Bill C-13 (Historical)

Keeping Canada's Economy and Jobs Growing Act

An Act to implement certain provisions of the 2011 budget as updated on June 6, 2011 and other measures

Part 1 of this enactment implements income tax measures and related measures proposed in the 2011 budget. Most notably, it
(a) introduces the family caregiver tax credit for caregivers of infirm dependent relatives;
(b) introduces the children’s arts tax credit of up to $500 per child of eligible fees associated with children’s artistic, cultural, recreational and developmental activities;
(c)… read more

Part 1 of this enactment implements income tax measures and related measures proposed in the 2011 budget. Most notably, it
(a) introduces the family caregiver tax credit for caregivers of infirm dependent relatives;
(b) introduces the children’s arts tax credit of up to $500 per child of eligible fees associated with children’s artistic, cultural, recreational and developmental activities;
(c) introduces a volunteer firefighters tax credit to allow eligible volunteer firefighters to claim a 15% non-refundable tax credit based on an amount of $3,000;
(d) eliminates the rule that limits the number of claimants for the child tax credit to one per domestic establishment;
(e) removes the $10,000 limit on eligible expenses that can be claimed under the medical expense tax credit in respect of a dependent relative;
(f) increases the advance payment threshold for the Canada child tax benefit to $20 per month and for the GST/HST credit to $50 per quarter;
(g) aligns the notification requirements related to marital status changes for an individual who receives the Canada child tax benefit with the notification requirements for the GST/HST credit;
(h) reduces the minimum course-duration requirements for the tuition, education and textbook tax credits, and for educational assistance payments from registered education savings plans, that apply to students enrolled at foreign universities;
(i) allows the tuition tax credit to be claimed for eligible occupational, trade and professional examination fees;
(j) allows the reallocation of assets in registered education savings plans for siblings without incurring tax penalties;
(k) extends to the end of 2013 the temporary accelerated capital cost allowance treatment for investment in machinery and equipment in the manufacturing and processing sector;
(l) expands eligibility for the accelerated capital cost allowance for clean energy generation and conservation equipment;
(m) extends eligibility for the mineral exploration tax credit by one year to flow-through share agreements entered into before March 31, 2012;
(n) expands the eligibility rules for qualifying environmental trusts;
(o) amends the deduction rates for intangible capital costs in the oil sands sector;
(p) aligns the tax treatment to investments made under the Agri-Québec program with that of investments under AgriInvest;
(q) introduces rules to strengthen the tax regime for charitable donations;
(r) introduces anti-avoidance rules for registered retirement savings plans and registered retirement income funds;
(s) introduces rules to limit tax deferral opportunities for individual pension plans;
(t) introduces rules to limit tax deferral opportunities for corporations with significant interests in partnerships;
(u) extends the tax on split income to capital gains realized by a minor child; and
(v) extends the dividend stop-loss rules to dividends deemed to be received on the redemption of shares held by certain corporations.
Part 1 also implements other selected income tax measures and related measures. Most of these measures were referred to in the 2011 budget as previously announced measures. Most notably, it
(a) accommodates an increase in the annual contribution limit to the Saskatchewan Pension Plan and aligns its tax treatment with that of other tax-assisted retirement vehicles;
(b) clarifies that the “financially dependent” test applies for the purposes of provisions that permit rollovers of the assets of a deceased taxpayer’s registered retirement savings plan or registered retirement income fund to an infirm child or grandchild’s registered disability savings plan;
(c) ensures that the alternative minimum tax does not apply in respect of securities that are subject to the election under section 180.01 of the Income Tax Act;
(d) clarifies the rules applicable to the scholarship exemption for post-secondary scholarships, fellowships and bursaries; and
(e) amends the pension-to-registered retirement savings plan transfer limits in situations where the accrued pension amount was reduced due to the insolvency of the employer and underfunding of the employer’s registered pension plan.
Part 2 amends the Softwood Lumber Products Export Charge Act, 2006 to implement the softwood lumber ruling rendered by the London Court of International Arbitration on January 21, 2011.
Part 3 amends the Customs Tariff in order to simplify it and reduce the customs processing burden for Canadians by consolidating similar tariff items that have the same tariff rates and removing end-use provisions where appropriate. The amendments also simplify the structure of some provisions and remove obsolete provisions.
