Sustaining Canada's Economic Recovery Act

A second Act to implement certain provisions of the budget tabled in Parliament on March 4, 2010 and other measures

This bill was last introduced in the 40th Parliament, 3rd Session, which ended in March 2011.

Sponsor

Jim Flaherty  Conservative

Status

This bill has received Royal Assent and is now law.

Summary

This is from the published bill.

Part 1 of this enactment implements a number of income tax measures proposed in the March 4, 2010 Budget. In particular it
(a) allows for the sharing of the Canada Child Tax Benefit, the Universal Child Care Benefit and the Goods and Services Tax/Harmonized Sales Tax credit for eligible shared custody parents;
(b) allows Registered Retirement Savings Plan proceeds to be transferred to a Registered Disability Savings Plan on a tax-deferred basis;
(c) implements disbursement quota reform for registered charities;
(d) better targets the tax incentives in place for employee stock options;
(e) expands the availability of accelerated capital cost allowance for clean energy generation;
(f) adjusts the capital cost allowance rate for television set-top boxes to better reflect the useful life of these assets;
(g) clarifies the definition of a principal-business corporation for the purposes of the rules relating to Canadian Renewable and Conservation Expenses;
(h) introduces amendments that are consequential to the introduction in 2011 of new International Financial Reporting Standards by the Accounting Standards Board; and
(i) amends the Canada Pension Plan, the Employment Insurance Act and the Income Tax Act to provide legislative authority for the Canada Revenue Agency to issue online notices if the taxpayer so requests.
Part 1 also implements income tax measures that were previously announced regarding:
(a) rules to facilitate the implementation of Employee Life and Health Trusts, released in draft form on February 26, 2010;
(b) indexing of the working income tax benefit announced in the 2009 Budget;
(c) technical changes concerning TFSAs announced on October 16, 2009; and
(d) an amendment to the rules regarding labour sponsored venture capital corporations that are consequential to the introduction of TFSAs.
Part 2 amends the Air Travellers Security Charge Act, the Excise Act, 2001, the Excise Tax Act and the New Harmonized Value-added Tax System Regulations to provide legislative authority for the Canada Revenue Agency to issue online notices if the taxpayer so requests.
Part 2 also amends the Air Travellers Security Charge Act, the Excise Act, the Excise Act, 2001, the Excise Tax Act, the Brewery Departmental Regulations and the Brewery Regulations to allow certain small remitters to file and remit semi-annually rather than monthly.
Finally, Part 2 amends the Air Travellers Security Charge Act and the Excise Tax Act to extend the protection from civil liability claims that is already provided under the Income Tax Act and other federal statutes to agents of the Crown who collect the Goods and Services Tax/Harmonized Sales Tax and the air travellers security charge in intended compliance with their statutory obligations.
Part 3 amends the Federal-Provincial Fiscal Arrangements Act to facilitate the sharing of taxes under Part I.01 and Part X.5 of the Income Tax Act with provinces and territories.
Part 4 amends the Bank Act and the Financial Consumer Agency of Canada Act to require that banks belong to an approved external complaints body and to authorize the Governor in Council to prescribe the approval requirement for that body. The amendments also assign the responsibility for managing the approval process and supervising the approved external complaints bodies to the Financial Consumer Agency of Canada.
Part 5 amends the Canada Disability Savings Act to allow a 10-year carry forward of Canada Disability Savings Grant and Canada Disability Savings Bond entitlements.
Part 6 amends section 11.1 of the Customs Act to exempt from the User Fees Act fees that are charged for expedited border clearance programs and that are coordinated with international partners.
Part 7 amends the Federal-Provincial Fiscal Arrangements Act to implement the total transfer protection for 2010-11, to set out the treatment of the one-time transfer protection payment under the fiscal stabilization program, update legislative references made in the fiscal stabilization provisions and give greater clarity to the calculation of the fiscal stabilization payment.
Part 8 amends the Office of the Superintendent of Financial Institutions Act. In particular, the Act is amended to
(a) harmonize the assessment of costs associated with the administration of the Pension Benefits Standards Act, 1985 with the regime in place for the assessment of costs associated with the administration of laws governing financial institutions; and
(b) allow the Superintendent to remit assessments, interim assessments and penalties and to write off certain debts.
Part 9 amends the Pension Benefits Standards Act, 1985. In particular, the Act is amended to
(a) authorize the Minister of Finance to enter into an agreement with the provinces respecting pension plans that are subject to the pension legislation of more than one jurisdiction;
(b) authorize the Minister of Finance to designate an entity for the purposes of receiving, holding and disbursing the pension benefit credit of any person who cannot be located;
(c) permit information to be provided in electronic form, including information provided by the administrator of a pension plan to members or to the Superintendent;
(d) allow the administrator of a pension plan to offer investment options with respect to accounts maintained in respect of a defined contribution provision or accounts maintained for additional voluntary contributions;
(e) provide rules regarding negotiated contribution plans;
(f) require consent of a member’s spouse or common-law partner before the transfer of the member’s pension benefit credit to a retirement savings plan; and
(g) authorize the Superintendent to direct the administrator of a pension plan that is subject to the pension legislation of more than one jurisdiction to establish a separate pension plan for certain members, former members and survivors.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Votes

