Thank you, Mr. Speaker. I move, seconded by the honourable Member for Kitikmeot, that Bill 11, an Ad to Amend the Income Tax Ad, be read for the third time.

Thank you, Mr. Speaker, colleagues. Mr. Speaker, I move, seconded by the honourable Member for Baffin Central, that Bill 11, An Act to Amend the Income Tax Act, be read for the second time.

Mr. Speaker, this bill amends the Income Tax Act to incorporate the following changes required by recent amendments to the Income Tax Act of Canada. The changes, Mr. Speaker, allow the calculation of compound interest payable under the act; allow reassessments to be made after the normal reassessment period where a taxpayer may be entitled to a refund; allow for the payments of refunds after the normal period; allow the imposition of a penalty to be imposed on corporations that fail to file a return; clarify certain penalty provisions; allow the taxpayer to apply for an extension of time to file a notice of objection; clarify that interest is payable from the beginning of the year in which an amendment becomes applicable; broaden and clarify certain provisions respecting enforcement; and, delete reference to the Comptroller General who no longer performs duties under the Income Tax Act. Thank you, Mr. Speaker.

Thank you, Mr. Speaker. I move, seconded by the honourable Member for Baffin Central, that Bill 11, An Act to Amend the Income Tax Act, be read for the first time. Thank you, Mr. Speaker.