Bill C-45 (Historical)

Jobs and Growth Act, 2012

A second Act to implement certain provisions of the budget tabled in Parliament on March 29, 2012 and other measures

Part 1 implements certain income tax measures and related measures proposed in the March 29, 2012 budget. Most notably, it
(a) amends the rules relating to Registered Disability Savings Plans (RDSPs) by
(i) replacing the 10-year repayment rule applying to withdrawals with a proportional repayment rule,
(ii) allowing investment income earned in a Registered Education Savings Plan (RESP) to be transferred on a tax-free basis to the RESP beneficiary’s RDSP,
(iii) extending the period that RDSPs of beneficiaries who cease to qualify for the Disability Tax Credit may remain open in certain circumstances,
(iv) amending the rules relating to maximum and minimum withdrawals, and
(v) amending certain RDSP administrative rules;
(b) includes an employer’s contributions to a group sickness or accident insurance plan in an employee’s income in certain circumstances;
(c) amends the rules applicable to retirement compensation arrangements;
(d) amends the rules applicable to Employees Profit Sharing Plans;
(e) expands the eligibility for the accelerated capital cost allowance for clean energy generation equipment to include a broader range of bioenergy equipment;
(f) phases out the Corporate Mineral Exploration and Development Tax Credit;
(g) phases out the Atlantic Investment Tax Credit for activities related to the oil and gas and mining sectors;
(h) provides that qualified property for the purposes of the Atlantic Investment Tax Credit will include certain electricity generation equipment and clean energy generation equipment used primarily in an eligible activity;
(i) amends the Scientific Research and Experimental Development (SR&ED) investment tax credit by
(i) reducing the general SR&ED investment tax credit rate from 20% to 15%,
(ii) reducing the prescribed proxy amount, which taxpayers use to claim SR&ED overhead expenditures, from 65% to 55% of the salaries and wages of employees who are engaged in SR&ED activities,
(iii) removing the profit element from arm’s length third-party contracts for the purpose of the calculation of SR&ED tax credits, and
(iv) removing capital from the base of eligible expenditures for the purpose of the calculation of SR&ED tax incentives;
(j) introduces rules to prevent the avoidance of corporate income tax through the use of partnerships to convert income gains into capital gains;
(k) clarifies that transfer pricing secondary adjustments are treated as dividends for the purposes of withholding tax imposed under Part XIII of the Income Tax Act;
(l) amends the thin capitalization rules by
(i) reducing the debt-to-equity ratio from 2:1 to 1.5:1,
(ii) extending the scope of the thin capitalization rules to debts of partnerships of which a Canadian-resident corporation is a member,
(iii) treating disallowed interest expense under the thin capitalization rules as dividends for the purposes of withholding tax imposed under Part XIII of the Income Tax Act, and
(iv) preventing double taxation in certain circumstances when a Canadian resident corporation borrows money from its controlled foreign affiliate;
(m) imposes, in certain circumstances, withholding tax under Part XIII of the Income Tax Act when a foreign-based multinational corporation transfers a foreign affiliate to its Canadian subsidiary, while preserving the ability of the Canadian subsidiary to undertake expansion of its Canadian business; and
(n) phases out the Overseas Employment Tax Credit.
Part 1 also implements other selected income tax measures. Most notably, it introduces tax rules to accommodate Pooled Registered Pension Plans and provides that income received from a retirement compensation arrangement is eligible for pension income splitting in certain circumstances.
Part 2 amends the Excise Tax Act and the Jobs and Economic Growth Act to implement rules applicable to the financial services sector in respect of the goods and services tax and harmonized sales tax (GST/HST). They include rules that allow certain financial institutions to obtain pre-approval from the Minister of National Revenue of methods used to determine their liability in respect of the provincial component of the HST, that require certain financial institutions to have fiscal years that are calendar years, that require group registration of financial institutions in certain cases and that provide for changes to a rebate of the provincial component of the HST to certain financial institutions that render services to clients that are outside the HST provinces. This Part also confirms the authority under which certain GST/HST regulations relating to financial institutions are made.
Part 3 amends the Federal-Provincial Fiscal Arrangements Act to provide the legislative authority to share with provinces and territories taxes in respect of specified investment flow-through (SIFT) entities — trusts or partnerships — under section 122.1 and Part IX.1 of the Income Tax Act, consistent with the federal government’s proposal on the introduction of those taxes. It also provides the legislative authority to share with provinces and territories the tax on excess EPSP amounts imposed under Part XI.4 of the Income Tax Act, consistent with the measures proposed in the March 29, 2012 budget. It also allows the Minister of Finance to request from the Minister of National Revenue information that is necessary for the administration of the sharing of taxes with the provinces and territories.