Dec. 7, 2010 Passed That the Bill be now read a third time and do pass.
Nov. 4, 2010 Passed That the Bill be now read a second time and referred to the Standing Committee on Finance.

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 12:50 p.m.


See context

Liberal

Paul Szabo Liberal Mississauga South, ON

Mr. Speaker, I want to say thank goodness I mentioned that there were 199 clauses in the bill dealing with diverse areas that I must admit I am not very familiar with, but I am certainly aware of the Air Travellers Security Charge Act and the Excise Act, which are being amended under part 2. These empower the Canada Revenue Agency to issue online notices at taxpayers' request. In fact, they do not have to do with the air travellers security charge itself. This is administrative and that is the difference.

If we are talking about the budget, that is what the member is asking about. If we are talking about the budget implement bill, which deals with the technicalities of how we deal with it, the questions I would ask would be why does clause 91 empower the Minister of National Revenue to authorize a designated carrier to report semi-annually rather than monthly? If we report semi-annually rather than monthly, that means we are losing the cashflow month after month and we are getting these lump sums. If one understands the time value of money, the government is losing money simply by making these changes.

Secondly, what type of documents or notices of deduction will be sent by email, how will they ensure a person has indeed received the document in question, and what date will be used for the calculation of interest and penalties? Again, it is technical in this regard. I do not disagree with the member with regard to the propriety of the charges, but with regard to Bill C-47 and the changes being proposed, it would appear to be appropriate.

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 12:55 p.m.


See context

Liberal

Larry Bagnell Liberal Yukon, YT

Mr. Speaker, there are four general budgetary areas that the member might like to comment on, and I appreciate his speech. He always speaks very well in the House. These areas are important to my riding.

The first area is the constant cuts to small museums. The second one is the constant cuts to Canadian tourism marketing, even though we market our country less than most countries in the world. Third, there is nothing new for health care, which is high on the minds of Canadians and costs are increasing. The fourth and final one is the deplorable attack by the government on seniors that the member for Humber—St. Barbe—Baie Verte spent an entire speech on this morning and it should be distributed to every seniors' organization in the country.

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 12:55 p.m.


See context

Liberal

Paul Szabo Liberal Mississauga South, ON

Mr. Speaker, I wish I were an encyclopedia on some of the issues, because the member has raised some good ones.

We recently had a reception with the small museums. Those are the institutions that bind us together. We all cannot have major Ottawa-based types of museums, but having them there and having programs where the exhibits can be shared across the country, small museums are very important.

With regard to health, we have the Federal-Provincial Fiscal Arrangements Act that will be dealt with and certainly the funding. This is going to be a big ticket item. When we see the numbers, I think Canadians are going to be concerned about whether we are going to be able to sustain the five principles of the Canada Health Act but cut back on certain areas of funding, and I suspect seriously, for things such as dealing with chronic care and disabilities.

With regard to tourism, again this is Canada and we have to continue to sustain many of the programs that we have to attract visitors to this country. Our tourism industry is always the first one to suffer. If we do not support tourism, people will stop coming here and will look for substitutes. Once they find a substitute, they may not want to come back and see us. So we have to keep what we have.

The last one is the seniors, which the member has talked about, and the GIS. I agree with the member. What happened is that the government was caught. It had the numbers. One does not sign off on a regulatory change that is going to affect 1.5 million seniors. I think that was the number but it is subject to a check, but it seriously affects them. The government did not admit it, but I am pretty sure it knew but just thought it would slip through.

