Fall Economic Statement Implementation Act, 2023  Is it land, labour, lumber or even the profit of the builder? No, it is the government: the cost of permits, delays, consultants, red tape and taxes. All of these costs add up to more than all of the other costs combined. They add up to $1.3 million for every newly built home. In Montreal, the city has blocked 25,000 new homes in the last two years.

Fall Economic Statement Implementation Act, 2023  First, we need to bring back lower prices. How do we do that? We do that by axing the carbon tax that is increasing the price of everything. I know that the government wants to quadruple the carbon tax on farmers who produce food, on fuel and on all our industries. I know that the Bloc Québécois wants to radically increase the carbon tax.

Agriculture committee  Right now, the greenhouse vegetable sector is estimating a cost of over $22 million annually due to the carbon tax. With the lack of an exemption, which was denied in the bill coming out of the Senate, they're looking at an expected rise to $82 million to $100 million by 2030.

Bill C-59 Fall Economic Statement Implementation Act, 2023

Short Title Short title 1 This Act may be cited as the Fall Economic Statement Implementation Act, 2023 . PART 1 Amendments to the Income Tax Act and to Other Legislation R.S., c. 1 (5th Supp.) Income Tax Act 2 (1) Subsection 12(1) of the Income Tax Act is amended by adding the following after paragraph (l.1): Partnership — interest and financing expenses add back (l.2) the amount determined by the formula A × B where A is the total of all amounts each of which is an amount determined under paragraph (h) of the description of A in the definition interest and financing expenses in subsection 18.2(1) in respect of the taxpayer for the taxation year, and B is (i) if the taxpayer is an excluded entity for the year (as defined in subsection 18.2(1)), nil, and (ii) in any other case, the proportion determined under the first formula in subsection 18.2(2) in respect of the taxpayer for the year; (2) Paragraph 12(1)(n.3) of the Act is replaced by the following: Retirement compensation arrangement (n.3) the total of all amounts received by the taxpayer in the year in the course of a business out of or under a retirement compensation arrangement (including amounts received in respect of the arrangement under subsection 207.71(3)) to which the taxpayer, another person who carried on a business that was acquired by the taxpayer, or any person with whom the taxpayer or that other person does not deal at arm’s length, has contributed an amount that was deductible under paragraph 20(1)(r) in computing the contributor’s income for a taxation year; (3) Paragraph 12(1)(t) of the Act is replaced by the following: Investment tax credit (t) the amount deducted under subsection 127(5) or (6) or 127.44(3) in respect of a property acquired or an expenditure made in a preceding taxation year in computing the taxpayer’s tax payable for a preceding taxation year to the extent that it was not included in computing the taxpayer’s income for a preceding taxation year under this paragraph or is not included in an amount determined under paragraph 13(7.1)(e) or 37(1)(e), subparagraph 53(2)(c)(vi), (c)(vi.1) or (h)(ii) or for I in the definition undepreciated capital cost in subsection 13(21) or L in the definition cumulative Canadian exploration expense in subsection 66.1(6); (4) Paragraph 12(1)(t) of the Act, as enacted by subsection (3), is replaced by the following: Investment tax credit (t) the amount deducted under subsection 127(5) or (6), 127.44(3) or 127.45(6) in respect of a property acquired or an expenditure made in a preceding taxation year in computing the taxpayer’s tax payable for a preceding taxation year to the extent that it was not included in computing the taxpayer’s income for a preceding taxation year under this paragraph or is not included in an amount determined under paragraph 13(7.1)(e) or 37(1)(e), subparagraph 53(2)(c)(vi) to (c)(vi.2) or (h)(ii) or for I in the definition undepreciated capital cost in subsection 13(21) or L in the definition cumulative Canadian exploration expense in subsection 66.1(6); (5) Subsection 12(2.02) of the Act is replaced by the following: Source of income (2.02) For the purposes of this Act, if a particular amount is included in computing the income of a taxpayer for a taxation year because of paragraph (1)(l.1) or (l.2) and the particular amount is in respect of another amount that is deductible by a partnership in computing its income from a particular source or from sources in a particular place, the particular amount is deemed to be from the particular source or from sources in the particular place, as the case may be. (6) The definition investment contract in subsection 12(11) of the Act is amended by adding the following after paragraph (d.1): (d.2) a FHSA, (7) Subsections (1) and (5) apply in respect of taxation years of a taxpayer that begin on or after October 1, 2023.

