Bill C-29 · 42th Parliament · Justin Trudeau
Budget Implementation Act, 2016, No. 2
A second Act to implement certain provisions of the budget tabled in Parliament on March 22, 2016 and other measures
Government bill. Became law.
- IntroducedOct. 25, 2016
- Debated in principleNov. 15, 2016
- Studied by a committeeDone
- Passed its first chamberDec. 6, 2016
- Passed the second chamberDec. 12, 2016
- Became lawDec. 14, 2016
Leading supporters
Ranked by the part each played: who is responsible for the bill, who carried it, and who spoke for it most.
- Justin TrudeauPrime Minister
Who carries this bill
Arrows run from the person responsible to those who answer to them on this bill. The critic leads the Senate’s scrutiny and answers to no one on it.
What it set out to do
The pre-release version of this Legislative Summary is now available. Parliamentarians and their staff can obtain a copy by submitting a request or contacting the Library of Parliament. Members of the public can obtain a copy by the contacting the Information Service at the Library of Parliament. On 25 October 2016, Minister of Finance introduced Bill C-29, A second Act to implement certain provisions of the budget tabled in Parliament on March 22, 2016 and other measures (Budget Implementation Act, 2016, No. 2), in the House of Commons and it was given first reading. Part 1 implements certain income tax measures proposed in the March 22, 2016 budget by • eliminating the eligible capital property rules and introducing a new class of depreciable property; • introducing rules to prevent the avoidance of the shareholder loan rules using back-to-back arrangements; • excluding derivatives from the application of the inventory valuation rules; • ensuring that the return on a linked note retains the same character whether it is earned at maturity or reflected in a secondary market sale; • clarifying the tax treatment of emissions allowances and eliminating the double taxation of certain f…
Summary by the Library of Parliament.
Where members stand
Votes and debate for this bill have not been read yet.
How it changed on the way
30% of the text as introduced was changed or removed by the time it became law (71,798 words introduced, 57,526 passed). A committee amended it.
moderate changeintent mostly kept
Part 4 divisions were reordered and the Bank Act consumer-protection amendments were dropped while Mint and funds-management provisions were retained with new numbering. Minor wording fixes were inserted in the income-tax rules on eligible capital property and life-insurance proceeds.
- Division 5 Bank Act consumer framework was removed and later divisions renumbered.
Before: “Division 5 of Part 4 amends the Bank Act to consolidate and streamline provisions that apply to a bank or an authorized foreign bank in relation to the protection of customers and the public.”
- Royal Canadian Mint Act amendments moved from Division 6 to Division 5.
Before: “Division 6 of Part 4 amends the Royal Canadian Mint Act”
After: “Division 5 of Part 4 amends the Royal Canadian Mint Act”
- Added explicit reference to Income Tax Regulations in goodwill-amount definition.
Before: “goodwill amount , of a taxpayer, is an amount the taxpayer has or may become entitled to receive that would, if this Act were read without reference to this section, be required to be included in the proceeds of disposition of a property included in Class 14.1 of Schedule II to the , in respect of a business carried on by the taxpayer through a permanent establishment located in Canada.”
After: “goodwill amount , of a taxpayer, is an amount the taxpayer has or may become entitled to receive that would, if this Act were read without reference to this section, be required to be included in the proceeds of disposition of a property included in Class 14.1 of Schedule II to the Income Tax Regulations , or is an amount to which subsection 13(38) applies, in respect of a business carried on by the taxpayer through a permanent establishment located in Canada.”
How precisely it is written
The drafting has not been read yet.
Did it work?
The evidence has not been searched yet.
Who lobbied on it
No lobbying registration naming this bill is loaded.
Stages and dates from LEGISinfo.