Part 4 enacts and amends several Acts in order to implement various measures.
Division 1 of Part 4 amends the Trust and Loan Companies Act, the Bank Act, the Insurance Companies Act and the Jobs and Economic Growth Act as a result of amendments introduced in the Jobs, Growth and Long-term Prosperity Act to allow certain public sector investment pools to directly invest in a federally regulated financial institution.
Division 2 of Part 4 amends the Canada Shipping Act, 2001 to permit the incorporation by reference into regulations of all Canadian modifications to an international convention or industry standard that are also incorporated by reference into the regulations, by means of a mechanism similar to that used by many other maritime nations. It also provides for third parties acting on the Minister of Transport’s behalf to set fees for certain services that they provide in accordance with an agreement with that Minister.
Division 3 of Part 4 amends the Canada Deposit Insurance Corporation Act to, among other things, provide for a limited, automatic stay in respect of certain eligible financial contracts when a bridge institution is established. It also amends the Payment Clearing and Settlement Act to facilitate central clearing of standardized over-the-counter derivatives.
Division 4 of Part 4 amends the Fisheries Act to amend the prohibition against obstructing the passage of fish and to provide that certain amounts are to be paid into the Environmental Damages Fund. It also amends the Jobs, Growth and Long-term Prosperity Act to amend the definition of Aboriginal fishery and another prohibition relating to the passage of fish. Finally, it provides transitional provisions relating to authorizations issued under the Fisheries Act before certain amendments to that Act come into force.
Division 5 of Part 4 enacts the Bridge To Strengthen Trade Act, which excludes the application of certain Acts to the construction of a bridge that spans the Detroit River and other works and to their initial operator. That Act also establishes ancillary measures. It also amends the International Bridges and Tunnels Act.
Division 6 of Part 4 amends Schedule I to the Bretton Woods and Related Agreements Act to reflect changes made to the Articles of Agreement of the International Monetary Fund as a result of the 2010 Quota and Governance Reforms. The amendments pertain to the rules and regulations of the Fund’s Executive Board and complete the updating of that Act to reflect those reforms.
Division 7 of Part 4 amends the Canada Pension Plan to implement the results of the 2010-12 triennial review, most notably, to clarify that contributions for certain benefits must be made during the contributory period, to clarify how certain deductions are to be determined for the purpose of calculating average monthly pensionable earnings, to determine the minimum qualifying period for certain late applicants for a disability pension and to enhance the authority of the Review Tribunal and the Pension Appeals Board. It also amends the Department of Human Resources and Skills Development Act to enhance the authority of the Social Security Tribunal.
Division 8 of Part 4 amends the Indian Act to modify the voting and approval procedures in relation to proposed land designations.
Division 9 of Part 4 amends the Judges Act to implement the Government of Canada’s response to the report of the fourth Judicial Compensation and Benefits Commission regarding salary and benefits for federally appointed judges. It also amends that Act to shorten the period in which the Government of Canada must respond to a report of the Commission.
Division 10 of Part 4 amends the Canada Labour Code to
(a) simplify the calculation of holiday pay;
(b) set out the timelines for making certain complaints under Part III of that Act and the circumstances in which an inspector may suspend or reject such complaints;
(c) set limits on the period that may be covered by payment orders; and
(d) provide for a review mechanism for payment orders and notices of unfounded complaint.
Division 11 of Part 4 amends the Merchant Seamen Compensation Act to transfer the powers and duties of the Merchant Seamen Compensation Board to the Minister of Labour and to repeal provisions that are related to the Board. It also makes consequential amendments to other Acts.
Division 12 of Part 4 amends the Customs Act to strengthen and streamline procedures related to arrivals in Canada, to clarify the obligations of owners or operators of international transport installations to maintain port of entry facilities and to allow the Minister of Public Safety and Emergency Preparedness to require prescribed information about any person who is or is expected to be on board a conveyance.
Division 13 of Part 4 amends the Hazardous Materials Information Review Act to transfer the powers and functions of the Hazardous Materials Information Review Commission to the Minister of Health and to repeal provisions of that Act that are related to the Commission. It also makes consequential amendments to other Acts.
