C-418
First Session, Thirty-ninth Parliament,
55-56 Elizabeth II, 2006-2007
HOUSE OF COMMONS OF CANADA
BILL C-418
An Act to amend the Income Tax Act (deductibility of remuneration)
first reading, March 27, 2007
NOTE
2nd Session, 39th Parliament
This bill was introduced during the First Session of the 39th Parliament. Pursuant to the Standing Orders of the House of Commons, it is deemed to have been considered and approved at all stages completed at the time of prorogation of the First Session. The number of the bill remains unchanged.
Ms. Charlton
391476
SOMMARY
This enactment amends the Income Tax Act to provide that a corporation may not deduct as a business expense more than one million dollars per year in respect of remuneration paid to an employee or officer of the corporation in that year.
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-418
An Act to amend the Income Tax Act (deductibility of remuneration)
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 18(1) of the Income Tax Act is amended by adding the following after paragraph (p):
Limitation re salary, wages or other remuneration
(p.1) an outlay or expense in excess of one million dollars incurred by a corporation in a taxation year in the form of salary, wages or other remuneration paid to an employee or officer of the corporation in the year;
Published under authority of the Speaker of the House of CommonsAvailable from:Publishing and Depository ServicesPublic Works and Government Services Canada