Bill C-27 (Historical)

An Act to amend the Pension Benefits Standards Act, 1985

This enactment amends the Pension Benefits Standards Act, 1985 to provide a framework for the establishment, administration and supervision of target benefit plans. It also amends the Act to permit pension plan administrators to purchase immediate or deferred life annuities for former members or survivors so as to satisfy an obligation to provide pension benefits if the obligation arises from a defined benefit provision.

Ethics

[John Brassard, Conservative, Barrie—Innisfil, ON]

Mr. Speaker, the finance minister keeps repeating that he disclosed all of his assets since day one. We are not fabricating the fact he hid his offshore corporation for two years.

The Prime Minister says the minister has always worked since day one with the Ethics Commissioner to ensure his personal finances were in line with the expectations of Canadians. We are not fabricating the fact he never received the commissioner's permission to introduce Bill C-27, a bill from which he and his family would profit.

The minister still has mystery assets. Why will he not tell Canadians what is inside all of his other companies?

[Gérard Deltell, Conservative, Louis-Saint-Laurent, QC]

Mr. Speaker, this is indeed historic. Never in the history of Canada have the Minister of Finance and the Prime Minister been under investigation by the Ethics Commissioner at the same time. That is the Liberals' idea of making history.

The problem with the Minister of Finance is that he is hiding things from Canadians. He introduced Bill C-27, which benefited his family's company tremendously, but said he worked with the Ethics Commissioner. I believe him because that is precisely what he did after introducing the bill. That is unacceptable.

Why is the Minister of Finance not being straight with Canadians?

[Alain Rayes, Conservative, Richmond—Arthabaska, QC]

Mr. Speaker, every week brings new revelations about the Minister of Finance's conflicts of interest.

First, there were his undeclared shares, then his villa in France, and now, we have the bill he created, Bill C-27, from which his own family and his company, Morneau Shepell, directly benefit.

Will the Prime Minister step up and order his Minister of Finance to show some transparency and disclose all of his assets?

[Maxime Bernier, Conservative, Beauce, QC]

Mr. Speaker, that is not true. The Minister of Finance did not sit down with the Ethics Commissioner. He did so only after he was in conflict of interest.

We know that Morneau Shepell deals in target benefit pension plans, and that is what the minister put forward in his Bill C-27.

The question here is simple. How can the minister think that he is not in conflict of interest when he makes the laws that govern a business in which he holds shares? How can the Minister of Finance say that he is not in conflict of interest?

[Alexandre Boulerice, NDP, Rosemont—La Petite-Patrie, QC]

Mr. Speaker, the Liberal Party's chief fundraiser sent money to a tax haven. This morning, the NDP asked that Stephen Bronfman appear before the Standing Committee on Finance. The Liberals refused.

The Minister of Finance failed to put his assets in a blind trust. He also introduced Bill C-27, which helped Morneau Shepell rake in millions of dollars without running this by the Conflict of Interest and Ethics Commissioner. He is currently under investigation.

Is that the Liberals' approach to governing?

They do nothing about tax havens and introduce bills to get richer and to make their millionaire friends richer?

[Joël Lightbound, Liberal, Parliamentary Secretary to the Minister of Finance]

Mr. Speaker, the Minister of Finance introduced Bill C-27 to ensure that Canadians have a secure and stable retirement, so that they may live out their retirement with dignity. The Minister of Finance has always worked with the Conflict of Interest and Ethics Commissioner. He followed through on her recommendation to set up a conflict of interest screen. The commissioner felt that this was the best way to prevent any appearance of conflict of interest or any conflict of interest. The Minister of Finance will continue to work with the Conflict of Interest and Ethics Commissioner to ensure that all the rules are followed and he will continue to serve Canadians.

[Shannon Stubbs, Conservative, Lakeland, AB]

Mr. Speaker, the Prime Minister and the finance minister are the two most powerful lawmakers in Canada. The finance minister's Bill C-27 will directly benefit his billion dollar family business, Morneau Shepell, and he still held shares in Morneau Shepell when he introduced that bill. The Prime Minister and the finance minister and his staff all claim he has been working with the Ethics Commissioner from the start, but now, the Prime Minister and two of his cabinet ministers are under investigation by the Ethics Commissioner. How can Canadians trust the Prime Minister?