Division 14 of Part 4 amends the Agreement on Internal Trade Implementation Act to reflect changes made to Chapter 17 of the Agreement on Internal Trade. It provides primarily for the enforceability of orders to pay tariff costs and monetary penalties made under Chapter 17. It also repeals subsection 28(3) of the Crown Liability and Proceedings Act.
Division 15 of Part 4 amends the Employment Insurance Act to provide a temporary measure to refund a portion of employer premiums for small businesses. An employer whose premiums were $10,000 or less in 2011 will be refunded the increase in 2012 premiums over those paid in 2011, to a maximum of $1,000.
Division 16 of Part 4 amends the Immigration and Refugee Protection Act to provide for an electronic travel authorization and to provide that the User Fees Act does not apply to a fee for the provision of services in relation to an application for an electronic travel authorization.
Division 17 of Part 4 amends the Canada Mortgage and Housing Corporation Act to remove the age limit for persons from outside the federal public administration being appointed or continuing as President or as a director of the Corporation.
Division 18 of Part 4 amends the Navigable Waters Protection Act to limit that Act’s application to works in certain navigable waters that are set out in its schedule. It also amends that Act so that it can be deemed to apply to certain works in other navigable waters, with the approval of the Minister of Transport. In particular, it amends that Act to provide for an assessment process for certain works and to provide that works that are assessed as likely to substantially interfere with navigation require the Minister’s approval. It also amends that Act to provide for administrative monetary penalties and additional offences. Finally, it makes consequential and related amendments to other Acts.
Division 19 of Part 4 amends the Canada Grain Act to
(a) combine terminal elevators and transfer elevators into a single class of elevators called terminal elevators;
(b) replace the requirement that the operator of a licensed terminal elevator receiving grain cause that grain to be officially weighed and officially inspected by a requirement that the operator either weigh and inspect that grain or cause that grain to be weighed and inspected by a third party;
(c) provide for recourse if an operator does not weigh or inspect the grain, or cause it to be weighed or inspected;
(d) repeal the grain appeal tribunals;
(e) repeal the requirement for weigh-overs; and
(f) provide the Canadian Grain Commission with the power to make regulations or orders with respect to weighing and inspecting grain and the security that is to be obtained and maintained by licensees.
It also amends An Act to amend the Canada Grain Act and the Agriculture and Agri-Food Administrative Monetary Penalties Act and to Repeal the Grain Futures Act as well as other Acts, and includes transitional provisions.
Division 20 of Part 4 amends the International Interests in Mobile Equipment (aircraft equipment) Act and other Acts to modify the manner in which certain international obligations are implemented.
Division 21 of Part 4 makes technical amendments to the Canadian Environmental Assessment Act, 2012 and amends one of its transitional provisions to make that Act applicable to designated projects, as defined in that Act, for which an environmental assessment would have been required under the former Act.
Division 22 of Part 4 provides for the temporary suspension of the Canada Employment Insurance Financing Board Act and the dissolution of the Canada Employment Insurance Financing Board. Consequently, it enacts an interim Employment Insurance premium rate-setting regime under the Employment Insurance Act and makes amendments to the Canada Employment Insurance Financing Board Act, the Department of Human Resources and Skills Development Act, the Jobs, Growth and Long-term Prosperity Act and Schedule III to the Financial Administration Act.
Division 23 of Part 4 amends the Canadian Forces Superannuation Act, the Public Service Superannuation Act and the Royal Canadian Mounted Police Superannuation Act and makes consequential amendments to other Acts.
The Canadian Forces Superannuation Act is amended to change the limitations that apply in respect of the contribution rates at which contributors are required to pay as a result of amendments to the Public Service Superannuation Act.
The Public Service Superannuation Act is amended to provide that contributors pay no more than 50% of the current service cost of the pension plan. In addition, the pensionable age is raised from 60 to 65 in relation to persons who become contributors on or after January 1, 2013.
The Royal Canadian Mounted Police Superannuation Act is amended to change the limitations that apply in respect of the contribution rates at which contributors are required to pay as a result of amendments to the Public Service Superannuation Act.
Division 24 of Part 4 amends the Canada Revenue Agency Act to make section 112 of the Public Service Labour Relations Act applicable to the Canada Revenue Agency. That section makes entering into a collective agreement subject to the Governor in Council’s approval. The Division also amends the Canada Revenue Agency Act to require that the Agency have its negotiating mandate approved by the President of the Treasury Board and to require that it consult the President of the Treasury Board before determining certain other terms and conditions of employment for its employees.

