Notice of Ways and Means Motion Introduced for ...
30 January 2002
Notice of Ways and Means Motion Introduced for Budget Initiatives
Secretary of State (International Financial Institutions) John McCallum, on behalf of Finance Minister Paul Martin, today tabled a detailed Notice of Ways and Means Motion in the House of Commons to provide for the implementation of certain provisions of the budget tabled in the House on December 10, 2001.
The Motion includes measures to:
-- establish the Canadian Air Transport Security Authority to deliver improved security at Canadian airports and on board flights, in accordance with new national standards to be developed by Transport Canada;
-- implement an Air Travellers Security Charge to fund enhanced air security;
-- defer certain corporate income tax instalments for January, February and March 2002 for six months to assist small businesses in meeting their cash flow needs. This measure will defer $2 billion in taxes for small businesses;
-- exempt from income tax tuition assistance for adult basic education provided under certain government programs, and extend access to the education tax credit;
-- permanently implement a 1997 budget measure that provides special tax assistance for donations of publicly listed securities to public charities. This move will support the important work done by charitable organizations;
-- make it easier for non-residents who invest through partnerships to retain Canadian investment managers and advisors;
-- allow apprentice vehicle mechanics to deduct from their income the cost of new tools, to the extent that these costs exceed $1,000 or 5 per cent of their apprenticeship income (whichever is the larger amount);
-- improve the responsiveness of the goods and services tax credit (GSTC). Beginning July 2002, an individual's GSTC entitlement for each quarter will be based on their family circumstances at the end of the previous three-month period, rather than the end of the previous calendar year; and
- provide increased flexibility to parents whose child is hospitalized for an extended period following birth or adoption by increasing the window during which they can claim parental benefits under the employment insurance program to up to two years.
Explanatory notes for the measures in the Motion that relate to income tax matters and the Air Travellers Security Charge will be released shortly. The budget measure relating to qualified limited partnerships will be implemented through amendments to the Income Tax Regulations rather than amendments to the Income Tax Act. Draft regulations to implement this measure, as well as the initiatives related to renewable energy and energy efficiency, will also be included in the explanatory notes.
The Notice of Ways and Means Motion is available free of charge on the Department of Finance Internet site (http://www.fin.gc.ca). Printed copies of the Motion may be obtained for $15.00 from the Department of Finance Distribution Centre at (613) 995-2855.
This notice is available on the Department of Finance web site at the following address:
http://www.fin.gc.ca/news02/02-009e.html