April 7, 1916 (12th Parliament, 6th Session)

CON

William Thomas White (Minister of Finance and Receiver General)

Conservative (1867-1942)

Sir THOMAS WHITE:

You cannot get at these companies. This is a tax upon the business profits of companies doing business in Canada. These other companies have no domicile in Canada and therefore it is impossible to apply this Bill to them. The only way would be by a supplementary measure of taxation taxing the premiums paid by the insurers throughout Canada. Most business people throughout Canada will be taxed specially by this measure. To impose another tax upon them would be to impose an additional measure of taxation. My own view is that this matter should .be dealt with upon a revision of the Insurance Act. If the contention is sound to-day, and there is much to toe said for it, that taxation should be levied tipon insurers in Canada, that was true two years ago, it was true five years ago, it was true before the outbreak of the war and it will be true after the war is concluded. That question is not necessarily connected with the question of taxation now any more than it was with the licensing and taxing of companies before this war broke out. We have brought down this measure of taxation and it is not the intention of the Government to bring down an additional measure of taxation this year. I do not propose to 'bring down an additional Budget. The time to consider it is when the Insurance Act is under revision.

Topic:   TAXATION OF PROFITS.
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