Job and Growth Act, 2012

[Claude Gravelle, NDP, Nickel Belt, ON]

I welcome the question, Mr. Speaker, because all these jobs the member is talking about are part-time jobs. They are Tim Hortons jobs and Walmart jobs. The jobs that Canadians want are jobs they can feed their families with and have a good pension.

The government is cutting all kinds of good-paying jobs in the public sector so it can give more money to its friends.

[Irene Mathyssen, NDP, London—Fanshawe, ON]

Mr. Speaker, the question I have for my colleague has to do with the pension provisions that we saw in the budget and now we see in this omnibus bill.

There is great praise or great effort made by this omnibus bill to put in place the pooled registered pension plan. Unfortunately, it is not indexed and is not fully transferrable. It depends on the markets. It is invested in stocks, and we know what happened in 2008 to RRSPs. There also is no requirement by employers to contribute.

Would the hon. member not agree with the rest of this side of the House that improvements to the Canada pension plan and QPP would be far more helpful in terms of retirement security for Canadians?

[Claude Gravelle, NDP, Nickel Belt, ON]

What a great question, Mr. Speaker. Of course I agree that the CPP is the way to do it. If we increased CPP donations for 10 years, everybody in Canada could have a decent pension to live on. It would take thousands of seniors out of poverty.

However, the government wants every Canadian to invest in the stock market. We all know what happens to the stock market when it goes down. Thousands of Canadians lost their pensions when the stock market went down the last time. The Conservatives want to do it again.

[John McCallum, Liberal, Markham—Unionville, ON]

Mr. Speaker, I have a question for the hon. member concerning his last remark, which I am afraid was highly misleading.

The important point that he neglects to make is that it would take 40 years for an increase in the CPP to be fully funded. Therefore, the benefit in its entirety would only go to somebody who is approximately 20 years old now and would have been contributing at the higher level for some 40 years.

A person who is 50 or 60 years of age would receive next to nothing out of the NDP's plan, unless the member is proposing that younger people subsidize the older people. Is that what he is proposing?

[Claude Gravelle, NDP, Nickel Belt, ON]

Mr. Speaker, the hon. member from the far side of the House is completely wrong. As usual, the Liberals are wrong.

