations

 

C-462

An Act to amend the Income Tax Act (refundable tax credit for low-income earners)

 

C-476

An Act to amend the Income Tax Act (tax credit for gifts)

 

Eileen Reppenhagen

www.taxdetective.ca


Eileen Reppenhagen, Certified QuickBooks ProAdvisor writes and speaks about accounting and tax.  She is a regular contributor to Canadian MoneySaver, The TaxLetter and Intuit’s award winning online publications for accountants and QuickBooks ProAdvisors, ProConnection Newsletter and Advisor Advantage.  

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