Labour Organization Financial Disclosure - Bill C-377 - Update
An Act to amend the Income Tax Act (requirements for labour organizations)
Bill C-377 amends the Income Tax Act of Canada to require labour organizations (including unions) to file 29 schedules of financial information with the Federal Minister of National Revenue, who would then be required to post them online for all Canadians to access.
Bill C-377 was adopted at second reading on March 14, 2012 by the Federal House of Commons in Ottawa (154 to 127) It has now been referred to the Standing Committee on Finance of the House of Commons . The Committee has a maximum of 60 (meaning days that Parliament “sits”) to “Report” the Bill back to the House. Based on the current known schedule the Committee has until September 27th to complete its consideration of the Bill, failing which the Bill is deemed “Reported back” to the House without amendment.
The committee has essentially three choices:
- Report the Bill back to the House with or without amendments
- Recommend to the House that the Bill not proceed, or
- Request a one-time only extension (30 sitting days)
Such a request for an extension must then be concurred on by the House. Otherwise, the Bill is deemed Reported without amendment, as stated earlier.
After that it must come back to the House of Commons for Third Reading where it is then debated for a maximum of two one-hour periods, roughly thirty sitting days apart, except if traded, and following which it is subject to the final House vote(s).
If the Bill passes, the Third Reading vote it is then referred to the Senate where it undergoes a process roughly similar to that of the House. Finally, should the Senate amend the Bill further, any Senate amendment must be ratified by the House before the Bill can be given Royal Assent.
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