Evidence of meeting #44 for Finance in the 39th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was federal.
10:10 a.m.
Conservative
Mike Wallace Conservative Burlington, ON
So you're not aware that there was federal money ever in the day care system up until we took government?
10:10 a.m.
Executive Director, Ontario Coalition for Better Child Care
I'm relatively new to this, so no, I can't answer that question.
10:10 a.m.
Conservative
Mike Wallace Conservative Burlington, ON
Okay. Thank you for that.
I have a question, Mr. Heller. I think your presentation said that part of the increase for venture capital is to $15,000 from $5,000? Is that accurate?
10:10 a.m.
Conservative
Mike Wallace Conservative Burlington, ON
Is that an industry standard? I could be completely wrong, but I thought I heard $10,000 on my little tour around the country.
10:10 a.m.
General Partner, Vengrowth Private Equity Partners
It's possible that some of our other organizations--the venture capital industry--had lower expectations. I mean, $10,000 would be fabulous.
The underlying goal is to access a higher net worth crowd and raise money in bigger chunks, run our businesses more efficiently, and deliver more venture capital.
10:10 a.m.
Conservative
Mike Wallace Conservative Burlington, ON
Okay. Thank you for that.
I have a question for Mr. Braniff. Some of my questions have been asked, but I want to be accurate. You're looking for pension splitting for people who are over 65. Is that an accurate statement?
10:10 a.m.
Conservative
Mike Wallace Conservative Burlington, ON
So my father who retired at 58 and collects a pension from a power company and my mother who has always been a stay-at-home mom do not qualify for your pension splitting plan at this particular moment. Is that correct?
10:10 a.m.
Past Chairman and Co-founder, SenTax
I imagine you'd find the same principle that you have with CPP and QPP. And that's where we're lined up. With CPP, you can get a pension at 60. Hey, if you want to make it 55--
10:10 a.m.
Conservative
10:10 a.m.
Past Chairman and Co-founder, SenTax
That's correct, but very few turn it down.
10:10 a.m.
Conservative
Mike Wallace Conservative Burlington, ON
My father is over 60 and he doesn't collect it, so I was just wondering--
10:10 a.m.
Conservative
Mike Wallace Conservative Burlington, ON
He doesn't collect it yet.
The numbers we've seen were significantly different from what I asked for from the finance department. Could it be because you're dealing with those who are over 65, and they're dealing with everybody who's collecting a pension, even a private pension?
10:15 a.m.
Past Chairman and Co-founder, SenTax
I think this would be open to discussion. The previous legislation made that age 65. If it was earlier, I would have no argument with that, and I don't think any of our organizations would have an argument with that.
10:15 a.m.
Conservative
Mike Wallace Conservative Burlington, ON
The cap was mentioned. Most people automatically think of it as fifty-fifty, but could it be twenty-eighty? When you say split, are you advocating for fifty-fifty, or could it be another combination?
10:15 a.m.
Past Chairman and Co-founder, SenTax
I'm not in a position to discuss the matter for the nineteen organizations, but that's the way we're positioned right now. It is based on the precedent that exists with family law; it's the same precedent that exists with CPP. If you ask my wife, who's in the audience right now, she'll probably tell you that she really earns 60% of my pension.
10:15 a.m.
Conservative
The Chair Conservative Brian Pallister
No. Thank you, Mr. Wallace.
I would like to follow up on Mr. Wallace's questions, though. So part of the rationale for your argument on splitting is essentially this: if the one partner earned more than the other throughout their life, they've already paid considerably more because of the method of taxation in this country and therefore both of them should be treated the same under the tax law. Is that in essence what it means?
10:15 a.m.
Past Chairman and Co-founder, SenTax
That's it exactly. It's a restitution at a certain age. If you want to argue that there has been discrimination all through their working life, I would not disagree with that, especially for my generation.
October 26th, 2006 / 10:15 a.m.
Conservative
Diane Ablonczy Conservative Calgary Nose Hill, AB
Yes. Thank you for your presentations.
Mr. Heller, venture capital can move anywhere in the world. Is that correct?
10:15 a.m.
General Partner, Vengrowth Private Equity Partners
It's not entirely correct. Early-stage venture capital, generally speaking, is done close to where the money is. When you're funding a new start-up business, you really need to be on scene and working with the entrepreneur a couple of days a week. It's hard to do that from two or three time zones away.
Later-stage venture capital can, and does, move anywhere in the world.
10:15 a.m.
Conservative
Diane Ablonczy Conservative Calgary Nose Hill, AB
You talked about removing barriers to investment in Canadian venture capital by foreigners.