Evidence of meeting #7 for COVID-19 Pandemic in the 43rd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was businesses.
A video is available from Parliament.
2:20 p.m.
Liberal
Bill Morneau Liberal Toronto Centre, ON
Mr. Chair, the member opposite might know that the Bank of Canada is independent from the government, and as such we are not privy to those decisions and support the continuing independence of the Bank of Canada from the government.
2:20 p.m.
Conservative
2:20 p.m.
Conservative
Greg McLean Conservative Calgary Centre, AB
The finance sector seems to be getting well served during this economic crisis.
Will the minister endeavour to provide a more balanced program of benefits going forward for the sake of the entire Canadian economy, and not just the Brookfields, the BlackRocks and the big banks?
2:20 p.m.
Liberal
Bill Morneau Liberal Toronto Centre, ON
Mr. Chair, I think the notion that one sector is being advantaged versus another actually defies the facts. More than 550,000 loans have gone out to small businesses in the form of $40,000 loans per business over a very short time period.
Canada is a leader in this regard, and we'll continue to support businesses all across Canada with loans and support as they need it to get ourselves through this difficult time.
2:25 p.m.
Conservative
The Acting Chair Conservative Bruce Stanton
We'll go to the last five-minute round.
We'll begin with the honourable member for Carleton, Mr. Poilievre.
2:25 p.m.
Conservative
Pierre Poilievre Conservative Carleton, ON
Thank you, Mr. Chair.
What is the dollar value of the total assets of the Government of Canada?
2:25 p.m.
Liberal
Bill Morneau Liberal Toronto Centre, ON
Mr. Chair, earlier today we were given incorrect information on the Auditor General. I would like to be able to provide more information at my next response.
2:25 p.m.
Conservative
Pierre Poilievre Conservative Carleton, ON
What is the total dollar value of the assets of the Government of Canada?
2:25 p.m.
Liberal
Bill Morneau Liberal Toronto Centre, ON
Mr. Chair, the member for Carleton said that the previous government spent more on the Auditor General than the current government, and that is actually incorrect.
2:25 p.m.
Conservative
Pierre Poilievre Conservative Carleton, ON
What is the total dollar value of the assets of the Government of Canada?
2:25 p.m.
Liberal
Bill Morneau Liberal Toronto Centre, ON
Mr. Chair, in fact, in the last full year of the Harper government, in 2014-15, the total spending on the Auditor General was $85.8 million.
2:25 p.m.
Conservative
Pierre Poilievre Conservative Carleton, ON
What is the dollar value of the assets of the Government of Canada?
2:25 p.m.
Liberal
Bill Morneau Liberal Toronto Centre, ON
Mr. Chair, in the most recent year, 2018-19, the total spend was $92.4 million for the Auditor General, showing a 7.7% increase.
2:25 p.m.
Conservative
Pierre Poilievre Conservative Carleton, ON
What are the total liabilities of the Government of Canada?
2:25 p.m.
Liberal
Bill Morneau Liberal Toronto Centre, ON
Mr. Chair, I would just say it's shocking when people bring forward incorrect information to the House to try to make a point.
2:25 p.m.
Conservative
Pierre Poilievre Conservative Carleton, ON
What are the total liabilities of the Government of Canada?
2:25 p.m.
Liberal
Bill Morneau Liberal Toronto Centre, ON
Mr. Chair, we will continue to support Canadians through this time, with support not only for businesses but for individuals to get through and get a bridge to a better time.
2:25 p.m.
Liberal
2:25 p.m.
Conservative
Pierre Poilievre Conservative Carleton, ON
I know we shouldn't ask the minister about numbers. He's just the finance minister, after all, but what is the equity on the Government of Canada's balance sheet?
2:25 p.m.
Liberal
Bill Morneau Liberal Toronto Centre, ON
Mr. Chair, I would advise the member for Carleton to memorize those Auditor General figures for his next foray into the House of Commons.
2:25 p.m.
Conservative
Pierre Poilievre Conservative Carleton, ON
The minister has claimed that our balance sheet is strong. There are three components to a balance sheet: the assets, the liabilities, and the equity. The minister doesn't know any of the three, so clearly he doesn't actually know anything about our balance sheet. That's reassuring.
According to the Auditor General, the negative net worth of our Government of Canada will be as much as $1 trillion by the end of this fiscal year.
Can the minister, if he is familiar with any of these numbers, tell us if it is possible that his government will hit $1 trillion of debt this year?
2:25 p.m.
Liberal
Bill Morneau Liberal Toronto Centre, ON
Mr. Chair, I want to assure Canadians that our approach will be to continue to make investments on their behalf. That is available to us because of our strong fiscal position, but we will continue to take that approach, which we think is the appropriate one.
2:25 p.m.
Conservative
2:25 p.m.
Liberal
Bill Morneau Liberal Toronto Centre, ON
Mr. Chair, as I said, we will continue to focus on the importance of supporting Canadians.