Bill C-60 (Historical)

Economic Action Plan 2013 Act, No. 1

An Act to implement certain provisions of the budget tabled in Parliament on March 21, 2013 and other measures

Part 1 implements certain income tax measures proposed in the March 21, 2013 budget. Most notably, it
(a) allows certain adoption-related expenses incurred before a child’s adoption file is opened to be eligible for the Adoption Expense Tax Credit;
(b) introduces an additional credit for first-time claimants of the Charitable Donations Tax Credit;
(c) makes expenses for the use of safety deposit boxes non-deductible;
(d) adjusts the Dividend Tax Credit and gross-up factor applicable in respect of dividends other than eligible dividends;
(e) allows collection action for 50% of taxes, interest and penalties in dispute in respect of a tax shelter that involves a charitable donation;
(f) extends, for one year, the Mineral Exploration Tax Credit for flow-through share investors;
(g) extends, for two years, the temporary accelerated capital cost allowance for eligible manufacturing and processing machinery and equipment;
(h) clarifies that the income tax reserve for future services is not available in respect of reclamation obligations;
(i) phases out the additional deduction available to credit unions over five years;
(j) amends rules regarding the judicial authorization process for imposing a requirement on a third party to provide information or documents related to an unnamed person or persons; and
(k) repeals the rules relating to international banking centres.
Part 1 also implements other income tax measures and tax-related measures. Most notably, it
(a) amends rules relating to caseload management of the Tax Court of Canada;
(b) streamlines the process for approving tax relief for Canadian Forces members and police officers;
(c) addresses a technical issue in relation to the temporary measure that allows certain family members to open a Registered Disability Savings Plan for an adult individual who might not be able to enter into a contract; and
(d) simplifies the determination of the Canadian-source income of non-resident pilots employed by Canadian airlines.
Part 2 implements certain goods and services tax and harmonized sales tax (GST/HST) measures proposed in the March 21, 2013 budget by
(a) reducing the compliance burden for employers under the GST/HST pension plan rules;
(b) providing the Minister of National Revenue the authority to withhold GST/HST refunds claimed by a business where the business has failed to provide certain GST/HST registration information;
(c) expanding the GST/HST exemption for publicly funded homemaker services to include personal care services provided to individuals who require such assistance at home;
(d) clarifying that reports, examinations and other services that are supplied for a non-health-care-related purpose do not qualify for the GST/HST exemption for basic health care services; and
(e) ending the current GST/HST point-of-sale relief for the Governor General.
Part 2 also amends the Excise Tax Act and Excise Act, 2001 to modify the rules regarding the judicial authorization process for imposing a requirement on a third party to provide information or documents related to an unnamed person or persons.
In addition, Part 2 amends the Excise Act, 2001 to ensure that the excise duty rate applicable to manufactured tobacco other than cigarettes and tobacco sticks is consistent with that applicable to other tobacco products.
Part 3 implements various measures, including by enacting and amending several Acts.
Division 1 of Part 3 amends the Customs Tariff to extend for ten years, until December 31, 2024, provisions relating to Canada’s preferential tariff treatments for developing and least-developed countries. Also, Division 1 reduces the rate of duty under tariff treatments in respect of a number of items relating to baby clothing and certain sports and athletic equipment imported into Canada on or after April 1, 2013.
Division 2 of Part 3 amends the Trust and Loan Companies Act, the Bank Act, the Insurance Companies Act and the Cooperative Credit Associations Act to remove some residency requirements to provide flexibility for financial institutions to efficiently structure the committees of their boards of directors.
Division 3 of Part 3 amends the Federal-Provincial Fiscal Arrangements Act to renew the equalization and territorial formula financing programs until March 31, 2019 and to implement total transfer protection for the 2013-2014 fiscal year. That Act is also amended to clarify the time of calculation of the growth rate of the Canada Health Transfer for each fiscal year beginning after March 31, 2017.
Division 4 of Part 3 authorizes payments to be made out of the Consolidated Revenue Fund to certain entities or for certain purposes.
Division 5 of Part 3 amends the Canadian Securities Regulation Regime Transition Office Act to remove the statutory dissolution date of the Canadian Securities Regulation Regime Transition Office and to provide authority for the Governor in Council, on the Minister of Finance’s recommendation, to set another date for the dissolution of that Office.
Division 6 of Part 3 amends the Investment Canada Act to clarify how proposed investments in Canada by foreign state-owned enterprises and WTO investors will be assessed and to allow for the extension, when necessary, of timelines associated with national security reviews.