We have been told that it would take 10 years for everyone in Canada to have a decent CPP that would take every senior citizen out of poverty.

[Jeff Watson, Conservative, Essex, ON]

Mr. Speaker, I believe it was at 4:15 p.m. that the member opposite lamented that, by lowering taxes, our government has lowered the government's fiscal capacity.

In that line, is the member saying that he agrees with the Broadbent report that taxes should go up by 3% of GDP, which is about $50 billion? If so, which existing taxes would his party raise and by how much, and which new taxes would his party implement and by how much, and are they the ones outlined in the Broadbent paper or the NDP's 2011 election platform?

[Claude Gravelle, NDP, Nickel Belt, ON]

Mr. Speaker, that was supposed to be a short question, so I will give him a really short answer.

I would like to remind the hon. member that his party, in its 2008 agenda, its 2008 platform, had a cap-and-trade tax that would have increased the price of everything. Now that party is denying it. It is saying it was not them, but if we check the 2008 platform, we will find a cap-and-trade tax.

[Dan Albas, Conservative, Okanagan—Coquihalla, BC]

Mr. Speaker, I will be splitting my time with the great member of Parliament for Vegreville—Wainwright.

It is an honour to rise before the House and speak in support of Bill C-45, the jobs and growth act, 2012. I am fairly certain that when it comes to budgets and this opposition, the criticism is either going to be that the budget is empty or, in this case, that it proposes too much.

Let us think about this for a moment. The opposition's single greatest criticism to date has been that our government's economic action plan tries to do too much. Today our country is facing one of the most challenging economic environments in history and the greatest criticism from the opposition is that our government is trying to do too much in response to these economic crises.

I find the position of the opposition troubling. The opposition believes we should do less in this budget. While I respect that the opposition prefers a more simplistic tax-and-spend approach to the economy, our government believes in a more balanced approach that recognizes the need to actually grow the economy.

How do we do this? More importantly, how does Bill C-45 enable us to accomplish this goal? The reason why Bill C-45 is called the jobs and growth act is because that is precisely what the bill promotes, jobs and economic growth. That is good news for the citizens of Okanagan—Coquihalla, who will benefit greatly from the implementation of the bill.

Rather than engage in the current opposition debate that has been largely based on what word appears where and how many pages we can count, I would prefer to focus on the actual content and provide an example from my riding that illustrates one of the many reasons why I will be supporting the bill.

Before I begin, I would like to add that earlier this week and again today, we heard the opposition member for Halifax suggest the Navigable Waters Protection Act was about protecting the environment. I have read the act and this claim is patently false. The intent of the act is clear. It says, “No work shall be built or placed in, on, over, under, through or across any navigable water” that would interfere with navigation.

I raise this point as I believe we should be debating the true intent of the act as it relates to Bill C-45. If members have ever had the opportunity to visit my riding of Okanagan—Coquihalla, in particular the community of Penticton, they would know that one of the most popular summer activities is floating down the Okanagan River channel. In fact, hundreds of thousands of people who have visited Penticton have taken part in the annual summer ritual of floating down the channel with friends and family alike.

I would also like to add that this is one of the most successful aboriginal-owned businesses in my region. How is this possible? It is possible because back in the 1950s, the governments of the day constructed a huge concrete dam at the north entrance to this waterway as a flood control measure. There are also three low-level bridges that span the same channel for vehicle crossings and one pedestrian bridge for a local golf course.

In short, unless one owns an inner tube, this waterway has not been navigable for many decades now and yet it is still subject to the Navigable Waters Protection Act. To be clear, for over 50 years, this waterway has not been navigable and yet it is still subject to the Navigable Waters Protection Act. Only to the opposition does this make sense.

It excites me greatly that this body of water will finally be exempt from the Navigable Waters Protection Act as proposed in Bill C-45. Allow me to share my enthusiasm for the reasons why this is important to my riding.

