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Bill C-399

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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

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. 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.

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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 Commons
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Table of Contents
Cover
Summary
Bill C-399
Table of Contents