Division 7 of Part 3 amends the Canada Pension Plan to ensure that the Canada Revenue Agency can accurately identify, calculate and refund overpayments made to the Canada Pension Plan and the Quebec Pension Plan in a particular year by contributors who live outside Quebec.
Division 8 of Part 3 amends the Pension Act and the War Veterans Allowance Act to ensure that veterans’ disability benefits are no longer deducted when calculating war veterans allowance.
Division 9 of Part 3 amends the Immigration and Refugee Protection Act to authorize the revocation of temporary foreign worker permits, the revocation and suspension of opinions provided by the Department of Human Resources and Skills Development with respect to an application for a work permit and the refusal to process requests for such opinions. It authorizes fees to be paid for rights and privileges conferred by means of a work permit and exempts, from the application of the User Fees Act, those fees as well as fees for the provision of services in relation to the processing of applications for a temporary resident visa, work permit, study permit or extension of an authorization to remain in Canada as a temporary resident or in relation to requests for an opinion with respect to an application for a work permit.
It also provides that decisions made by the Refugee Protection Division under the Immigration and Refugee Protection Act in respect of claims for refugee protection that were referred to that Division during a specified period are not subject to appeal to the Refugee Appeal Division if they take effect after a certain date.
Division 10 of Part 3 amends the Citizenship Act to expand the Governor in Council’s authority to make regulations respecting fees for services provided in the administration of that Act and cases in which those fees may be waived. It also exempts, from the application of the User Fees Act, fees for services provided in the administration of the Citizenship Act.
Division 11 of Part 3 amends the Nuclear Safety and Control Act to authorize the Canadian Nuclear Safety Commission to spend for its purposes the revenue it receives from the fees it charges for licences.
Division 12 of Part 3 enacts the Department of Foreign Affairs, Trade and Development Act, sets out the powers, duties and functions of the Minister of Foreign Affairs, the Minister for International Trade and the Minister for International Development and provides for the amalgamation of the Department of Foreign Affairs and International Trade and the Canadian International Development Agency.
Division 13 of Part 3 authorizes the taking of measures with respect to the reorganization and divestiture of all or any part of Ridley Terminals Inc.
Division 14 of Part 3 amends the National Capital Act and the Department of Canadian Heritage Act to transfer certain powers, duties and functions to the Minister of Canadian Heritage from the National Capital Commission. It also makes consequential amendments to the National Holocaust Monument Act to change the Minister responsible for the construction of the monument to the Minister of Canadian Heritage from the Minister responsible for the National Capital Act.
Division 15 of Part 3 amends the Salaries Act to add ministerial positions for regional development responsibilities for northern Canada, and northern and southern Ontario. It also amends the Salaries Act to replace a reference to the Solicitor General of Canada with a reference to the Minister of Public Safety and Emergency Preparedness. It also makes an amendment to the Parliament of Canada Act to provide that the maximum number of Parliamentary Secretaries who may be appointed is equal to the number of ministers for whom salaries are provided in the Salaries Act.
Division 16 of Part 3 amends the Department of Public Works and Government Services Act to remove the requirement for the Minister of Public Works and Government Services to obtain a request from a government, body or person in Canada or elsewhere in order for the Minister to do certain things for or on their behalf. It also amends that Act to specify that the Governor in Council’s approval relating to those things may be given on a general or a specific basis.
Division 17 of Part 3 amends the Financial Administration Act to give the Governor in Council the authority to direct a Crown corporation to have its negotiating mandate approved by the Treasury Board for the purpose of the Crown corporation entering into a collective agreement with a bargaining agent. It also gives the Treasury Board the authority to require that an employee under the jurisdiction of the Secretary of the Treasury Board observe the collective bargaining between the Crown corporation and the bargaining agent. It requires that a Crown corporation that is directed to have its negotiating mandate approved obtain the Treasury Board’s approval before entering into a collective agreement. It also gives the Governor in Council the authority to direct a Crown corporation to obtain the Treasury Board’s approval before the Crown corporation fixes the terms and conditions of employment of certain of its non-unionized employees. Finally, it makes consequential amendments to other Acts.
Division 18 of Part 3 amends the Keeping Canada’s Economy and Jobs Growing Act to provide for increases to the sums that may be paid out of the Consolidated Revenue Fund for municipal, regional and First Nations infrastructure through the Gas Tax Fund. It also provides that the sums may be paid on the requisition of the Minister of Indian Affairs and Northern Development.

