March 22, 1967

CANADIAN CENTENNIAL

CONGRATULATIONS BY U.S. SENATE AND HOUSE OF REPRESENTATIVES

LIB

Lucien Lamoureux (Speaker of the House of Commons)

Liberal

Mr. Speaker:

Order, please. I am sure hon. members will be interested to know that on March 14 concurrent resolutions were introduced in the United States Senate and House of Representatives that the United States Congress extend its congratulations to the parliament of Canada on the occasion of the centennial of Confederation.

The resolutions were introduced in their respective chambers by two great friends of Canada who have long been associated with the Canada-United States interparliamentary group, Senator George D. Aiken of Vermont and Congressman Cornelius J. Gallagher of New Jersey. Senator Aiken and Congressman Gallagher, it should be noted, will once again be the co-chairmen of the United States delegation to the tenth meeting of the Canada-United States group when it meets in Canada next May 10 to 14.

The resolutions were referred on March 14 to the appropriate committees of Congress for due consideration. They have now been reported back and adopted unanimously. The text is as follows:

Whereas the year 1967 marks the centennial of the confederation of Canada; and

Whereas the century of Canadian confederation has been marked by close ties of friendship and association between Canada and the United States; and

Whereas relations have been strengthened through the annual meetings of the legislators of Canada and of the United States: Now, therefore, be it

Resolved by the House of Representatives (the Senate concurring), That the Congress of the United States extends its congratulations and its best wishes to the parliament of Canada on the occasion of the centennial of the confederation of Canada and in affirmation of the affection and friendship of the people of the United States for the people of Canada.

I shall be pleased to convey to the Speaker of the House of Representatives and to the President of the Senate a message of appreciation on behalf of all hon. members.

Topic:   CANADIAN CENTENNIAL
Subtopic:   CONGRATULATIONS BY U.S. SENATE AND HOUSE OF REPRESENTATIVES
Permalink
?

Some hon. Members:

Hear, hear.

Topic:   CANADIAN CENTENNIAL
Subtopic:   CONGRATULATIONS BY U.S. SENATE AND HOUSE OF REPRESENTATIVES
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COMMITTEES OF THE HOUSE

NATIONAL DEFENCE-FIFTH REPORT

LIB

Grant Deachman

Liberal

Mr. Grant Deachman (Vancouver Quadra):

Mr. Speaker, I have the honour to present the fifth report of the standing committee on national defence.

Topic:   COMMITTEES OF THE HOUSE
Subtopic:   NATIONAL DEFENCE-FIFTH REPORT
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PC

Marcel Joseph Aimé Lambert

Progressive Conservative

Mr. Lambert:

That is presented very much on division, Mr. Speaker.

Twenty fourth report of standing committee on finance, trade and economic affairs-Mr. Gray.

[Note: Text of the foregoing reports appears in today's Votes and Proceedings.]

Topic:   COMMITTEES OF THE HOUSE
Subtopic:   NATIONAL DEFENCE-FIFTH REPORT
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INCOME TAX

TABLING OF ORDER IN COUNCIL RESPECTING

LIB

Mitchell William Sharp (Minister of Finance and Receiver General)

Liberal

Hon. Mitchell Sharp (Minister of Finance):

Mr. Speaker, I should like to table an order in council, P.C. 1967-533 of March 21, in English and in French, amending the regulations under the Income Tax Act.

Topic:   INCOME TAX
Subtopic:   TABLING OF ORDER IN COUNCIL RESPECTING
Sub-subtopic:   DEFERRED CAPITAL COST ALLOWANCES
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LIB

Lucien Lamoureux (Speaker of the House of Commons)

Liberal

Mr. Speaker:

Has the minister leave to table those documents?

Topic:   INCOME TAX
Subtopic:   TABLING OF ORDER IN COUNCIL RESPECTING
Sub-subtopic:   DEFERRED CAPITAL COST ALLOWANCES
Permalink
?

Some hon. Members:

Agreed.

Topic:   INCOME TAX
Subtopic:   TABLING OF ORDER IN COUNCIL RESPECTING
Sub-subtopic:   DEFERRED CAPITAL COST ALLOWANCES
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LIB

Mitchell William Sharp (Minister of Finance and Receiver General)

Liberal

Mr. Sharp:

In the budget last March it was announced that a regulation under the Income Tax Act had been passed to provide that capital assets of certain classes acquired in the period after the date of the budget but before October 1 of this year would be subject to deferred capital cost allowances. This action was intended to serve as a restraint upon capital expenditures at a time when these were increasing at excessive levels.

The present order in council which I am tabling changes from October 1 to April 1 of this year the date at which this period comes to an end. Consequently property acquired after March 31 will not be subject to the deferred capital cost allowances provided for in the regulation last year.

It had been my intention to announce this change in capital cost allowances in speaking on second reading of Bill C-280 because the reason for terminating this period of deferred

March 22, 1967

Dairy Support Policy

capital cost allowances is the same as the reason for introducing that short bill. Now that consideration of the bill has been deferred until after the recess it is important that there be an immediate announcement here in parliament of the action in regard to capital cost allowances. It will be possible to discuss this action as well as that in respect of the refundable tax when parliament is able to consider Bill C-280, which is an amendment to the Income Tax Act.

[DOT] (2:40 p.m.)

In the budget last year it was stated that this temporary reduction in capital cost allowances, like the refundable tax, could be terminated on short notice should economic circumstances change. At present the economic circumstances and short term prospects do not appear to require any such restraint upon capital expenditures.

Topic:   INCOME TAX
Subtopic:   TABLING OF ORDER IN COUNCIL RESPECTING
Sub-subtopic:   DEFERRED CAPITAL COST ALLOWANCES
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LIB

Lucien Lamoureux (Speaker of the House of Commons)

Liberal

Mr. Speaker:

The hon. Minister of Agriculture.

Topic:   INCOME TAX
Subtopic:   TABLING OF ORDER IN COUNCIL RESPECTING
Sub-subtopic:   DEFERRED CAPITAL COST ALLOWANCES
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?

Some hon. Members:

Hear, hear.

Topic:   INCOME TAX
Subtopic:   TABLING OF ORDER IN COUNCIL RESPECTING
Sub-subtopic:   DEFERRED CAPITAL COST ALLOWANCES
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LIB

Lucien Lamoureux (Speaker of the House of Commons)

Liberal

Mr. Speaker:

Order, please. I failed to notice that the hon. member for Nanaimo-Cowichan-The Islands wishes to comment on the statement made by the Minister of Finance.

Topic:   INCOME TAX
Subtopic:   TABLING OF ORDER IN COUNCIL RESPECTING
Sub-subtopic:   DEFERRED CAPITAL COST ALLOWANCES
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NDP

Colin Cameron

New Democratic Party

Mr. Colin Cameron (Nanaimo-Cowichan-The Islands):

I was waiting, Your Honour, in case someone from the official opposition wished to comment. I have not had time in which to consider all the implications of this statement, but I suggest to the Minister of Finance that this is another of the rather haphazard ad hoc amendments to our fiscal structure which he seems to have been practising constantly. It is my hope that before contemplating any other such changes he will refer to the recent report of the Carter commission on taxation, where these problems are dealt with in a coherent manner. I hope there will be no more of these sudden changes without reference to the whole framework of fiscal policy.

Topic:   INCOME TAX
Subtopic:   TABLING OF ORDER IN COUNCIL RESPECTING
Sub-subtopic:   DEFERRED CAPITAL COST ALLOWANCES
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AGRICULTURE

MILK-ANNOUNCEMENT OF SUPPORT POLICY FOR 1967-68

March 22, 1967