There are several questions I wish to ask and perhaps the minister can answer them all at the same time.
I would like to know whether the regulations when they are made will be published, and also why parliament should not be asked to approve of such regulations.
I would like to know why the sum of $900 has been fixed as the maximum for contributions to pension funds, whether or not a larger percentage should be allowed, perhaps to the man in the lower brackets, and to what extent
Income Tax Act
it will help him as against loss to the public as a whole of its revenue.
I come now to clause (j), which refers to the amount allowed to the taxpayer who is separated from his wife. I think the converse applies when the wife separates from her husband. I would like to know whether or not this puts the taxpayer who is separated from his wife in a preferred position in the matter of income tax. As I understand it, most of us are allowed S750 as exemption on account of having a wife, which is not always sufficient to meet what we actually spend for her; yet if a man is separated from his wife he is allowed an expenditure of perhaps $2,000 or $3,000 if his payments amount to that much. The maximum should be $750. I will admit that the wife is taxed also, but as to those in the lower income tax brackets, the wife might have little other income and she would be in a preferred position.
Then we come to subsection 5(a), the capital cost of property. Again I would like to know what the capital cost of property is. How is it arrived at? I believe that in some -cases property when transferred, having been depreciated once, starts once again on the 'long road of depreciation for the new owner. I would like to know how the department intends to arrive at the capital cost.
Topic: INCOME TAX ACT
Subtopic: REVISION AND CONSOLIDATION