Part 4 amends the Customs Tariff to introduce new tariff items to facilitate the processing of low value non-commercial imports arriving by post or by courier.
Part 5 amends the Canada Education Savings Act to make the additional amount of a Canada Education Savings grant that is available under subsection 5(4) of that Act available to more than one of the beneficiary’s parents, if they share custody of the beneficiary, they are eligible individuals as defined in section 122.6 of the Income Tax Act and the beneficiary is a qualified dependant of each of them.
Part 6 amends the Children’s Special Allowances Act and a regulation made under that Act respecting payments relating to children under care.
Part 7 amends the Canada Student Financial Assistance Act to provide that the maximum aggregate amount of outstanding student loans is to be determined by regulation, to remove the power of the Minister of Human Resources and Skills Development to deny certificates of eligibility, and to change the limitation period for the Minister to take administrative measures. It also authorizes the Minister to forgive portions of family physicians’, nurses’ and nurse practitioners’ student loans if they begin to work in under-served rural or remote communities.
Part 7 also amends the Canada Student Loans Act to authorize the Minister to forgive portions of family physicians’, nurses’ and nurse practitioners’ guaranteed student loans if they begin to work in under-served rural or remote communities.
Part 8 amends Part IV of the Employment Insurance Act to provide a temporary measure to refund a portion of employer premiums for small business. An employer whose premiums were $10,000 or less in 2010 will be refunded the increase in 2011 premiums over those paid in 2010, to a maximum of $1,000.
Part 9 provides for payments to be made to provinces, territories, municipalities, First Nations and other entities for municipal infrastructure improvements.
Part 10 amends the Canadian Securities Regulation Regime Transition Office Act so that funding for the Canadian Securities Regulation Regime Transition Office may be fixed through an appropriation Act.
Part 11 amends the Wage Earner Protection Program Act to extend in certain circumstances the period during which wages earned by individuals but not paid to them by their employers who are bankrupt or subject to receivership may be the subject of a payment under that Act.
Part 12 amends the Canadian Human Rights Act to repeal certain provisions that provide for mandatory retirement. It also amends the Canada Labour Code to repeal a provision that denies employees the right to severance pay for involuntary termination if they are entitled to a pension. Finally, it amends the Conflict of Interest Act.
Part 13 amends the Judges Act to permit the appointment of two additional judges to the Nunavut Court of Justice.
Part 14 provides for the retroactive coming into force of section 9 of the Nordion and Theratronics Divestiture Authorization Act in order to ensure the validity of pension regulations made under that section.
Part 15 amends the Canada Pension Plan to include amounts received by an employee under an employer-funded disability plan in contributory salary and wages.
Part 16 amends the Jobs and Economic Growth Act to replace the reference to the Treasury Board Secretariat with a reference to the Chief Human Resources Officer in subsections 10(4) and 38.1(1) of the Public Servants Disclosure Protection Act.
Part 17 amends the Department of Veterans Affairs Act to include a definition of dependant and to provide express regulation-making authority for the provision of certain benefits in non-institutional locations.
Part 18 amends the Canada Elections Act to phase out quarterly allowances to registered parties.
Part 19 amends the Special Retirement Arrangements Act to permit the reservation of pension contributions from any benefit that is or becomes payable to a person. It also deems certain provisions of An Act to amend certain Acts in relation to pensions and to enact the Special Retirement Arrangements Act and the Pension Benefits Division Act to have come into force on December 14 or 15, 1994, as the case may be.
Part 20 amends the Motor Vehicle Safety Act to allow residents of Canada to temporarily import a rental vehicle from the United States for up to 30 days, or for any other prescribed period, for non-commercial use. It also authorizes the Governor in Council to make regulations respecting imported rental vehicles, as well as their importation into and removal from Canada, and makes other changes to the Act.
Part 21 amends the Federal-Provincial Fiscal Arrangements Act to clarify the legislative framework pertaining to payments under tax agreements entered into with provinces under Part III.1 of that Act.
Part 22 amends the Department of Human Resources and Skills Development Act to change the residency requirements of certain commissioners.