The Penticton Indian Band has been working on a large-scale commercial development on the west side of the waterway for close to a decade now. This is a critically important economic development project for the band. This development will create much needed employment for members of the Penticton Indian Band. It would also provide much needed tax revenues for the improvements. There is only one problem. In order to access this development, the Penticton Indian Band will need to construct a bridge across this very same Okanagan River crossing.

Building a bridge between two communities is no easy task. Aside from the estimated $7 million in construction costs, there are traffic engineering reports and records. Approvals must be sought from the B.C. Ministry of the Environment, the Ministry of Transportation, Aboriginal Affairs and Northern Development Canada, the Department of Fisheries and Oceans Canada and the B.C. Ministry for Aboriginal Affairs. Even the B.C. Attorney General's office is involved.

Anytime we hear an allegation that rules around the environment have been gutted, I can assure members of the House that there is no shortage of environmental approvals or government regulation involved in these processes. However, the Navigable Waters Protection Act is not and should not be one of them.

I am certain all members of the House can imagine the immense frustration of having to deal with no fewer than seven different government agencies, eight, if we include the adjacent municipality. After all of these challenges and hurdles, one must then comply with the demands of the Navigable Waters Protection Act even though the waterway in question has not been navigable for many decades. In fact, the last time this waterway was used for actual navigation was in 1917, which is almost 100 years ago.

Things have greatly changed over the past 100 years. Updating the Navigable Waters Protection Act, as I have just demonstrated, is not just important for the creation of jobs and economic growth in Okanagan—Coquihalla, it also reflects the reality of modern-day infrastructure needs.

Where there are still legitimate navigation needs on the water for economic development, they will continue to be protected. However, when there are waterways that have ceased to be navigable for the purposes originally defined under the act, let us apply common sense. That is exactly what Bill C-45 proposes.

This is only one example of many that I could share with the House in support of the jobs and growth act, 2012, and how it would benefit my riding of Okanagan—Coquihalla. I felt it important to illustrate a real-world example of why it is important to have a budget that promotes a balanced and comprehensive approach to creating jobs and supporting our local economies.

Before I close, I would like to take a moment to thank the members of the House for their patience in hearing my comments today. This project is very important for the Penticton Indian Band. Removing this decades-old roadblock would help to speed this project along.

I would also like to take a moment to formally congratulate Chief Jonathan Kruger, who was re-elected to another term of office as the chief of the Penticton Indian Band yesterday.

Chief Kruger was very receptive to hearing that we have proposed changes to other things in the budget implementation act such as the land designation process, particularly in regard to streamlining the government's own process for moving the Penticton Indian Band's community vision and economic development forward once they have come to a democratic decision.

I look forward to continuing to work with Chief Jonathan Kruger in getting this and other important projects moving forward with the help of Bill C-45.

[Dan Harris, NDP, Scarborough Southwest, ON]

Mr. Speaker, I raised an issue about the opposition's concern over where certain things were on certain pages in the budget. That came after several assertions from the government, including from the Parliamentary Secretary to the Minister of Finance, about the location of a certain part of the bill, which was that the Navigable Waters Protection Act was listed on page 282 of the budget. Our leader yesterday read that entire page and nowhere was it found. That is where we have concerns.

Also if the Navigable Waters Protection Act has absolutely nothing to do with environmental protection, why was that listed on the Minister of Transport's website 29 times and why did the government feel it necessary to sanitize that after the member for Halifax raised it?

[Dan Albas, Conservative, Okanagan—Coquihalla, BC]

Mr. Speaker, one of the things the government has attempted to do is to put together a comprehensive framework to take Canada forward. In this case, the Navigable Waters Protection Act does need to be changed so that projects such as the Penticton Indian Band's bridge can move forward with economic development. There is also the land designation process so that the band can move forward in a more sturdy way. All members of the House want to see that first nations are supported and to see these things come forward.

As far as websites are concerned, my suggestion would be to seek the advice of the minister. I am sure that a question could be allocated to the member and he could ask that during question period.

