Mr. Chair, this is one of those clauses.... I can only hope this is the unintended consequences version of a budget implementation act. There has been no logical economic argument offered by the government to get rid of labour-sponsored funds and the tax credit associated with them. We asked officials; we asked witnesses. The government preferred no witnesses that were able to come forward.
This was particularly advantageous to small and medium-sized businesses in Quebec. The transition out of this fund and this opportunity for venture capital makes zero sense at all, particularly with the fragile economy that my Conservative colleagues continue to talk about.
We heard from witnesses that labour-sponsored venture capital corporations and the tax credit associated with those programs were incredibly helpful and advantageous. No compromise solution has been offered up by the government; there is no other fill-in program that would offer venture capital a way into this particular market. The venture capital market, as my friend Mr. Adler would know, in Canada is at a great disadvantage to that of the U.S., for instance.
For the Conservative government to say that a venture capital program that was working, as this one was, as we heard effectively from every witness we heard from.... We didn't hear anybody saying it wasn't worth government expenditures or was a waste of time. We heard none of my Conservative colleagues speak against it either, that I can recall. It makes zero economic sense. Of course the official opposition, the New Democrats, will be voting against this clause.
Again, I find it somewhat surprising. From the testimony we heard, which was overwhelmingly compelling, this was a program that was effective, that brought venture capital money to the table, was sponsored jointly with labour, which again made sense, was a long-running program, very effective for Canadian small and medium-sized businesses, in particular.... So much for prosperity from my Conservative friends across the way.
That's what I wanted to say on the LSVCC tax credit phase-out.