I cannot believe that when the government is dealing with seniors it could be so uncaring, so insensitive to the impact on people who, if they are getting the GIS, we know by definition are already living in poverty. What the government has done is damage poor seniors.

That is outrageous and unforgiveable.

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 12:55 p.m.


See context

NDP

Olivia Chow NDP Trinity—Spadina, ON

Mr. Speaker, the budget actually axes the very successful eco-energy for renewable power program despite the fact that 90% of the wind power development in Canada has occurred since its inception. It is a very popular program that quite a few of my constituents in Trinity--Spadina have utilized. They have put solar panels on their roofs and they have done energy audits.

In the budget, the government cancelled that very popular program, and I know the Liberals are supporting the budget.

My question is, why would the Liberals support a budget that continues to give a massive tax cut of about $21 billion to profitable corporations, since 2008, and it is doing it at a time when it will be adding billions of dollars in public debt?

Why would the member support this budget? The Liberal Party said it does not support corporate tax cuts and it supports all good things for the environment, yet the budget is cutting $52 million from Environment Canada and is axing the eco-energy program.

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 1 p.m.


See context

Liberal

Paul Szabo Liberal Mississauga South, ON

Mr. Speaker, I could give a whole speech on that, but perhaps I will concentrate on one aspect. That is Bill C-311, which was summarily defeated by the Conservative majority in the Senate.

The bill was intended to try to get Canada to commit to a strategy to deal with our environmental issues. We needed to have some hope, but that bill, after it passed here and went to the Senate, was not even debated. There was not one word of debate.

The orders came directly from the Prime Minister's office to those senators he had appointed, to say “This is what we are going to do”. I do not have to explain why, because I think Canadians know why. It is because the Prime Minister still thinks the issue of greenhouse gases is a socialist plot.

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 1 p.m.


See context

Liberal

John Cannis Liberal Scarborough Centre, ON

Mr. Speaker, before I begin my remarks on Bill C-47, I want to comment on something my colleague from Mississauga South touched upon with respect to seniors.

I have been in this House for almost 17 years and the one issue to which all of us have been sensitive is how we address our obligations toward our seniors, our men and women in uniform, and our youth, referring to youth programs, youth initiatives, investment in education. After all, we make speeches about the future of our country and it is our youth who need the right kind of education and the right kind of tools.

With respect to seniors and the fiasco that occurred, I am very pleased that my colleague from Mississauga South touched upon it when he was prompted by a question from our hard-working member for Yukon. I am at a loss for words. All I say is, let us give people the benefit of the doubt and let us move forward positively on that.

I am speaking to Bill C-47, A second Act to implement certain provisions of the budget tabled in Parliament on March 4, 2010 and other measures. The audience can see on the television screen, “Bill C-47, Sustaining Canada's Economic Recovery Act”. With respect to the word “recovery“, given what is going on globally, the whole world is trying to recover from a lot of those toxic packages, to be polite, that we saw coming from the United States to different parts of the world and which affected different countries.

We are fortunate in many ways here in Canada because many years ago a Liberal government, under the prime ministership of Jean Chrétien with Paul Martin as the finance minister, took the initiative to address, for example, the banking issue. This was very instrumental in helping us deal with these very awkward and difficult circumstances today.

There were several questions on this bill. The member for Mississauga South said that it is such a large bill, with 199 clauses. He went into some of the technical details, but the average Canadian listening to this debate or reading about it, really wants to hear about the meat and potatoes, things that affect Canadians on a daily basis.

I had the privilege recently as a member of the international trade committee to speak with our counterparts as we move forward on the Canada-Europe free trade agreement. Common throughout the world is that every nation, in looking toward implementing programs to recover, to get its people working and its economy rolling, wants to trade. That is wonderful, because Canada is a trading nation too. All countries want to sell their goods and services, but in order to sell their goods and services, there has to be an economy somewhere that is able to purchase them. In other words, the countries have to have their finances in order.

We were speaking to our counterparts in England, for example. We were listening on an hourly basis to what was unfolding in Ireland, how it was collapsing and its banking system was to be taken over. There was no money available, et cetera. The IMF and Great Britain were to step in to help Ireland, and so they should because Ireland needs a stable, or at least a sustainable economy to purchase goods and services.

