Evidence of meeting #3 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was cmhc.
A recording is available from Parliament.
Vice-President, Research, C.D. Howe Institute
The difficulty here is that we're referring on one hand to a stock of mortgages underwritten and on the other hand to a flow of premiums written each year.
Conservative
Brian Jean Conservative Fort McMurray—Athabasca, AB
I understand.
What would the premiums be each year? Obviously, it would vary based on the housing market.
Vice-President, Research, C.D. Howe Institute
I don't have a number at hand.
Conservative
Brian Jean Conservative Fort McMurray—Athabasca, AB
Okay.
Finally, in relation to Genome Canada, there are 20 to 25 companies you mentioned. I would like to hear a little bit about those companies.
For most companies that would be started up, I think it's fair to say, in my mind, and to most of the people at this table, governments should have a limited role in relation to the private sector companies. But there have been somewhere in the neighbourhood of 20 to 25 companies that have been started up as a result of Genome Canada and the initiative there. I'd like to hear a little bit about those companies and the potential growth of those companies in relation to Canadian taxpayers, the return on investment, and the economy.
Executive Vice-President, Corporate Development, Genome Canada
Certainly.
Of course, we are not involved in the commercialization of those companies. We're involved in the research up front that is used to launch those.
There's one example of a company in Ontario, DVS Sciences Inc., which has actually developed a mass spectrometry technology. They produce equipment that is used by researchers around the world and should be used for clinical purposes. That's one example.
Another example is one on colorectal cancer. They have developed a diagnostic test that should be able to identify a certain percentage of those at risk for colon cancer earlier than they did in the past so that they can be directed to the appropriate treatment. That's a diagnostic test that has spun out into a company.
Let me think of some more examples of companies. We have a company that is involved in transplantation transcriptomics that looks at biomarkers that are produced when there are problems with the transplantation of organs.
Conservative
Brian Jean Conservative Fort McMurray—Athabasca, AB
In essence, Ms. Bell, it sounds like the investments in the companies that are being spun off are actually companies that will benefit not just Canada and Canadians but in essence the world, with health research and things like that.
Executive Vice-President, Corporate Development, Genome Canada
Definitely.
Conservative
Brian Jean Conservative Fort McMurray—Athabasca, AB
Thank you.
Those are all my questions, Mr. Chair.
Conservative
The Chair Conservative James Rajotte
Thank you very much, Mr. Jean.
I have a couple of clarifications, as the chair.
First of all, Ms. Londerville, does any other country use public funds to guarantee private mortgage insurers?
Interim Chair and Associate Professor, College of Management and Economics, University of Guelph, As an Individual
I don't know the answer to that. That wasn't something I looked at in my study. I would think they would have to. If they have a public and a private insurer, they would have the same issues with Basel that we do, right?
Conservative
The Chair Conservative James Rajotte
Ms. Kinsley or Mr. Poschmann, do you know the answer to that question?
President, Canada Mortgage and Housing Corporation
We have taken a good look, from a policy perspective. Internationally, there are very limited public insurers. Probably Norway would be one exception. It is guaranteed by the government but is mandated to operate in a very specific segment of the market. Where there are private insurers internationally, they are generally not guaranteed by the government.
Conservative
The Chair Conservative James Rajotte
Thank you.
There is a second issue I just want to clarify. Obviously, there's been a discussion in terms of the relation between private and CMHC. But with respect specifically to this legislation, is there any increase in risk to the government or the taxpayer?
Maybe I'll have Ms. Kinsley address that very quickly.
President, Canada Mortgage and Housing Corporation
I think that may be the same question that was just asked, and my answer would be no, to the extent by law, which is required--people have to have mortgage insurance--whether it's us or the private sector competitor providing it, it would be the same risk to the government.
Conservative
Vice-President, Research, C.D. Howe Institute
The answer, again, is no, and the opportunity to identify is that through regulation we may be able to better manage and identify risk in the future.
Conservative
The Chair Conservative James Rajotte
I appreciate that. There is a larger discussion here about what we should do going forward with, with respect to mortgage insurance. Perhaps the committee may want to continue that discussion at some point.
We certainly appreciate your being here today. Colleagues, we are going to move to clause-by-clause, so I will suspend this chair for a minute or two to allow our witnesses to sit in the audience if they so choose, if they want to observe the clause-by-clause discussion of the budget bill.
Thank you very much for being here, especially on very short notice.
Conservative
The Chair Conservative James Rajotte
Colleagues, we will move to clause-by-clause consideration.
I will just remind everyone that we do have officials here from the Department of Finance, the Department of Human Resources and Skills Development, the Department of Transport, and the Treasury Board Secretariat. This bill has 45 clauses. I'm suggesting, colleagues, we go by parts, as there are 12 parts to the bill.
For clause-by-clause consideration, pursuant to Standing Order 75(1), consideration of clause 1 is postponed. The chair will call clause 2.
Part 1 includes clauses 2 to 8. I know there are some questions on this part, so if I could ask those officials responsible for part 1 to come to the table, please.... There are some questions regarding the wording around “disability”.
Would you like to introduce yourself, sir, to the committee?
Sean Keenan Acting Director, Personal Income Tax Division, Department of Finance
My name is Sean Keenan, and I am the acting director of the personal income tax division of the Department of Finance.
Conservative
The Chair Conservative James Rajotte
Are you capable of addressing any questions with respect to part 1?
Acting Director, Personal Income Tax Division, Department of Finance
To the RDSP, the registered disability savings plan provisions?
Conservative
The Chair Conservative James Rajotte
Yes. I think anyone responsible for part 1 should be at the table. Is everyone at the table responsible for part 1?
I do have questions from Monsieur Giguère. Do you want to poser vos questions?
NDP
Alain Giguère NDP Marc-Aurèle-Fortin, QC
I have a number of questions.
The first is about subsection 146.4 and the definition of “specified year,” and what entitles people to withdraw their savings before a certain date.
If I understand correctly, critically ill individuals likely to die can take out the savings from their disability savings plan before their death without having to face tax penalties.