An Act to amend the Department of Industry Act (financial assistance)

Sponsor

Maxime Bernier  Conservative

Introduced as a private member’s bill. (These don’t often become law.)

Status

Second reading (House), as of Feb. 5, 2018

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Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Department of Industry Act in order to require the Minister of Industry to publish certain information concerning the financial assistance provided either under section 14 of the Act or by any economic development or opportunities agency for which the Minister is responsible.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Department of Industry ActRoutine Proceedings

February 5th, 2018 / 3:10 p.m.
See context

Conservative

Maxime Bernier Conservative Beauce, QC

moved for leave to introduce Bill C-396, An Act to amend the Department of Industry Act (financial assistance).

Thank you, Mr. Speaker.

In my role as shadow minister for innovation, science and economic development, I have reviewed the files of corporations that have received financial assistance from the government. It has come to my attention that billions of dollars are being distributed every year by the government in subsidies and repayment contributions.

Many of these loans have not been paid back and nor do we know the status of the repayments. For 45% of the loans granted through the Minister of Industry's technology partnerships Canada program, we do not know if they have been paid back even though these loans were granted several years ago. The bill will enhance transparency in order to shed light on these loans.

I am against subsidizing businesses, but when they receive repayable loans, Canadian taxpayers should know if those loans have been repaid or not. This bill is very simple. It calls on the Minister of Innovation, Science and Economic Development to publish information on the repayment of these loans. I hope that we will have the unanimous support of the House since this bill is absolutely not partisan.

(Motions deemed adopted, bill read the first time and printed)