The United Kingdom for example, even though it is going through difficulties, relates to us. I want to touch upon that as it relates to the bill. The new British coalition government is moving forward by taking certain steps. As I was reading about them, I had to smile because it took me back to 1993-94. I was being taken back to the future. What the U.K. is doing today, other nations in the European Community and other non-European countries are doing as well. I will mention some of the things they are doing that were done here as well.

The United Kingdom is experiencing difficult times. It is going through an austerity program, if I can use that word. Some of the areas that are going to be spared from the cuts are scientific research, health, schools, meaning investing in education, international development, renewable energy and large infrastructure projects. Areas that are going to be cut are welfare, social housing, policing, which I thought was wrong, as well as government services, which I think was right.

Why am I bringing this up today? There are areas in the budget that needed to be addressed and were not addressed. I will point out two specifically.

My colleague from Yukon talked about health care. Year after year, for as long as I can remember, health care has been the number one priority for Canadians. Coincidentally, I found an article not too long ago that states that Canadians rank health care a higher concern than the economy. It reconfirms what my constituents have been telling me for decades.

What did the Liberal government do when Paul Martin was the finance minister? It implemented the Romanow report. Mr. Romanow said in an interview with Peter Mansbridge that the Liberals exceeded the recommendations. That was a 10-year commitment.

Why am I bringing it up? The Conservatives, in two minority governments, have not made a single investment in health care. When asked a question, the response on record of the then Minister of Health, who is the Minister of Industry today, was that the government will continue the funding, after last year's budget or the year before. In other words, it would continue to fund the moneys, the $58 billion, that the Liberals put into health care. Health care was the number one issue then and it is the number one issue today.

There is one other area, as I mentioned, that relates to the U.K. investing in scientific research, and that is that there has been very little investment in R and D. Everybody talks about getting their economies going and competing in the new economy by investing in R and D. R and D can only develop new jobs if we invest the money up front. Yes, it costs money initially, but as they say, we have to spend a dollar to make a dollar, and we know very well that the new Conservative government has not done that.

I will refer to an article, the headline of which reads, “Researchers disappointed by funding for innovation. Just keeps the lights on”. I am quoting; I am not being political, which I choose never to do. I choose to refer to statements made by others so people know it is not my biased comments as a Liberal member of Parliament but what Canadians or others, the foot soldiers, in this case the researchers, are saying. The article states:

Peter MacLeod, a fellow at the Centre for the Study of Democracy at Queen's University, says “much of the funding promised to various agencies will do little more than “keep the lights on”.

There was some money; I am not saying there was not. How can we look forward to competing for the jobs of the future when the government budgets have not made any significant investments?

Why are we falling behind? Other nations are making investments and we are failing to do so. Here we are, a country that was miles ahead of all these other nations in terms of eight consecutive balanced Liberal budgets and tremendous surpluses. The last one, if I recall, when the Liberals lost office in 2006 was just over $13 billion.

The government gloats about our economy being in a good state and that we are better off than everybody else. That is true. So why are we not making the right investments? For example, Canada is still lagging quite badly. The United States spent $594 million in 2009, Australia spent $123.5 million, and Canada spent $19 million. How can we compete?

We all know the difficulties the United States is going through. Speaking of the United States, it even went through some updating of its health care system. Even Sarah Palin commented about our health care system. She used it. She got that right. The only thing she got wrong was mixing up North Korea and South Korea. The fact is she confirmed that we do have a better health care system, a system which she and her family used.

If we are not going to make the right investments in R and D, we are going to miss out on the jobs of the future. For example, China, the world's biggest polluter, has now become the world's number one green energy investor. China is putting its money where its mouth is. It is investing. Yes, China pollutes, but it is now saying that it has to address this horrendous issue. China invested $34.5 billion in 2009 on low carbon energy technologies. I applaud China. I am not saying we have to invest $34.5 billion, but surely to God we can make some decent investments.

We are missing out on the jobs of the future because we are not making the right kinds of investments. We see the United Kingdom making these investments, even though its books are in a worse mess than ours.

Of course with the health care system, which I believe needs modernization, that 10-year arrangement is coming to an end and Canadians are going to keep an eye on the government to see what its next step will be. One would think that as we were getting close to the renewal of the agreement, the government would commence discussions with the provinces, with the professionals, with the stakeholders. At least we asked Mr. Romanow to do a study. He delivered his findings and we responded. That agreement is coming to an end and the government has not even begun discussions. I worry about that.

