C-399
First Session, Thirty-ninth Parliament,
55-56 Elizabeth II, 2006-2007
HOUSE OF COMMONS OF CANADA
BILL C-399
An Act to amend the Income Tax Act (mutual fund trust accounting principles)
first reading, February 8, 2007
Ms. Wasylycia-Leis
391359
SUMMARY
This enactment amends the Income Tax Act to require that mutual fund trusts use generally accepted accounting principles and identify separately income distributions and return of capital distributions.
Also available on the Parliament of Canada Web Site at the following address:http://www.parl.gc.ca
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1st Session, 39th Parliament,
55-56 Elizabeth II, 2006-2007
house of commons of canada
BILL C-399
An Act to amend the Income Tax Act (mutual fund trust accounting principles)
R.S., c.1 (5th Supp.)
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. Subsection 132(6) of the Income Tax Act is amended by striking out the word “and” at the end of paragraph (b), by adding the word “and” at the end of paragraph (c) and by adding the following after paragraph (c): 
(d) its financial reports
(i) were prepared in accordance with generally accepted accounting principles, and
(ii) identified separately income distributions and return of capital distributions, as defined by regulations.
Published under authority of the Speaker of the House of CommonsAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada