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