Bill C-60—Time Allocation Motion

[Some hon. members]

Nay.

[The Deputy Speaker, NDP, Joe Comartin]

In my opinion the nays have it.

And five or more members having risen:

Call in the members.

(The House divided on the motion, which was agreed to on the following division:)

Vote #673

Economic Action Plan 2013 Act, No. 1

[The Deputy Speaker, NDP, Joe Comartin]

I declare the motion carried.

I wish to inform the House that because of the proceedings on the time allocation motion, government orders will be extended by 30 minutes.

[Françoise Boivin, NDP, Gatineau, QC]

Mr. Speaker, I believe that if you seek it, you will find unanimous consent for the following motion: “That this House call on the government to announce without delay what measures it plans to implement to respond to the motion adopted unanimously by the National Assembly of Quebec on April 16, 2013.”

[The Deputy Speaker, NDP, Joe Comartin]

Does the hon. member have the unanimous consent of the House to move the motion?

[Some hon. members]

Agreed.

No.

The House resumed from May 1 consideration of the motion that Bill C-60, An Act to implement certain provisions of the budget tabled in Parliament on March 21, 2013 and other measures, be read the second time and referred to a committee, and of the amendment.

Second Reading

[Guy Caron, NDP, Rimouski-Neigette—Témiscouata—Les Basques, QC]

Mr. Speaker, it was exactly two years ago when the people of Rimouski-Neigette—Témiscouata—Les Basques did me the honour and privilege of choosing me to represent them in the House of Commons. I would like to thank them once again. I believe I have done an excellent job these past two years, and I promise to honour the privilege bestowed upon me of representing them in the House.

It is very appropriate that I rise on this first day of the third year to debate Bill C-60, the federal government's first budget implementation bill. It is appropriate because, as others have already mentioned in this place, the official opposition will not be voting for the bill for a number of reasons. I could probably talk about the 125-page bill for an hour or an hour and a half. This bill is not as hefty as the previous one, but it is nevertheless an omnibus bill that we will call omnibus bill 3.0. This one bill will amend about 50 pieces of legislation with one vote. It is an important bill and we would have liked the Conservative government to be much more pragmatic given the very uncertain economic situation in which we find ourselves.

Yes, there was a major recession in 2008-09, and we are still feeling its effects. Contrary to what the Conservative government is saying, we are not out of the woods yet. In fact, the situation is still uncertain.

For instance, three weeks ago, the International Monetary Fund scaled back its forecast, its economic growth outlook for Canada, reducing it from 1.8% to 1.5%.

A rate of 1.5% in 2013 is less than what Canadian economists were predicting and less than what the Conservative government had predicted. The Minister of Finance predicted growth of 1.6%, and the minister himself admitted that it was a cautious projection. The IMF's projection is even lower than the finance minister's cautious forecast.

Very recently, just two weeks ago in fact, the OECD said that Canada would have one of the slowest growth rates during the first quarter of 2013, which contradicts what the parliamentary secretary was saying. According to him, Canada has the strongest economic growth in the G7. That is completely false. Canada's growth is slower than that of not only the United States, but also Japan, Germany and the G7 average and many G7 countries are still in serious trouble, including Italy for example, and to a lesser degree, France.