[Michelle Rempel, Conservative, Parliamentary Secretary to the Minister of the Environment]

Mr. Speaker, first of all I would like to preface my question by saying that Canada has been recently named as having the second cleanest freshwater reserves in the world. We were ranked by the World Health Organization as having some of the cleanest air in the world. Our greenhouse gas emissions have stabilized while our economy grows. We are cleaning up contaminated sites in a record way, in a way that is working very well. We are the first country in the world to have regulations for coal-fired greenhouse gas emissions.

With all of these good works, all the environmental protection and all of the environmental regulations that our country has, and has as international leaders, in his experience as a city councillor, how do the changes to Navigable Waters Protection Act improve the municipalities' ability to deal with problems, also acknowledging that Canada has some of the strongest environmental regulations in the world?

[Dan Albas, Conservative, Okanagan—Coquihalla, BC]

Mr. Speaker, I was very proud to serve on city council for the City of Penticton. The river channel 25 years ago was very murky. When the excess went into Skaha Lake it actually caused a water quality concern. I am very proud to say the City of Penticton made large investments years ago in its waste water programs and was supported in 2008 with a large grant that would help to take the advanced waste water treatment program up to another level. I have heard from scientists that the water quality in Skaha Lake now has cleared and it is one of the cleanest areas for people to go to the beach and enjoy summer activities.

One other thing I would mention is that there is so much legislation that protects water quality, local as well as first nations and as well as provincial. We are in very good hands with changes to this act.

[Lise St-Denis, Liberal, Saint-Maurice—Champlain, QC]

Mr. Speaker, my colleague said that our waters are clear and that our country's rivers are among the cleanest in the world.

Does my colleague agree that if that is the case and that is what we have achieved, perhaps it is because we had strong environmental regulations and we enforced them?

[Dan Albas, Conservative, Okanagan—Coquihalla, BC]

Mr. Speaker, I am really happy the member asked me that question because it gives me an opportunity to inform and make sure the House is mindful. As a former councillor, I know one of the key areas for environmental stewardship is waste water treatment. In fact this past summer, the government put forward national waste water treatment regulations. When I speak to people who are on old septic systems, those are a danger to water quality, particularly in my region. By setting strong standards and helping with infrastructure funds, Canada is well positioned to continue to have some of the cleanest water in the world.

[Leon Benoit, Conservative, Vegreville—Wainwright, AB]

Mr. Speaker, I enjoyed the speech by my colleague very much, but he made one error that I want to point out. He indicated that a favourite activity in the Penticton area is floating down the river on tubes, and that is fun. In fact, my wife and I are very much looking forward to taking our grandkids on that trip because it will be a lot of fun.

However, I have a brother who lives in the Okanagan and I go there most summers for a week's holiday. We have another favourite activity, which is probably favoured by more people than floating down the river, and that of course is a wine tour and drinking wine. That is a wonderful activity. There are some terrific vineyards in his area. They are a wonderful part of the history of the area and have really brought the quality of Canadian wine up quite remarkably.

I am delighted to be speaking on this bill today and I want to remind people of exactly what this bill entails. It is the second part of the budget implementation act. The budget was passed last spring, but generally budgets deal with a lot of different issues, as that budget did. There was one large bill implementing part of the budget and there were complaints about it being so large, but we are doing a lot. We are doing a lot because, quite frankly, it is needed. The world is in very difficult economic times. In Europe things are in a terrible mess and I worry about the future of the United States. Canada has fared much better, but we cannot take it for granted that this positive momentum is going to continue because the world is in a serious economic downturn and at some point we certainly could be affected.

The government is taking a proactive approach. We are doing what we can to ensure that the positive forward movement will continue. We have been successful with a lot of what we have done. For example, since 2009 the good business people and citizens of our country, with the framework that the government has helped put in place, have created some 820,000, mostly full-time, good jobs.