You have enough time for a quick question.
Evidence of meeting #3 for Finance in the 39th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was budget.
Evidence of meeting #3 for Finance in the 39th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was budget.
4:10 p.m.
Conservative
4:10 p.m.
Conservative
Garth Turner Conservative Halton, ON
So we haven't talked to the stakeholders here. Have we done some analysis on the impact that adding competition to the marketplace would have? In other words, have we given some thought to whether some of the principal players in this market, who are now insuring people in rural areas and other people who may not be getting this kind of coverage, would exit that in the face of new competition, to just go and pick off more of their prime clients? In other words, have we looked at the marketplace ramifications on consumers of this rather significant change?
4:10 p.m.
Acting Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
I guess we would hold that more competition ultimately is a good thing. We have not tried to assess, if a new player comes in, what actually would be the new market shares and exactly who would have what share of what market. We have not done that type of detailed analysis.
4:10 p.m.
Conservative
The Chair Conservative Brian Pallister
Thanks, Mr. Turner. Time is up. We'll go now to Mr. Savage, but perhaps you will have time to follow up later on.
May 10th, 2006 / 4:10 p.m.
Liberal
Michael Savage Liberal Dartmouth—Cole Harbour, NS
Thank you, Mr. Chair.
Thank you to the witnesses for appearing today.
I want to follow up on a request made by Ms. Wasylycia-Leis about a chart concerning benefit by income class on the GST cut. That was a question. Is it going to be provided to us?
4:10 p.m.
General Director, Analysis, Tax Policy Branch, Department of Finance
Yes, it will be.
4:10 p.m.
Liberal
Michael Savage Liberal Dartmouth—Cole Harbour, NS
I just wanted to make sure that would be provided. Thank you. I'll be very interested in seeing that.
On July 1, the basic personal exemption is going to be lowered by $400. Is that correct?
4:10 p.m.
General Director, Analysis, Tax Policy Branch, Department of Finance
That's correct.
4:10 p.m.
Liberal
Michael Savage Liberal Dartmouth—Cole Harbour, NS
What's the impact of that on the lowest-income Canadians?
4:10 p.m.
General Director, Analysis, Tax Policy Branch, Department of Finance
For the lowest-income Canadians, well, it depends on what income class you're talking about. If it's someone making around $15,000, that would mean approximately--I'm just counting in my head here--about $30.
4:10 p.m.
General Director, Analysis, Tax Policy Branch, Department of Finance
Yes, by $30, but they will benefit from the Canada employment credit as well as from other measures, and of course from the GST reduction.
4:10 p.m.
Liberal
4:10 p.m.
General Director, Analysis, Tax Policy Branch, Department of Finance
That's correct.
4:10 p.m.
Liberal
Michael Savage Liberal Dartmouth—Cole Harbour, NS
Let me come back to that.
Let me ask you a question. Maybe Ms. Anderson would be interested in answering this. What's the department's view on the Atlantic accords?
4:15 p.m.
Assistant Deputy Minister, Federal-Provincial Relations and Social Policy Branch, Department of Finance
The government, I think, has been very clear that they will respect those accords.
4:15 p.m.
Assistant Deputy Minister, Federal-Provincial Relations and Social Policy Branch, Department of Finance
I'm a bureaucrat. That is....
4:15 p.m.
Liberal
Michael Savage Liberal Dartmouth—Cole Harbour, NS
The reason I ask is that the government took pains to actually print this in the document, the concern they felt that the accords were widely criticized as undermining the principles on which equalization is based. Do you think that's true?
4:15 p.m.
Assistant Deputy Minister, Federal-Provincial Relations and Social Policy Branch, Department of Finance
I think there have been a great many concerns raised about the Atlantic accords.
4:15 p.m.
Assistant Deputy Minister, Federal-Provincial Relations and Social Policy Branch, Department of Finance
No, by other provinces and through the media.
4:15 p.m.
Liberal
Michael Savage Liberal Dartmouth—Cole Harbour, NS
They have not been by anybody in Nova Scotia or Newfoundland and Labrador, but I don't want to get political about it.
Let me ask you another question, if it would be fair. The cuts to Environment Canada amount to how much from this budget?