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Keeping Canada's Economy and Jobs Growing Act

[Massimo Pacetti, Liberal, Saint-Léonard—Saint-Michel, QC]

Mr. Speaker, why do I always get the toughest questions from the Liberals?

We have been saying that basically we do not need to reduce the taxes on large corporations to keep the incentives.

A tourism tax credit was eliminated by the government, and it has been proven that tourism has gone down because of that. Small businesses are suffering because they are normally open longer than the big corporations.

There is general discontent among small businesses in our country because the government is not doing enough for them.

[Harold Albrecht, Conservative, Kitchener—Conestoga, ON]

Mr. Speaker, I listened with interest to my colleague. It was evident that he was very negative about the great measures in the bill.

He forgot to mention the 650,000 new jobs that have been created. He tried to take credit for the $2 billion tax incentive for municipalities. That was $1 billion. We have doubled it and made it permanent.

Most of all, I cannot understand why he would avoid mentioning the tax credit to assist caregivers. He is trying to make it look like we are not compassionate for people who are caregivers. That is clearly a part of Bill C-13. I would like him to comment on that.

[Massimo Pacetti, Liberal, Saint-Léonard—Saint-Michel, QC]

Mr. Speaker, my speech was given in French, but members will be able to read it in English tomorrow.

There is no problem with the caregivers tax credit. It just does not help the people who actually need it. It does not go far enough. That is what we are saying.

The Conservatives did not create the 600,000 jobs the member is saying they created. Those are part-time jobs. We were in Europe and spoke to the OECD. It is worried about the number of unemployed people in Canada. This is a big worry.

My Conservative colleague should get his head out of the sand and do something for the economy.

The House resumed consideration of the motion that Bill C-13, An Act to implement certain provisions of the 2011 budget as updated on June 6, 2011 and other measures, be read the second time and referred to a committee.

[Lisa Raitt, Conservative, Minister of Labour]

Mr. Speaker, as Canada's labour minister, I am very pleased today to take part in this important debate on keeping Canada's economy and jobs growing act. This act focuses on strengthening Canada's economic recovery by improving the ability of businesses and entrepreneurs to respond to emerging growth opportunities and to create jobs.

[Jim Karygiannis, Liberal, Scarborough—Agincourt, ON]

Mr. Speaker, on a point of order, I served your office with a request for an emergency debate on the Coptic situation and I am sure you will acknowledge that.

I want to thank everybody today on both sides of the House for agreeing on a motion. I hope it is okay that I withdraw that request and want to thank everybody in the House who co-operated. We reached consensus on a motion that is affecting the plight of the Coptics and other ethnic minorities in Egypt and religious minorities around the world, and I want to thank everyone for that.

[The Speaker, Andrew Scheer]

I thank the hon. member for Scarborough—Agincourt for indicating that to the House.

The hon. Minister of Labour.

[Lisa Raitt, Conservative, Halton, ON]

As always, this government is concerned about and is focused on what matters the most to hard-working Canadians: jobs and economic growth. The bill we are debating today includes key elements of the next phase of Canada's economic action plan, a plan that worked to protect Canada from the worst of the global recession.

We have had seven straight quarters of economic growth, and since July 2009 nearly 650,000 net new jobs have been created. More importantly, over 80% of them have been full-time positions. This is great news for Canadians. We are definitely on the right track.