[Alain Rayes, Conservative, Richmond—Arthabaska, QC]

Mr. Speaker, the finance minister's so-called ethical screen gets weaker every day. After introducing Bill C-27, which helps his own family business, the only argument the minister has left is to say that he now miraculously has some integrity because he sold his shares and made a donation. What does the government have to say about the level of integrity he has shown over the past two years?

Will the Prime Minister finally admit what all Canadians know, that his finance minister has been in a direct conflict of interest for the past two years?

[Alain Rayes, Conservative, Richmond—Arthabaska, QC]

Mr. Speaker, the Minister of Finance swore that he put his shares in a blind trust and then we learned that he never did. The Minister of Finance assured us that he had declared all his assets and then we learned that he was fined by the commissioner for failing to disclose a company. From the beginning of the session, the minister has repeated that he has always worked with the Conflict of Interest and Ethics Commissioner and, oddly enough, today we read in the Globe and Mail that the minister never worked with the commissioner on his Bill C-27.

Can the Prime Minister tell us why Canadians would still trust the Minister of Finance?

[Andrew Scheer, Conservative, Leader of the Opposition]

Mr. Speaker, these Liberals only work with the Ethics Commissioner after they get caught breaking the ethics laws.

Therefore, let us be clear. Either the finance minister lied to the Prime Minister, or the Prime Minister did not even bother to ask, or the Prime Minister simply believes that Liberals are just above the rules. Which is it? Did anyone ever tell the Prime Minister that his finance minister was clear to table Bill C-27 before the bill was introduced in Parliament?

[Andrew Scheer, Conservative, Leader of the Opposition]

Mr. Speaker, just yesterday, the Prime Minister said that the Minister of Finance had always worked closely with the Conflict of Interest and Ethics Commissioner.

Therefore, I am asking him one more time: did the Prime Minister verify with the Minister of Finance that the Conflict of Interest and Ethics Commissioner had allowed him to introduce his pension legislation, Bill C-27?

[Karine Trudel, NDP, Jonquière, QC]

Mr. Speaker, transferring the employer's risk to the employee is not what I would call working for the middle class. It is working for the rich friends of the governing party.

We have known from the start that Bill C-27 was bad for workers. Unions and workers across Canada agree that this bill should be scrapped.

In addition to introducing a bad bill, the Minister of Finance also put himself in a clear conflict of interest to the point where he is under investigation by the Conflict of Interest and Ethics Commissioner.

The Liberals never should have introduced this bill. Will they now right that wrong by withdrawing it?

[Scott Duvall, NDP, Hamilton Mountain, ON]

Mr. Speaker, the Liberals' Bill C-27 would open the door for crown corporations and federally regulated employers to convert secure defined benefit pension plans into less secure plans. In fact, before the finance minister was in cabinet, he spent his career advocating for shifting pension risk from employer to employee, and then presented the Liberals' plan to do exactly that with Bill C-27. How can the Liberals continue to say they are standing up for the middle class? It is simple: will the Liberals do what is right for working Canadians and withdraw their shameful bill?

[Candice Bergen, Conservative, Portage—Lisgar, MB]

Mr. Speaker, this ethical scandal that the finance minister finds himself in may only be the tip of the iceberg. The only reason everybody knows that the Minister of Finance benefited from Bill C-27 is because the media forced him to disclose that he held shares in Morneau Shepell. However, the minister is still hiding what other shares he held in other companies over the last two years and what other government decisions he made that benefited him.

Let us just rip the band-aid off, let us get this out in the open: what shares did the Minister of Finance own in what companies over the last two years?

[Alain Rayes, Conservative, Richmond—Arthabaska, QC]

Mr. Speaker, in 2014, when the Minister of Finance was the executive chair of Morneau Shepell, he participated in a forum on pension plan reform that advocated for the measures he included in his Bill C-27.

Interestingly, in the days following the introduction of his bill, Morneau Shepell share values surged by nearly $1 million. It is therefore not surprising that the minister is now the subject of an investigation by the Ethics Commissioner. I have one simple question.

When the minister introduced his bill, did the Prime Minister know that he was in direct conflict of interest?