MINISTER OF FINANCE TABLES A NOTICE OF WAYS AND MEANS MOTION TO IMPLEMENT BUDGET 2004 MEASURES

News Release

Ottawa, December 6, 2004 2004-075 Related Documents: Notice of Ways and Means Motion to implement certain provisions of the budget tabled in Parliament on March 23, 2004. Explanatory Notes on Relating to the Air Travellers Security Charge, the First Nations Good and Services Tax, Income Tax and Other Related Measures. Minister of Finance Ralph Goodale today tabled in the House of Commons a detailed Notice of Ways and Means Motion to implement measures proposed in Budget 2004. Among others, these measures include: introducing income tax relief for Canadian Forces personnel and police deployed to international high-risk operational missions¿including additional missions announced on April 14, 2004; improving tax fairness for persons with disabilities and those who care for them; accelerating to 2005 from 2006 the increase in the small business deduction limit to $300,000; extending the carry-forward period for business losses to 10 years; eliminating the deductibility of fines and penalties; introducing a new regulatory regime for registered charities; and reducing the Air Travellers Security Charge. The Notice proposes amendments to the Air Travellers Security Charge Act, the First Nations Goods and Services Tax Act, the Income Tax Act and other related acts. Minister Goodale noted that the text of the income tax amendments, previously released in draft form on September 16, 2004, has benefited from input received from taxpayers and their advisors. Today's Notice does not include the proposal concerning mutual funds maintained primarily for the benefit of non-residents. Further discussions will be pursued with the private sector concerning the appropriate Canadian tax treatment of non-residents investing in resource property through mutual funds. Today's Notice does include the proposal to extend the withholding taxes that apply to certain mutual fund distributions. Detailed explanatory notes relating to the proposed amendments tabled today, as well as copies of the Notice, may be viewed on the Department of Finance Web site. Printed copies of both documents are available for $10 each from the Department of Finance Distribution Centre at (613) 995-2855. - 30 - ___________________ For further information: David Gamble Public Affairs and Operations Division (613) 996-8080 Pat Breton Press Secretary Office of the Minister of Finance (613) 996-7861

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2016-12-15

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MINISTER OF FINANCE TABLES A NOTICE OF WAYS AND MEANS MOTION TO IMPLEMENT BUDGET 2004 MEASURES

News Release

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