The disappointments with the government are so many that I do not know where to begin.

My colleague talked about the $5,000 tax-free savings account. That is a good initiative, but given the circumstances today, one would ask how many families can put aside $5,000, and those are after-tax dollars. Not too many Canadians can do that because they are hurting. Maybe the very rich can do it and if they can, I have no qualms about it. Good luck to them. It is the right thing to do. The fact is that average Canadians cannot do it and there are no other initiatives to support these families. Why? Job losses are still occurring. Yes, there are little spurts of a few jobs here and there. We know the economy is not really growing. We also know that new jobs are not being created as fast as was projected by the government. The finances of the nations are not where they could be or should be. I will address that as well.

Canadians today do not have the confidence. Why do they not have the confidence? They are being told one thing and others are showing up.

For example, today we are faced with a $56.5 billion or $57 billion deficit from last year. The government actually projected that it was going to be about $52.2 billion or $53.3 billion. The Conservatives were off by almost $2 billion on their projections. At this time of the year, the Conservatives are saying it is going to be about another $55 billion or $56 billion, for a total deficit of about $110 billion. It is unheard of.

All the average Canadian has to do is go back a short 16 or 17 years and he or she will realize that our deficit was $42.3 billion. Seventeen years down the road, the deficit has more than doubled and there is no economic growth. There is no job growth. There is less revenue to pay down this deficit.

The upcoming budget will be the government's fourth one. It reminds me of the Brian Mulroney days. When the Mulroney Conservatives were in government for nine years, they did not meet one budget target.Year after year, they told us what they would spend but never met that target. As a result, the debt kept growing and, in 1993, we did what we had to do. We did the responsible thing, things that the U.K , Ireland and Greece are doing today. We hear that Portugal, Spain and other countries in the European Union are next in line. They are going through these austerity programs. They are doing today what we did responsibly.

Therefore, when the government of today stands and says that we slashed and burned, I want to remind it that the Conservative Harris government of the day and Ralph Klein were doing the same thing. We had no choice. It was sink or swim, as they say.

The fortunate thing is that we made the right investments in the new economy, for example, in R and D. We invested in education. We invested in small and medium size enterprises, which means they started generating jobs. People were paying into the system. Another important thing is that we were lowering payroll taxes.

The government talks about lowering taxes. I challenge it publicly when it says that it lowered taxes because it did not lower taxes. It said that it would raise taxes by 1.5% and then it said that, no, it would decrease that to 0.5%. However, 0.5% is still an increase and the government is trying to pass it off that it lowered taxes. It is still a burden on the employer and the employee. It does not entice employers to invest in new tools, in new equipment or in new hires. It de-motivates them. If Canadians are not working, they do not have earning power nor do they have purchasing power, which means goods and services taxes are not being collected, for example, that would go to invest in health care, in post-secondary education, in housing, et cetera. It is a cycle, if we look at it.

With regard to gas, my constituents are complaining they are paying an average of $1.10 or $1.12 a litre. Just a couple of years ago, the barrel was on the market at about $148 to $150 and gas at the pump was 85¢ to 90¢. Today, my constituents are saying that barrels of gas may be $80 at the most and are asking, why they are paying $1.10 a litre.

The point I want to make on the gas is that the current government also made another promise. It said that anything over 85¢ per litre it would take off the taxes. It has not done so.

Am I leading into promises made and promises not kept? I really do not want to do that. My speech today is not political in any way. It is more so to point out the frustrations of Canadians. What they want to know is how they can trust the government to manage the economy well.

One gentleman said to me that, at the end of the day, the debt is going higher and the deficit is getting out of control. Per capita, we are one of the most burdened nations at about $42,000 per person in comparison to Greece that is at $31,000 per person. That gentleman said that we were more in debt than those guys are and wanted to know how we were better off.

We could go on for hours.The government has lost its priorities. Two out of three Canadians have not given the Conservatives their vote primarily because they cannot depend upon them and y cannot trust them because they say one thing and they do another. They talk about lowering taxes and yet they are increasing taxes. The only taxes they have decreased are the corporate taxes.

It is not that I am against that, but it is a timing thing. We keep reducing those corporate taxes year after year when the nation is hurting today. It is times like this when the gas companies, for example, need to come on board and say that they will help the average Canadian. It is times like this where everybody comes together as a family and it becomes a give-and-take for the good of the nation.