Why is the government doing the exact opposite of what it should be doing?

In her latest report, which the Standing Committee on Finance examined this week, the Parliamentary Budget Officer described budget 2013 as an austerity budget, much like budget 2012. The consequences of budget 2012 and budget 2013 mean that, in relation to our economic potential, measures included in budget 2013 will lead to a growth rate that is 0.57% lower than what it could have been without those austerity measures. In terms of job creation, if those austerity measures had not been included in the Conservative budget, we could have created 77,000 additional jobs over the next five years. That is not insignificant.

In the depths of the 2009 recession, Canada created a lot of jobs. This made sense, since we had hit rock bottom. However, the Conservative government's measures are curbing the growth we could achieve without these austerity measures. For example, the Parliamentary Budget Officer's report showed that we are nearly 2% below our potential for economic growth. Our growth is currently very slow, and the Conservatives's measures are doing nothing to improve that. On the contrary, they are limiting our economy's potential growth.

Anyone who does not believe me can read the report issued by the International Monetary Fund three weeks ago. This report says something very interesting:

Although fiscal consolidation is needed to rebuild fiscal space against future shocks, there is room to allow automatic stabilizers to operate fully if growth were to weaken further.

For those watching at home, I will point out that “fiscal consolidation” means “budget cuts” or “austerity measures” in order to balance the budget in 2015-16. This objective to balance the budget before the election is artificial and arbitrary. All Canadians know that.

The International Monetary Fund agrees with the general objective of balancing the budget at some point. It does not mention 2015-16 specifically; it talks about some point in an economic cycle. It also says that there is room for the federal government to allow automatic stabilizers to operate fully if growth were to weaken further. What are these automatic stabilizers? These are measures that directly help the public. We are talking about employment insurance and old age security. These programs are automatic stabilizers that can help avoid stalled economic growth by putting money in people's pockets, particularly people who will spend this money.

But what is the Conservative government doing? It is going against the IMF's recommendations and moving forward with fiscal consolidation, with austerity measures, decreasing the federal government's ability and willingness to strengthen stabilizers such as employment insurance and old age security benefits.

I wonder how we as the official opposition could vote in favour of a budget that flies in the face of growth and job creation in Canada.

Another factor prevents us from voting for this budget: it goes against what the government promised. The Prime Minister, the Minister of Finance and the Minister of State for Finance promised that there would be no tax increases for anyone in the 2013 budget. However, the opposite is true. There are numerous tax increases that total $8 billion over the next five years, $8 billion worth of tax increases.

We could have an adult discussion in the House, to determine whether the government’s measures are reasonable. The government does not even want to consider this. Despite the evidence, it is still denying that there is even one tax increase in the 2013 budget.

The proof is the tax credit for labour-sponsored funds and venture capital corporation funds. The elimination of this tax credit is not included in Bill C-60, but it is something that we expect to see in the next budget implementation bill. This is worth mentioning. The government plans on getting rid of this tax credit, something that will ultimately mean a tax increase for small investors, people who invest small amounts in these labour-sponsored venture capital funds. This represents $355 million over the next five years.

These labour-sponsored venture capital funds are essential for a number of reasons, one being that they help people save. The savings rate in Quebec was one of the lowest in Canada before the early 1980s, prior to the creation of the Fonds de solidarité FTQ. This fund enabled people to save and to set aside money for their old age. The government wants to eliminate the supplementary tax credit, the 15% labour fund tax credit, and in so doing, it will eliminate the major incentive to save that was provided by the Fonds de solidarité FTQ and now the CSN’s Fondaction.

It is also important for investment. Now we have a private venture capital industry, but the fact remains that most of the investment in regional economies comes from labour funds. It is important and interesting to note that one of the first organizations to speak out against the Conservative measure announced in the budget to eliminate the 15% labour fund tax credit was Canada’s Venture Capital and Private Equity Association. Why was this group opposed to the measure? It was because it recognized the importance of these two major funds which, by the way, also invest, just like private venture capital organizations.