Canada's fiscal position is among the strongest in the world's top-performing advanced economies. However, we must be mindful that the global recovery remains fragile and that there are still too many Canadians looking for work. Too many hard-working Canadians have been affected by the economic downturn, and that is why the keeping Canada's economy and jobs growing act proposes such a large number of strong initiatives to promote job creation, to provide support for communities, to help families invest in education and training and to respect the taxpayer.

As the Minister of Labour, I would like to turn my attention to one of the aspects of this legislation that provides support particularly to workers who have been affected by an employer bankruptcy or receivership. In our economic action plan, we established the wage earner protection program, or WEPP, to help workers manage one of the toughest challenges that they ever face: going without hard-earned pay because an employer has gone bankrupt. As a direct result of this very important program, eligible workers who lose their jobs and who were owed money in the six months prior to their employer going bankrupt or being subject to receivership can now be compensated for unpaid wages and for vacation pay. This compensation also includes severance and termination pay, with workers receiving up to a maximum of $3,400.

The WEPP has proven itself as an important program and has provided assistance to a great many people who have been hard hit through losing their jobs out of no fault of their own. Since July 2008, over 40,000 WEPP claimants have received $89.5 million in payments.

The keeping Canada's economy and jobs growing act would provide additional good news workers caught in a bankruptcy or a receivership situation. We are proposing an expansion of the WEPP to cover employees who lose their jobs when their employer's attempt at restructuring takes longer than six months but is subsequently unsuccessful. This enhanced protection would provide an estimated $4.5 million annually to support workers affected by the bankruptcy of their employer. It would ensure that employees are not unfairly penalized if their employer tries to restructure in the face of financial difficulties, but fails.

The keeping Canada's economy and jobs growing act also announces the government's proposal to amend the Canadian Human Rights Act and the Canada Labour Code to eliminate mandatory retirement in the federal jurisdiction. We are taking this step because we believe that forcing an employee to retire by reason of age is a form of discrimination and a form of unequal treatment. Canadians are living longer and are more active than ever before, so people should be able to choose when they retire, unless there are compelling reasons, such as health or safety reasons, that prohibit them from choosing themselves.

This piece of legislation strikes the right balance between fiscal prudence and targeted investment, and it is no surprise that there have been very many favourable reactions to proposals from the next phase of Canada's economic action plan. As a few examples, Gary Corbett, president of the Professional Institute of the Public Service of Canada welcomed this elimination of a mandatory retirement age and the role it will play in mitigating the brain drain of experienced workers.

The Canadian Taxpayers Federation's national research director, Derek Fildebrandt, also commended the elimination of mandatory retirement and said:

People have a right to determine how long they work, and this is a major step towards eliminating poverty for seniors...

These are only a few among so many favourable statements that have been made in support of the next phase of Canada's economic action plan.

I will take a moment to describe the labour program's role in supporting economic recovery and of course in building a fair and prosperous society.

I am a big proponent that safe and productive workplaces contribute to our economic prosperity. One of the key roles of the labour program is to support occupational health and safety by carrying out workplace investigations of work-related injuries and occupational diseases. We determine causes as well as strategies for prevention and resolution because Canadians should be able to return home safe and secure after a day or night at work.

I have held national round tables across Canada to examine occupational health and safety in the workplace, some of which focused on mental health issues. Our goal was to learn from the range of stakeholders, including employers, employees, other levels of government and academics about current and emerging occupational health and safety issues and how well these are being addressed by the federal government.

Mental health in the workplace, violence prevention, and in Iqaluit northern issues on health and safety, were discussed at the round tables.

Stakeholders across the board believe that respectful workplaces and emotional intelligence need to be promoted as core values for a productive and sustainable society and economy. The National Round Tables on Occupational Health and Safety underscored the importance of our program's focus on healthy and safe workplaces.

I have also met with stakeholders to discuss important issues, such as fair wages, hours of work and women in the workforce. These discussions provided valuable knowledge and insight on issues affecting today's workplaces. They also gave me a better understanding of the challenges that employers and employees sometimes have to face.

