This is page numbers 91 - 116 of the Hansard for the 13th Assembly, 7th Session. The original version can be accessed on the Legislative Assembly's website or by contacting the Legislative Assembly Library. The word of the day was aboriginal.

Topics

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

Thank you. Does the committee agree that Bill 13 is ready for third reading? Agreed?

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Some Hon. Members

Agreed.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

Bill 13 is now ready for third reading. I thank the Minister and his witnesses.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Charles Dent

Charles Dent Yellowknife Frame Lake

Thank you.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

We can now proceed to the next item on the agenda which is Bill 14, An Act to amend the Risk Capital Investment Tax Credits Act, and the Income Tax Act. Mr. Henry.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Seamus Henry Yellowknife South

Thank you, Mr. Chairman. I wish to declare a conflict of interest in the Risk Capital Investment Program and will remove myself from the discussions and the House. Thank you.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

Thank you, Mr. Henry. It is noted. I will call on the Minister responsible for the bill and, again, I will ask Mr. Dent, on behalf of the Minister of Finance, Mr. Todd, if he will introduce the bill.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Charles Dent

Charles Dent Yellowknife Frame Lake

Thank you, Mr. Chairman. As you have noted, on behalf of Mr. Todd, I am introducing today Bill 14, An Act to Amend the Risk Capital Investment Tax Credits Act, and the Income Tax Act.

Mr. Chairman, this bill amends the Risk Capital Investment Tax Credits Act to allow the government to charge fees to companies registering under the act and to provide for the setting of those fees by regulations. This bill also amends the act to retroactively deem the act and the regulations made under the act to have come into force on the date the act was given assent, September 25, 1998.

In addition, this bill amends the Income Tax Act to give retroactive effect to a provision of that act respecting the investment tax credits established under the Risk Capital Investment Tax Credits Act. These changes correct two problems with the Risk Capital Investment Tax Credits Act which were not identified until the program's implementation.

Mr. Chairman, when the regulations were being drafted for the Risk Capital Investment Tax Credit Act, it was determined that the act inadvertently did not allow for fees to be charged for many of the services provided to companies registering under the act. This bill amends that act to allow for fees to be set by regulations for services provided under the act. When the program was introduced in the 1998-99 budget, it was announced that there would be fees to recover the cost of these services.

The original act was proclaimed on September 25, but the order bringing it into force was not signed until February 11, 1999. The details of the program administration had to be known prior to the act being brought into force. The amendment being introduced provides that the act came into force on September 25, in order to allow for tax credits for the 1998 tax year, as was originally intended, and announced in the 1998 budget. Thank you, Mr. Chairman.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

Thank you, Mr. Dent. Could I again call on Mrs. Groenewegen, the Member for Hay River, on behalf of the Standing Committee on Infrastructure to present the committee's comments on the bill?

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Jane Groenewegen

Jane Groenewegen Hay River

Thank you, Mr. Chairman.

The Standing Committee on Infrastructure reviewed Bill 14, An Act to Amend the Risk Capital Investment Tax Credits Act, and the Income Tax Act, on March 23, 1999. The committee would like to thank the Minister of Finance and his officials for presenting the bill.

The amendment amends the Risk Capital Investment Tax Credits Act to allow the government to charge fees to companies registering under the act and to provide for the setting of those fees by regulation. The amendment will also amend the act to retroactively deem the act and the regulations made under the act to have come into force on the date the act was given assent, September 25, 1998. Finally, the act amends the Income Tax Act to give retroactive effect to a provision of that act respecting the investment tax credits established under the Risk Capital Investment Tax Credits Act. This amendment will allow tax credits for the 1998 tax year, as was originally intended.

Mr. Chairman, following the committee's review, a motion was carried to report Bill 14, An Act to Amend the Risk Capital Investment Tax Credits Act, and the Income Tax Act to the Assembly as ready for the committee of the whole. Additional comments or questions of the Members may be posed as we proceed. Thank you, Mr. Chairman.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

Thank you, Mrs. Groenewegen. I will offer the Minister the opportunity to bring in witnesses if he wishes. Mr. Minister.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Charles Dent

Charles Dent Yellowknife Frame Lake

Thank you, Mr. Chairman. I would like to keep Ms. Melhorn here and add another witness or two with the committee's agreement, please.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

Thank you, Mr. Dent. Does the committee agree we can have more witnesses? Agreed?

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Some Hon. Members

Agreed.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

You may proceed, Mr. Minister. Could I have the Minister introduce his witness?

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Charles Dent

Charles Dent Yellowknife Frame Lake

Thank you, Mr. Chairman. We have

been joined, on my left, by Mr. John Monroe, who is the manager of Tax Policy.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

Thank you, Mr. Dent. Welcome to the committee. I open the floor to general comments on the bill. Any general comments on the bill? Is the committee prepared to proceed clause by clause? Agreed?

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Some Hon. Members

Agreed.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

We will now proceed clause by clause with bill 14. Cover sheet, Bill 14, an Act to Amend the Risk Capital Investment Tax Credits Act, and the Income Tax Act. Agreed?

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Some Hon. Members

Agreed.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

Thank you. On page 1 of bill 14, clause 1. Agreed?

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Some Hon. Members

Agreed.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

Clause 2. Agreed?

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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Some Hon. Members

Agreed.

Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters

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The Chair

The Chair Vince Steen

Thank you. Page 2, clause 3. Agreed?