The government, looking for a good deal and thinking that it could get rid of one more labour organization, announced a totally regressive measure in the budget that goes against our need to encourage savings and venture capital investment.

Bill C-60 also contains another measure, which aims at increasing taxes by eliminating the additional deduction for credit unions and caisses populaires. Eliminating this deduction will lead to a tax hike of $205 million by 2017-18.

The Conservative government is bringing in boutique tax credits and saying that they are tax reductions for Canadians, but of course when you get rid of labour fund or credit union tax credits, it is actually a tax hike.

By getting rid of this deduction, the Conservatives are ignoring the specific mandate of credit unions and caisses populaires. These are not profit-making institutions, as any surpluses are redistributed as dividends to the members, investors and depositors. It is important to note that the mandate of organizations such as credit unions and caisses populaires is very specific and also very different from the mandate of private financial institutions.

When I am in my home riding, I note that there are credit unions in Lac-des-Aigles, Esprit-Sain and Saint-Jean-de-Dieu. There are no longer any banks or bank branch offices, only credit unions. The reason for this is that, even though they are not the most lucrative institutions, they offer essential local services for the people in those areas. No bank is going to do this, and the additional deduction for credit unions and caisses populaires reflected this reality and their specific mandate.

Bill C-60 also eliminates the dividend tax credit, but I will not be able to go into this in detail because I also want to discuss other essential elements in the bill. By eliminating this tax credit, the government will recover $2.4 billion over the next five years through tax increases. Here again, eliminating the tax credit is the same as raising taxes.

It is therefore not true to say that there are no tax increases, as the government has been saying, because there are tax increases totalling $8 billion. I would like to list them all, but I realize that I will not have enough time.

There is a key and crucial element in Bill C-60, and that is the changes to the Investment Canada Act. This legislation requires the Minister of Industry to conduct a systematic review when the acquisition by a foreign company of a Canadian business exceeds a certain threshold, which is currently $344 million. This means that any acquisition over $344 million by a company operating in a country that is a member of the World Trade Organization, the WTO, must be reviewed.

It should be noted that the dollar amount has been increasing gradually. In 1997, the threshold was set at $172 million. Over the years, the threshold has been increased to its current level of $344 million. Over the next three years, the government will be increasing the threshold to $1 billion. Therefore, all acquisitions under $1 billion—for instance an acquisition valued at $800 million or $900 million—will no longer be reviewed by Industry Canada to determine whether they are likely to be of net benefit to Canada and meet Canada’s economic development requirements.

Furthermore, the legislation also specifies that foreign state-owned enterprises will not be covered by this higher threshold. Therefore, a Chinese, Indian, European, American or North American state-owned company that wants to invest and make an acquisition will not be subject to the new threshold levels, and the minimum threshold will still be $344 million.

This is obviously a response to the Prime Minister’s statement in December 2012 on the acquisition of Nexen by CNOOC, a Chinese state-owned company. The Prime Minister said at that time:

When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments.

However, that is clearly the direction this is going in. The Conservative government is blind to the fact that this measure is absolutely useless and will be challenged by companies such as CNOOC as soon as the government signs the FIPA, the Foreign Investment Protection Agreement.

It could be challenged right out of the gate because FIPA gives foreign companies, including foreign state-owned enterprises, the right to the same treatment as a Canadian company.

With a provision like that—which is meant to exclude CNOOC or any other investor from those provisions or an increase in that threshold—a company will say that there is no national treatment, that it is not being treated like a Canadian business, which is not subject to the Investment Canada Act. The Conservative government is trying to please everyone with measures that make absolutely no sense and that are inconsistent with its international trade measures.

Part 3, division 17 of Bill C-60 allows the federal government to meddle directly in collective bargaining within Canada's crown corporations. The government does not even hide the fact that it is targeting the CBC, VIA Rail and Canada Post.

The Treasury Board Secretariat oversees all of this independently, because crown corporations are supposed to operate at arm's length.