When we look at what the government did with airport taxes and at what happened with the seniors and the GIS, it is shameful. When we look at the lack of investments in R and D, that is shameful. When we are looking at the government spending $16 billion in untendered contracts, surely to God that is unacceptable. What will Canada's benefit be from that?

Canada has spent over $23 billion so far in Afghanistan, and now we are going to—

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 1:20 p.m.


See context

The Deputy Speaker Andrew Scheer

I will have to stop the member there to allow time for questions and comments.

The hon. member for Trinity--Spadina.

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 1:20 p.m.


See context

NDP

Olivia Chow NDP Trinity—Spadina, ON

Mr. Speaker, I have heard from many seniors, especially those on fixed incomes. They have purchased a house, and that is their life savings. Some of the seniors are of Portuguese or Chinese descent. Their children have moved out and they are having a hard time paying the tax bills and the heating bills. For them, the old age security has not increased by much, the Canada pension plan has not increased, and the guaranteed income supplement has not caught up with inflation. Many seniors are having a hard time surviving. Some have resorted to turning down the heat because they do not have the money to pay their heating bills.

In this budget there is not one dollar for lifting seniors out of poverty. A $700 million increase each year to the guaranteed income supplement would increase seniors' pension income so that they would not need to worry about their daily living. There is nothing in here to get rid of tax on home heating. Home heating should be tax-free because it is an essential item, just like food is.

Will the member be supporting a budget that does not lift seniors out of poverty and that does not get rid of tax on home heating?

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 1:20 p.m.


See context

Liberal

John Cannis Liberal Scarborough Centre, ON

Mr. Speaker, I have three sensitive spots. One is for our seniors, another is for our veterans and our men and women in uniform, and the other one is for our youth. For those of us in between, we will somehow found our way.

That is why I often talk about the obligation we have to our seniors. I will touch on the other two areas later. I did not hear a lot of complaints, and I do not mean this in a biased way, when the Liberals were in government for almost 11, 12 years. We used to hear complaints but we were making the right investments.

As we managed to turn the economy around, we invested, and I call it an investment rather than an obligation, in our seniors. Housing was a great investment. Contracts were signed.

Just before we lost the government 2006 for various reasons, and the member knows what I am talking about, I believe—

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 1:25 p.m.


See context

Conservative

Merv Tweed Conservative Brandon—Souris, MB

Tell us.

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 1:25 p.m.


See context

Liberal

John Cannis Liberal Scarborough Centre, ON

Sure. The NDP agreed to be in a coalition with the Conservatives to overthrow the government. That was the first coalition.

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 1:25 p.m.


See context

Some hon. members

Oh, oh!

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 1:25 p.m.


See context

The Deputy Speaker Andrew Scheer

Order, please.

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 1:25 p.m.


See context

Liberal

John Cannis Liberal Scarborough Centre, ON

Mr. Speaker, I was asked a question and I had to respond.

The first coalition in Canadian government was that of the NDP agreeing with the Conservatives to overthrow the government.

Now I will get back to this. That is why we had the NDP amendment, the budget, which allocated almost $1.-something billion to housing, to post-secondary education, to seniors, et cetera.

What can I say?

Sustaining Canada's Economic Recovery ActGovernment Orders

November 30th, 2010 / 1:25 p.m.


See context

Liberal

Geoff Regan Liberal Halifax West, NS

Mr. Speaker, I thank my hon. colleague from Scarborough Centre for his comments. In fact. if I were to thank him in his own language. I would say:

[Member spoke in Greek].

[English]

My hon. colleague from Scarborough Centre said that he would not talk about the unkept promises of the government. I can understand why. It is because we only have 20 minutes for a speech at this stage of debate on this bill and It would require unlimited time to go through that list.

I will talk for a minute about what the finance minister has been doing. He has been going around the country bragging about Canada's record, economically, and the situation, fiscally, and about our strong banks.

I am sure my hon. colleagues know that the Conservative government came into office with a surplus of $13 billion that it inherited from the previous Liberal government and, within three years, it had increased spending by 17.8%, far beyond the rate of inflation.

Of course, we also know that the Conservatives were in favour of changes to regulations that govern banks that would have put us in a much worse situation in the crisis that we have had in the last couple of years with this recession and in the crisis that led to this recession.

I wonder if my hon. colleague would comment on the finance minister's bragging as he goes about the country, and whether he believes that is justified.