Bill C-63 · 42th Parliament · Justin Trudeau
Budget Implementation Act, 2017, No. 2
A second Act to implement certain provisions of the budget tabled in Parliament on March 22, 2017 and other measures
Government bill. Became law.
- IntroducedOct. 27, 2017
- Debated in principleNov. 8, 2017
- Studied by a committeeDone
- Passed its first chamberDec. 4, 2017
- Passed the second chamberDec. 12, 2017
- Became lawDec. 13, 2017
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 contacting the Information Service at the Library of Parliament at [email protected]. On 27 October 2017, the Minister of Finance introduced Bill C-63, A second Act to implement certain provisions of the budget tabled in Parliament on March 22, 2017 and other measures (Budget Implementation Act, 2017, 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, 2017 budget by (a) removing the classification of the costs of drilling a discovery well as “Canadian exploration expenses”; (b) eliminating the ability for small oil and gas companies to reclassify up to $1 million of “Canadian development expenses” as “Canadian exploration expenses”; (c) revising the anti-avoidance rules for registered education savings plans and registered disability savings plans; (d) eliminating the use of billed-basis accounting by designated professionals; (e) providing enhanced tax treatment for eligible…
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
16% of the text as introduced was changed or removed by the time it became law (106,653 words introduced, 106,414 passed).
moderate changeintent mostly kept
The bill received technical drafting fixes to complex tax rules on derivatives and upstream loans from foreign affiliates. Core measures on income tax, geothermal equipment, and anti-avoidance stayed intact while wording, punctuation, and cross-references were cleaned up.
- Fixed missing words and punctuation in the definition of derivative forward agreement.
Before: “subparagraphs (b)(i) to (iii) of the definition , or derivative forward agreement in subsection 248(1)”
After: “subparagraphs (b)(i) to (iii) of the definition derivative forward agreement in subsection 248(1), or”
- Adjusted phrasing for capital gain calculations on upstream loan repayments.
Before: “that is equal to twice the amount that would — in the absence of subparagraph 40(2)(g)(ii) and paragraph 95(2)(g.04)”
After: “that is equal to twice the amount that would — in the absence of subparagraph 40(2)(g)(ii) and paragraph 95(2)(g.04)”
- Clarified timing references for creditor partnerships in transitional set-off rules.
Before: “the last day of the taxation year of the particular member that includes the last day of the creditor partnership's fiscal period”
After: “the last day of the taxation year of the particular member that includes the last day of the creditor partnership's fiscal period”
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.