Under this bill, the Treasury Board Secretariat can give direct instructions to directors of crown corporations about salaries, standards, benefits and so on. Basically, the Treasury Board Secretariat can tell directors at the CBC, VIA Rail and Canada Post what they can and cannot negotiate. That takes away the arm's length relationship that defines Canada's crown corporations.

According to another rule set out in Bill C-60, which pertains specifically to negotiations within crown corporations, a Treasury Board Secretariat employee—a federal government employee—can sit alongside directors at the negotiating table.

What happened to the crown corporation's independence and ability to manage its own affairs? Yes, it is accountable to the government for its performance, but the government must not interfere with crown corporations in this way. I did a quick calculation, which is very telling.

When we ask the Minister of State for Transport questions about Canada Post or VIA Rail, he always says that nothing can be done because they are at arm's length from the government. Since the 2011 election, the Minister of State for Transport has refused to answer questions in the House on 22 occasions and has stated that crown corporations make their own decisions and are responsible for them.

In a recent statement made on April 19, he said:

Mr. Speaker, Canada Post will respect the Supreme Court's decision on pay equity and implement the ruling as soon as possible.

As members know, the Crown is at arm's length from the government and is responsible for its own operations, including human resources. The issue the member is referring to is before the courts, and therefore I cannot comment further.

About one month ago, the Minister of Canadian Heritage told the committee:

Library and Archives Canada, like the CBC, like our national museums, operates at arm's length. I don't involve myself in their day-to-day decisions.

For two years, the ministers have refused to answer questions about crown corporations because they are at arm's length from the government. However, the government is tabling Bill C-60 to directly interfere, quite openly, in the negotiations that are supposed to be conducted by the crown corporation's managers and their employees.

The government is not even trying to hide this. It is obvious that it wants to interfere, create downward pressure on wages, claw back benefits and meet its objectives that it keeps trying to ram down Canadians' throats. We saw the general downward pressure exerted on wages by the temporary foreign worker program and the employment insurance reform. That is absolutely irresponsible.

For all these reasons, the official opposition will have no choice but to strongly oppose Bill C-60. This bill does nothing for job creation, good working conditions and economic growth.

[Hélène LeBlanc, NDP, LaSalle—Émard, QC]

Mr. Speaker, I congratulate my colleague and deputy finance critic on his excellent speech. He gave us an in-depth, passionate and informative overview of the issue.

I would like to hear more about the loss of tax credits, especially with respect to credit unions.

What impact will this have on the regions in particular? I know that he represents a primarily rural riding.

How will these co-operatives, which help people with their finances, be affected by this major change?

[Guy Caron, NDP, Rimouski-Neigette—Témiscouata—Les Basques, QC]

Mr. Speaker, this question is important for several reasons.

However, there will definitely be an impact because the government is saying that the measure will help level the playing field and will eliminate a special advantage credit unions in Quebec had over banks. On the contrary, this measure will put credit unions at a disadvantage.

Credit unions have a specific mandate to operate in small, less profitable communities. That is why private banks no longer do business there. Credit unions provide local services to communities, which are often rural and spread out, and they invest directly in the economy to help stimulate regional growth.

By eliminating this additional deduction, the government is not leveling the playing field between credit unions and banks. It is giving an advantage to the banks, which are not required to invest and operate in small communities. We do not really understand the government's logic here. This measure will be counterproductive.

Unlike their slogan in the 2011 election, “Our region in power”, the Conservatives's measures are leaving the regions high and dry.

[James Rajotte, Conservative, Edmonton—Leduc, AB]

Mr. Speaker, I appreciate my colleague's speech. I serve with him on the finance committee. I know he is very hard-working, even though we often disagree.

I would like to have him address one aspect of this particular bill, Bill C-60, which deals with infrastructure.

