Banking Committee resumes study of Bill C-10 amidst public concerns about censorship 

Ottawa – March 6, 2008 – The Standing Senate Committee on Banking, Trade and Commerce will resume its study of Bill C-10, the Income Tax Amendments Act, 2006. The Committee has noted recent public concern about the provisions for the Canadian Film or Video Production Tax Credit, set forth in Clause 120 of the Bill.  The Bill is not law, but has already been passed by the House of Commons with all-Party support. 

The Committee’s hearings on C-10, an omnibus taxation bill containing a wide range of technical amendments to the Income Tax Act, began in mid December 2007 when substantial issues were raised concerning provisions relating to the taxation of non-resident trusts and pensions.  As a result, the Committee suspended the hearings until the government had sufficient opportunity to reflect on these concerns and respond. 

Late last week, representatives from Canada’s cultural community began voicing apprehension about the provisions in the legislation relating to tax credits for film and video productions.  As a consequence, the Committee will hear from the Honourable Josée Verner, Minister of Canadian Heritage, Status of Women and Official Languages and witnesses, including representatives from the cultural community, as well as officials from the departments of Justice and Finance. 

The Standing Senate Committee on Banking, Trade and Commerce is also currently conducting a study on interprovincial trade barriers and will be hearing today from the Honourable Jim Prentice, Minister of Industry.  On March 12^th, the Committee will hear from Mr. Paul Jenkins, Senior Deputy Governor, and Mr. John Murray, Deputy Governor, Bank of Canada. 

The Committee also continues its ongoing review of recent legislation Bill C-12, which concerns bankruptcy, insolvency and restructuring of businesses in financial hardship.   

Banking Committee meetings are held regularly at approximately 4:00 p.m. eastern time on Wednesdays and at 10:45 a.m. eastern time on Thursdays.  Meeting webcasts can be accessed at www.senate-senat.ca/webcast.asp.   

For meeting schedules, witness lists and information on the Committee, please visit www.senate-senat.ca/bancom.asp.

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