The labour program works to ensure that employment standards are respected as well, especially regarding pay, dismissal, leave and hours of work, because employment standards set the foundation for creating productive workplaces.

These standards help protect the rights of workers. They help foster cooperative relationships between employers and workers and provide the necessary conditions for a productive economy.

I am pleased that we have successfully conciliated about 1,000 unjust dismissal complaints, partly through the use of alternative dispute resolution techniques, and have recovered $4.6 million in unpaid wages for workers in the federal sector.

As well, we continue to promote employment equity and related initiatives. Our goal is to foster inclusive and fair workplaces that take advantage of the skills and talents of all Canadians.

Finally, we continue to work in collaboration with both provincial and territorial governments, as well as our international partners, to identify and craft policies that can best support the development of enterprises and workforces, leading to strong and sustained growth.

I will also take time to talk about my constituents in Halton and how the initiatives proposed in this bill benefit them in their everyday lives.

There are a number of small businesses in the riding of Halton and a number of small business owners. Just as the CFIB has applauded the government's position and provision of a temporary hiring credit for small businesses, I know that businesses in my riding will be enthusiastic about this initiative as well.

This bill encourages additional hiring for small businesses through this temporary hiring credit and this is good news for job creation in my riding.

Also contained in the bill is a permanent annual investment of $2 billion in the gas tax fund which provides that predictable, long-term infrastructure funding for municipalities. As well, specific beneficial initiatives are: the volunteer firefighters tax credit; the new family caregiver tax credit; and, the new children's arts tax credit. There are many in here for the good people of Halton.

In conclusion, this act builds on our work to protect Canadian workers and employers and on strengthening labour management relations while playing a leadership role in intergovernmental and international labour affairs.

[Scott Simms, Liberal, Bonavista—Gander—Grand Falls—Windsor, NL]

Mr. Speaker, I have a question for the Minister of Labour regarding the workplace and in particular the current workplace in my area. She is familiar with Cape Breton. I am from central and northeastern Newfoundland.

One of the biggest elements of the workforce is the existence of seasonal labour. Earlier today I believe the Parliamentary Secretary to the Minister of Finance talked about the 45-day work week.

I will provide the minister with an example that I would like her to comment on. In a place like Port Union, which earlier lost its plant for only one season, it is harder for that particular plant to maintain a workforce in the foreseeable future if a 45-day work week does not exist.

Therefore, we must look for ways to promote EI reform in areas of high unemployment. Could the minister comment on that?

I apologize if that is not particularly germane to her speech.

[Lisa Raitt, Conservative, Halton, ON]

Mr. Speaker, tangentially on the topic that the hon. member brought up, in the first round of Canada's economic action plan the biggest challenge was dealing with single industry towns. We approached it from a number of different areas. One way was to help the community diversify and that is by putting in infrastructure. I know we did an awful lot of work on the forestry file to ensure that those communities wanting to diversify their base could do so by having new industries and creating new jobs so that people could stay in those communities. There are many benefits to having people stay in those communities, especially for those who live there.

As well, we introduced temporary measures with respect to employment insurance to ensure that older workers were able to obtain the retraining they needed.

Finally, not necessarily for the area from which the member comes but in my area in Halton we found that work sharing specifically was a very important program, one which I have been told the United States thinks was the key initiative that allowed us to recover from the recession as well as we did.

[Elizabeth May, Green, Saanich—Gulf Islands, BC]

Mr. Speaker, as someone who enjoyed attending law school and practised law, I always felt that a bill's title should reflect its content. In this bill on jobs and economic growth I do not see a connection to clause 181 which removes campaign financing in public form, which is not any part of economic growth, and which does not even begin to touch the largest of taxpayer support to political parties. Would the Minister of Labour comment on that?

[Lisa Raitt, Conservative, Halton, ON]

Mr. Speaker, I thank the member for pointing out that the Cape Breton caucus does indeed get along outside the House, though not necessarily always inside the House. I also appreciate that she stood in defence of another member from Cape Breton at the other end of the House today.