Finance  A common-sense Conservative government would modernize the existing agreement without the expensive Liberal carbon tax. Ukraine does not need this woke agenda. The Prime Minister has added more debt than the previous 22 prime ministers combined. When will he put the chequebook away?

Affordable Housing and Groceries Act  It is Liberal policy to increase prices on everything made using energy, everything shipped using energy and everything grown using energy. That is the purpose of the carbon tax. That is the purpose of the costly fuel regulations. That is the purpose of the blackout electricity regulations. Together, these policies represent a triple threat to affordable food prices—

Government Business No. 30—Proceedings on Bill C-56  However, I digress. The carbon tax is nothing more than another tax, but I qualify that because it is not quite that. It is, after all, a tax that disproportionately impacts lower- and middle-income Canadians. It is a tax that increases the cost of everything, including essentials such as food, fuel and heating.

Committees of the House  Secondly, we also need to question the mechanism itself, the carbon tax. There is literature out there suggesting that sometimes the carbon tax may not actually achieve the goals that we are trying to reach from an environmental perspective, so we need to make really sure that whatever we're imposing on Ukraine actually works, and that it actually can make a difference.

Fall Economic Statement  That is the reality after eight years under this Prime Minister, who promised to make life more affordable. What are his solutions today? First, he wants to increase taxes on fuel, which will increase the cost of everything. Everything that is transported will cost more because of the carbon tax that the government just confirmed. It will increase the price of gas by 17¢ a litre, and by 20¢ a litre if we add the sales tax.

Finance committee  In 2022, there was $22 billion in dividends on top of the government subsidies. The government collected $17 billion in taxes. Are you saying with a straight face that the taxes are the problem here, not the capital gains loopholes?

National Security Review of Investments Modernization Act  That is something we, as a government, have done since 2015 with respect to the Canada child benefit, the Canada workers benefit, the implementation of an early learning and national day care plan, the support for students by eliminating interest on student debt, and the two middle-income tax cuts: the first in 2015 from 22% to 20.5%, with roughly $3 billion to $4 billion a year, depending on tax filings, in savings for Canadians, and raising the basic personal expenditure amount to $15,000, which in the fiscal year 2024-25 will deliver over $6 billion in savings for Canadians from coast to coast to coast.

Business of Supply  It is important to get on the record this morning for my constituents and all Canadians what our government has done to make life more affordable for all Canadians over the last several years we have been in power. We ran on a promise to cut the middle-income tax bracket from 22% to 20.5%. Every year, that is a roughly $3.5-billion tax cut for Canadians from coast to coast to coast. Over eight years, that is over $26 billion in the pockets of Canadians, about $330 per year per individual and over $600 per couple.

Finance committee  I think you raise a critical catch-22. Part of this has to do with the desire by most municipalities to minimize their own tax increases, and as a result, one of the easy ways they've been able to pay for infrastructure without anyone really noticing is by increasing development charges on new projects and using those development charges to subsidize the building of infrastructure: ensuring the toilets will flush, ensuring the water will come out of the taps when you build the new building.

Finance committee  We now have approximately $5 million of savings in GST and HST exemptions. Regardless of these inputs, there is still a gap of $22 million. This housing is a public benefit that needs investment, we would argue, from a revitalized national housing strategy. From our experience, the national housing coinvestment fund needs a complete rethink and stable rules.

National Security Review of Investments Modernization Act  Before I sit down, I feel compelled to comment on the Prime Minister's announcement today that he intends to scrap the carbon tax on home heating. I would like to recall one thing: A year ago almost to the day, on October 22, 2022, the House spent an entire day debating this very proposal, which had been moved by the member for Carleton, the Leader of the Opposition.