June 10, 1947 (20th Parliament, 3rd Session)

LIB

Douglas Charles Abbott (Minister of Finance and Receiver General)

Liberal

Mr. ABBOTT:

I perhaps was not quite clear in my explanation. What happens is this. The individual buys the shares from corporation No. 2 before the dividend is paid out. That is where I was incomplete in my explanation. An individual buys shares of a private company from this other corporation before the dividend is paid out, and he receives the dividend tax free.

Topic:   INCOME WAR TAX ACT
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