Order.
Evidence of meeting #94 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site.) The winning word was chair.
A video is available from Parliament.
Evidence of meeting #94 for Finance in the 41st Parliament, 1st Session. (The original version is on Parliament’s site.) The winning word was chair.
A video is available from Parliament.
11:35 p.m.
Conservative
Mark Adler Conservative York Centre, ON
Pardon me for speaking while you're trying to interrupt, Mr. Lamoureux.
11:35 p.m.
Conservative
The Chair Conservative James Rajotte
Make your comments through the chair.
Mr. Adler has the floor. Show him the same respect.
11:35 p.m.
Conservative
Mark Adler Conservative York Centre, ON
The OECD said that we have the strongest economic fundamentals and that we'll have one of the fastest-growing economies over the next 50 years.
Forbes Magazine said that we are the best place for business to invest.
This is not what we are saying as a government. This is what the international institutions, international associations, and credible business magazines and—
11:35 p.m.
Conservative
11:35 p.m.
Conservative
The Chair Conservative James Rajotte
The other side listened to you while you had your five minutes. Mr. Adler has the floor, and I expect you to show the same courtesy he showed you.
Mr. Adler, I apologize.
11:35 p.m.
Conservative
Mark Adler Conservative York Centre, ON
Thank you, Chair. I appreciate that.
This is not what we're saying. This is what credible international institutions and organizations are saying about Canada.
I have to tell you that when I sit here and listen to what the Liberals are proposing—the flummery—I'm just astonished and shocked and appalled at what they're saying.
With respect to the overseas employment tax credit, as you know, just by way of history, this was introduced first in 1979. For all those years, from 1979 until this government, in the budget, decided to phase out, over the next four years, the OETC, we needed the overseas employment tax credit, because Canadian companies, particularly in the areas where the OETC was applicable, were not competitive. They weren't competitive because first, they were overtaxed. They couldn't meet the competitive standards set out around the world. We needed to attract the kind of labour that was necessary to attract the kind of employees we needed to these companies. They needed an incentive from government to do so.
Now we find that since our government has been in power, corporate tax rates have been lowered to 15%. We are branded around the world as one of the most competitive business and corporate environments in which to invest, in which to do business, and in which to employ. So the overseas employment tax credit is no longer necessary.
Therefore, what we'll be doing is phasing it out over the next four years. As a result, during the phase-out period, we'll be lowering the 80% factor on the first $100,000 of income to $60,000 in 2013, to $40,000 in 2014, and to $20,000 in 2015. It will then be nil for 2016 and subsequent years.
What the Liberals are proposing is that on the one hand, we need to increase corporate tax rates. On the other hand, through this amendment, which will totally decimate the overseas employment tax credit phase-out, we'll have tremendous amounts of lost income. It'll be a fiscal disaster. This is the Liberal Party economic policy. They move from one disaster to another.
The phase-out of the employment tax credit provides a reasonable transition time for taxpayers. If we stick to what the Liberals are saying, the employment tax credit may not be phased out at all, in which case, we will be forsaking some serious tax revenues for our government at the same time as the Liberals are complaining about a deficit on the federal books.
Chair, it's passing strange, I find, that the Liberals on the one hand are complaining about—
How much time do I have?
11:40 p.m.
Conservative
Mark Adler Conservative York Centre, ON
Okay.
It's really passing strange that the Liberals will be defending their fat-cat friends and protecting tax loopholes—
11:40 p.m.
Conservative
The Chair Conservative James Rajotte
Now you have no seconds. Thank you.
Order.
Thank you very much, Mr. Adler.
Is there any further discussion on these amendments or on clause 26?
11:40 p.m.
Conservative
The Chair Conservative James Rajotte
I will ask for consent, and I hope I will have it, to deal with amendments 45 to 60 with one vote.
Do I have consent?
11:40 p.m.
Conservative
The Chair Conservative James Rajotte
I do not have consent to do that.
Then I will deal with Liberal amendment 45.
11:40 p.m.
Liberal
Kevin Lamoureux Liberal Winnipeg North, MB
I'd like a recorded vote, if I could, Mr. Speaker.
(Amendment negatived [See Minutes of Proceedings])
11:40 p.m.
Liberal
Kevin Lamoureux Liberal Winnipeg North, MB
Could we have a recorded vote? Thank you.
(Amendment negatived [See Minutes of Proceedings])
11:45 p.m.
Liberal
Kevin Lamoureux Liberal Winnipeg North, MB
Could we have a recorded vote, please?
(Amendment negatived [See Minutes of Proceedings])
11:45 p.m.
Liberal
Kevin Lamoureux Liberal Winnipeg North, MB
Could we have a recorded vote? Thank you, Mr. Chair.
(Amendment negatived [See Minutes of Proceedings])
11:45 p.m.
Liberal
Kevin Lamoureux Liberal Winnipeg North, MB
Again, I'd like a recorded vote, Mr. Chair.
(Amendment negatived [See Minutes of Proceedings])