As he knows, many witnesses come before our committee from many municipalities and other individuals from across the country. They came to the government this past year and asked us to index the gas tax fund, which was done in the budget in March and which is being done in this particular piece of legislation. They asked us to do this in order to allow municipalities to address their infrastructure needs across this country, to count on that going forward over a longer period of time so they can in fact use that as a source against which to borrow money to address their infrastructure needs, in addition to other programs that this government has initiated, such as the public-private partnership funding.

Does the member opposite's party in fact support the measure in this bill, in Bill C-60, that would index the gas tax fund?

[Guy Caron, NDP, Rimouski-Neigette—Témiscouata—Les Basques, QC]

Mr. Speaker, things are not always black and white.

In fact, we think some of the measures in the budget implementation bill are attractive. However, we cannot support the budget as a whole.

As the official opposition, the NDP has been asking for additional investments in infrastructure for a long time now. Clearly, those additional investments require funding and the budget has to include measures for that. For instance, we could give the municipalities a chance to have a 10-year plan with initiatives such as the building Canada plan or by extending that plan. Another appropriate measure would be to raise more funds with the gas tax, since we are dealing with specific infrastructure needs.

However, as was discussed at the Standing Committee on Finance this morning, there are problems with the investments. The government actually decided that $6 billion of the infrastructure budget, meaning 35% of the total amount for the building Canada plan would not be spent. That amount appears in this budget again. The government says that it is a new amount for infrastructure whereas it is in fact the amount that was already earmarked for infrastructure and was not spent. We have a problem with that.

In general, like the Federation of Canadian Municipalities and the Union des municipalités du Québec, we are happy that there is at least a 10-year period, even though we would have liked to have 15 or 20 years. Specific investments will in fact be made to meet the needs of communities. That will not be enough, but at least an effort was made.

[André Bellavance, Bloc, Richmond—Arthabaska, QC]

Mr. Speaker, my hon. colleague mentioned that Bill C-60 contains some poison pills, which suggests to us in the Bloc Québécois that a bill does not have to be huge in order to be filled with poison pills.

In particular, my colleague mentioned the government's interference in crown corporations. We had a taste of this—or should I say a bad aftertaste of this—during the most recent labour dispute, the lockout at Canada Post. There are other poison pills, and I would like my colleague to comment on one of them, namely the contentious Canadian Securities Transition Office. The government said that that office was supposed to cease its operations on July 12, 2013. However, under Bill C-60, that office will remain in place.

The Quebec National Assembly has adopted some unanimous motions, whether under the former Liberal government, the current PQ government or any other party present in the National Assembly. Other provinces have also expressed their displeasure at the Minister of Finance's plans to impose a Canada-wide securities regulator in Quebec and other provinces.

I would like to hear what my colleague's position and that of his party are regarding this direct attack by the Conservative government on Quebec's values.

[Guy Caron, NDP, Rimouski-Neigette—Témiscouata—Les Basques, QC]

Mr. Speaker, I am pleased to have the opportunity to answer that question, which is related to the last part of my speech. I did not have time to talk about that issue because I was not given very much time.

Our position is well known. We oppose the government's attempts to create a single national securities regulator. The December 2011 Supreme Court ruling was clear. I would like to quote from that ruling:

The proposed Securities Act represents a comprehensive foray by Parliament into the realm of securities regulation. If validly adopted, it will create a single scheme governing the trade of securities throughout Canada subject to the oversight of a single national securities regulator.

The Supreme Court's decision was clear, so why is the federal government still pursuing its agenda by maintaining the transition office? I should point out that the federal government has already dumped $27 million into the project, and that was before the Supreme Court handed down its ruling.

At the Standing Committee on Finance this morning, I asked how much the government has spent since the Supreme Court ruling in an attempt to get around it even though it was clear.

Currently, all of the provinces but Ontario belong to a passport system, which allows for instant accreditation across Canada, except in Ontario. That means that if a person is an accredited stockbroker or portfolio manager in Quebec, or if a company is listed on an exchange, it is automatically accredited in all of the other provinces.

The Canadian government's goal of stronger nationwide regulation can be achieved through organizations, such as the Autorité des marchés financiers in Quebec, that work together in Canada. That is what the federal government should be doing.