Our government is committed to strengthening integrity and accountability both in government and political activity. We have always opposed direct taxpayer subsidies to political parties. We believe that political parties should rely primarily on their supporters for financing. That is why we are introducing legislation to gradually reduce the pay-per-vote subsidy starting April 1, 2012 until it is completely eliminated in 2015. That is also why the next phase of Canada's economic action plan is following through on the specific campaign commitment we made to defend the public interest.

We indicated that we have a duty to use taxpayer dollars wisely, especially in a time of fiscal constraint and when families are struggling to make ends meet. That is the underpinning as to why we are doing it, how we are doing it and when we are doing it.

[Cathy McLeod, Conservative, Parliamentary Secretary to the Minister of National Revenue]

Mr. Speaker, while listening to the debate today I heard many opposition members talk about there being no plan or that it is not working. One need only look at the results of seven periods of economic growth and an employment rate that while still not as good as we would like it to be is certainly better.

Could the member speak to the fact that we indeed have a plan and share it again with opposition members? Perhaps they have not heard but phase two of the economic action plan is working.

[Lisa Raitt, Conservative, Halton, ON]

Mr. Speaker, the government is indeed focused on what the next phase of the economic action plan is about. It is about supporting job creation, families and communities. It is about investing in innovation, education and training. It is about preserving Canada's fiscal advantage. The most telling part of it coming from my department is the quote from the Canadian Labour Congress wherein it stated:

—the CLC has pushed hard for an increase in the Guaranteed Income Supplement (GIS) paid to 1.6 million low income seniors. “Minister Flaherty has made a modest improvement to the GIS in this budget. This is a win for every senior living in poverty in Canada...”

[Louis Plamondon, Bloc, Bas-Richelieu—Nicolet—Bécancour, QC]

Mr. Speaker, I am very pleased to participate in this debate on the budget implementation bill. It goes without saying that we support some measures in this second budget bill, but unfortunately, some measures are unacceptable. That is why we will vote against it today.

The first problem we have is with the federal government's proposal to centralize securities in Toronto. There has been opposition to this not only in Quebec, but also in Alberta, Saskatchewan and Manitoba. Opposition was particularly strong in Quebec, since it would mean moving all economic life to Toronto. The government's desire to do this is nothing new. Members will recall that on May 26, 2010, it introduced a draft bill for this purpose. Then, in July 2010, despite opposition from four provinces, the Conservative government started implementing the transition plan for the Canadian Securities Regulatory Authority.

The government seems to forget that securities regulation falls under the exclusive constitutional authority of Quebec and the provinces. Let us not forget that the government's proposed Canada-wide securities commission does not respect Quebec's responsibility for property and civil rights. Authority over securities is given to the provinces by virtue of their jurisdiction over property and civil rights under subsection 92(3) of the Constitution Act, 1867. It is plain and simple. Nevertheless, the government wants to move forward.

The current passport system, as we call it in finance terms, works very well. With this system, a company that registers in one participating province can do business with people in all the other participating provinces. Every province, except Ontario, is part of the rules harmonization project. This Canada-wide commission will strip Quebec of a very important economic tool. Major decisions will be made outside Quebec. The Autorité des marchés financiers has an awareness of Quebec's distinct nature and needs that a single commission will not have.

For example, jobs in the financial sector are threatened. This is a key sector of Quebec's economy that accounts for 155,000 direct jobs. In all, 300,000 jobs in Quebec are connected with the financial sector. With their proposed Canada-wide commission, the Conservatives are trying to do Montreal out of what it has for Toronto's benefit and are encroaching on the jurisdictions of Quebec and the provinces. For these reasons, the National Assembly and the business community in Quebec reject the proposal.

The voluntary membership that has been spoken of is a ploy. By destroying the passport system and counting on conflicts among the regulatory bodies, the Conservative government is creating a reason for stock-issuing companies to turn to the national commission.

