Amendment agreed to.
Section 33 as amended agreed to.
Title agreed to.
Mr. ILSLEY moved the third reading of the bill. *
Mr. HARRY R. JACKMAN (Rosedale): I wish to call the attention of the minister as briefly as I can to section 1 of the amendments having to do with the annuity payments. I am not quite clear as to what the minister said last night, that he is not adopting a change in principle. The amendment reads:
Provided, however, that annuity payments or other annual payments received under the provisions of any will or trust which become effective prior to the first day of January, 1944, shall be exempt to the extent of the amount paid out of the corpus of the estate or trust but not exceeding $1,500 in any year.
The first small matter I wish to clear up
is, does the SI ,500 refer to the total disbursements in a year out of the estate, which disbursements include income, or does it include the encroachment on capital alone?