Steven Lewis, Jack Chaffe, Yves Giroux, Kim Moody and Katrina Miller made statements and, with Jennifer Babcock and Govindadeva Bernier, answered questions.

Marty Morantz moved, — That, with regard to the provisions of Budget 2024 and the subsequent motion passed by the House of Commons regarding changes to certain provisions regarding the administration of Capital Gains and the provisions related to the taxation of Capital Gains earned by both individuals under the Income Tax Act and Corporations (both publicly traded and Canadian Controlled Private Corporations) including but not limited to the increase in the inclusion rate from 50% to 66 2/3's %, the Department of Finance provide the following to the House of Commons Standing Committee of Finance on or before November 1st, 2024:

A detailed written ‘economic impact study’ on the implementation of the aforesaid changes including:

1. A breakdown of the expected impact on private sector employment including, jobs related to trades and construction;
2. An estimate of the anticipated new tax revenue expected;
3. A breakdown of the effect the changes will have on Canadas GDP both gross and per capita;
4. An analysis of the impact on the equity positions of publicly traded Corporations with a specific focus on the direct impact on share value;
5. An estimate of the impact of the equity position of the Canada Pension Plan;
6. An estimate of the impact on investment in SMEs, start-ups and R&D including impact on scaling; and
7. An analysis as to whether these changes will be a disincentive for the construction of purpose built rental units and multi unit housing projects.

Debate arose thereon.

Rachel Bendayan moved, — That the debate be now adjourned.

The question was put on the motion and it was agreed to on the following recorded division:

YEAS: Yvan Baker, Rachel Bendayan, Don Davies, Julie Dzerowicz, Francesco Sorbara, Joanne Thompson — 6;

NAYS: Adam Chambers, Jasraj Singh Hallan, Pat Kelly, Marty Morantz, Gabriel Ste-Marie — 5.

Questioning of the witnesses resumed.

Rachel Bendayan gave notice of the following motion:

That the Committee hold Pre-Budget Consultations for the 2025 Budget, and that:

1. The committee dedicate no fewer than ten meetings to pre-budget consultations and that it reportsits findings to the house.
2. The Deputy Prime Minister and Finance Minister and departmental officials be invited to appearbefore the committee.