Contrary to what the Conservative government is saying, the existence of such a commission would not have prevented investors from being fleeced by white-collar criminals such as Earl Jones. He was a criminal who was not registered anywhere. In Montreal or in Toronto, he would have committed his crimes the same way. It is up to the RCMP to hunt down criminals. This should not be part of the debate.

Similarly, the existence of a single commission in the United States did not prevent Bernard Madoff from defrauding investors of over $50 billion. In addition, during the merging of the Toronto and Montreal stock exchanges into the well-known TMX Group, the AMF came up with a series of conditions that had to be met in order for it to accept the transaction, including, in particular, maintaining a certain number of jobs in Montreal in the derivatives sector. Since TMX Group is regulated by the Ontario Securities Commission, which would be part of the new Canada-wide commission, there is a real concern that the conditions set out by the AMF will no longer be respected.

In that case, what would stop TMX Group from moving all of its activities from Montreal to Toronto? That is a real danger. This commission will also be detrimental to the use of French in business, let us not forget. It is unlikely that companies registered with the single national commission, whether or not they are from Quebec, will be required to publish in English and French. The Bloc Québécois reiterates its opposition to the creation of a national securities commission. The Bloc Québécois supports the current harmonization of the rules governing the financial system. The passport mechanism maintains the autonomy and jurisdictions of Quebec and the provinces. This mechanism has existed since 2008 and is also used in the European Union. Thus, it is not something that is unique to Canada and Quebec. It is an international way of seeing things that respects all jurisdictions, including the provinces.

Canada's securities regulatory system works very well. A coalition of business people representing Quebecor, Jean Coutu, Cascades, the Association de femmes en finances and its 350 members, the bar, notaries, Power Corporation and Mouvement Desjardins all confirmed it in 2010. Many experts also oppose the plan for a single securities commission. Among them we have Pierre Lortie, the former President and CEO of the Montreal Stock Exchange, the constitutional expert Henri Brun, Yvon Allaire and Michel Nadeau from the Institute for Governance of Private and Public Organizations, and Jeffrey MacIntosh from the Toronto Stock Exchange Chair in Capital Markets Law at the University of Toronto. He shares our opinion even though he is from Toronto. All the political parties in Quebec are against this initiative. There have even been some unanimous motions from the National Assembly.

Let us take a brief look back to see how we got here. From 1970 to 2005, the idea of a single securities commission surfaced and resurfaced sporadically. The idea of giving Canada a single regulatory body for securities has been resurfacing for more than 40 years. Since 2003, the subject has been at the forefront of the federal political scene. The Liberals, who were in power at the time, had formed a committee of experts to study the possibility of setting up a single regulatory agency in Canada. The surprising thing is that the committee was far from being definitive. But today the Liberals and the Conservatives agree on centralizing everything in Toronto.

We should remember that, since coming to power, the Conservatives have attempted to force the issue. The 2006 budget revisited the idea. It announced that the government was going to work with the provinces. But if you work with the provinces and they say no, that they do not want change, the matter should go no further. The federal government often forgets that it was created by the will of the provinces. It is a creation of the provinces. It is not up to the federal government to tell the provinces what to do. It is up to the provinces to tell the federal government its expectations about how things will work. The provinces have delegated the powers to the federal government. This is often forgotten.

The Minister of Finance reiterated in 2007 that a panel of experts would be set up to study the creation of a single regulator. The 2008 budget again confirmed the government's intention despite the opposition from the provinces. In 2009, the expert panel on securities established by the Minister of Finance tabled its report, which was not unanimous. Action has also been taken recently, as we can see today in the government's statement on finances. It is still determined to move forward without waiting for the Supreme Court's ruling because the government is in a difficult position due to the provinces' opposition. Alberta and Quebec are mounting a legal challenge.

I hope that the Conservative government will revise its position to satisfy the demands of the provinces. For the time being, if Quebec is opposed, we will vote against the bill