Evidence of meeting #24 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was infrastructure.
A recording is available from Parliament.
6:55 p.m.
Nicolas Marion Chief, Economic Analysis, Securities Policy Division, Financial Sector Policy Branch, Department of Finance
My name is
Nicolas Marion. I am the Chief of the Economic Analysis unit, Securities Policy Division, Department of Finance.
6:55 p.m.
Conservative
The Chair Conservative James Rajotte
Thank you and welcome.
I understand I have one question from the government and one from the opposition. One question from the opposition, then.
Monsieur Mai.
6:55 p.m.
NDP
Hoang Mai NDP Brossard—La Prairie, QC
Good evening. Thank you for being here. We apologize for making you wait so long.
We are talking about $33 million. Has that amount already been paid to the transition office?
6:55 p.m.
Chief, Economic Analysis, Securities Policy Division, Financial Sector Policy Branch, Department of Finance
Actually, the $33 million was earmarked under the Canadian Securities Regulation Regime Transition Office Act. A total of $33 million has been transferred to the transition office.
Under the legislation that created it, the transition office must submit annual reports to Parliament. The last annual report was submitted on September 19. You will see that, since its creation, the transition office has been operating with the amounts that have been transferred to it on an annual basis.
6:55 p.m.
NDP
Hoang Mai NDP Brossard—La Prairie, QC
How much money do you think will continue being transferred to the transition bureau? How long do you think that will go on?
6:55 p.m.
Chief, Economic Analysis, Securities Policy Division, Financial Sector Policy Branch, Department of Finance
Parliament has approved $33 million. At the end of its last fiscal year, the office had spend about $14 million of that total. Therefore, you can see that the remainder of the $33 million is supposed to cover the rest of the office's mandate, which ends in July of next year.
6:55 p.m.
NDP
Hoang Mai NDP Brossard—La Prairie, QC
The mandate ends at the end of July. That means that, at the end of next July, the $33 million will have already been reached. As of today, has the $33 million in expenditure transfers been reached?
6:55 p.m.
Chief, Economic Analysis, Securities Policy Division, Financial Sector Policy Branch, Department of Finance
Here is how that works. The Minister of Finance has the authority to transfer amounts of up to $33 million to the transition office so that it can carry out its mandate. Its responsibility is to develop and set up a national securities regulator. At the end of last fiscal year, the transition office had spent $14 million of the amount that had been transferred to it.
6:55 p.m.
Conservative
The Chair Conservative James Rajotte
Is that all?
Thank you very much, Mr. Marion.
The last part, I'm told, is part 9, “Gas Tax Fund--Financing Municipal Infrastructure”.
We could ask those officials to come.
I understand this is the last part we'll be dealing with tonight.
Welcome to the committee. Please introduce yourselves.
7 p.m.
Sebastian Badour Principal Advisor, Policy and Priorities Directorate, Infrastructure Canada
My name is Sebastian Badour. I'm a principal adviser at Infrastructure Canada. I work in the policy and communications branch.
November 1st, 2011 / 7 p.m.
Ross Ezzeddin Director, Sectoral Policy Analysis, Economic Development and Corporate Finance, Department of Finance
My name is Ross Ezzeddin. I'm the director of sectoral policy analysis at the Department of Finance.
7 p.m.
Conservative
7 p.m.
NDP
Hoang Mai NDP Brossard—La Prairie, QC
Thank you for coming here.
First, in terms of that amount of $2 billion, do you have instructions as to why it was $2 billion and why it wasn't indexed?
7 p.m.
Principal Advisor, Policy and Priorities Directorate, Infrastructure Canada
The $2 billion is the amount it reached in 2009-10. It has been at that level since then.
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NDP
Hoang Mai NDP Brossard—La Prairie, QC
Okay.
Are you aware of how much infrastructure deficit we have in Canada? FCM was talking about $120 billion back in 2007.
No?
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Conservative
The Chair Conservative James Rajotte
I'm assuming that's transport infrastructure.
You deal with the financing with respect to the gas tax.
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Principal Advisor, Policy and Priorities Directorate, Infrastructure Canada
There are various estimates out there on the infrastructure deficit. There's a lot of debate over them. It's hard for us to nail down a figure in terms of what the deficit is.
7 p.m.
Conservative
Shelly Glover Conservative Saint Boniface, MB
I'm sorry I have to do this, Chair.
I just want to make sure that when we're following the process—and I think you were quite right in suggesting that they might not be here—I don't want the officials to feel they have to answer questions they're not qualified to answer. So if it is political, then it really ought not to sit with these officials.
7 p.m.
Conservative
The Chair Conservative James Rajotte
I'll just reinforce that point again to the officials.
If it is a political question or a political answer, you can appeal to me as the chair and say it's beyond the scope of your expertise or your very objective status as an official within the Department of Finance.
Mr. Mai.
7 p.m.
NDP
Hoang Mai NDP Brossard—La Prairie, QC
The point is not to put you in the corner. I'm just asking, if you have information you can let us know, and if you don't, don't hesitate to let us know that you don't have it. I'm new, and I don't know who knows what, so I'm asking questions.
My last question is this. Can you confirm with the wording that this transfer is permanent?
7 p.m.
Principal Advisor, Policy and Priorities Directorate, Infrastructure Canada
Yes.