Mr. Speaker, this bill would add to section 121 of the new Income Tax Act the following words which are underlined in the bill:
Provided that nothing in this section shall operate to prevent a minister of the crown from communicating to the Senate or to the House of Commons any information with respect to corporations obtained under the provisions of this act.
The purpose of this amendment is to remove in part the restrictions as to secrecy imposed by section 121 of the Income Tax Act, which as it stands at present can have the effect of preventing a minister of the crown from giving the Senate or the House such information as it might be perfectly legitimate to ask for and obtain. No change is made by this bill in the matter of information obtained from personal income tax returns. Such information must still be kept secret. I may say that in this particular the bill is different from the one which I introduced last year and to which some objection was taken. On the other hand, this amendment would make it possible to make public any information respecting corporations obtained by the income tax division of the Department of National Revenue.
Motion agreed to and bill read the first time.
Topic: INCOME TAX
Subtopic: COMMUNICATION OF INFORMATION TO THE SENATE OR HOUSE OF COMMONS
Right Hon. L. S. St. Laurent (for the Minister of Trade and Commerce) moved
that the house go into committee at the next sitting to consider the following resolution:
That It is expedient to present a bill to amend the Canadian Commercial Corporation Act to provide authority for advances to the corporation by way of loan out of the consolidated revenue fund and to extend the time of operation of the act.
He said: His Excellency the Governor General, having been made acquainted with the subject matter of this resolution, recommends it to the consideration of the house.
Topic: CANADIAN COMMERCIAL CORPORATION
Subtopic: ADVANCES BY WAY OF LOAN
Sub-subtopic: EXTENSION OF LIFE OF THE CORPORATION