Evidence of meeting #71 for Finance in the 42nd Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was changes.
A video is available from Parliament.
5:20 p.m.
Conservative
Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC
Thank you, Mr. Chair, and thank you to our witnesses.
I'm going to start with the parliamentary secretary. It's obviously different in question period in terms of being in front of a committee. Do you understand your obligations in terms of testifying in front of a committee of Parliament?
5:20 p.m.
Liberal
Ginette Petitpas Taylor Liberal Moncton—Riverview—Dieppe, NB
Absolutely. I worked for the Codiac RCMP for 24 years and appeared in court as a witness for—
5:20 p.m.
Conservative
Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC
Then the question would be this. During October 3 in Kelowna—Mr. Chair was there—many of the committee members were on a telephone conference call with Finance Canada, in which officials and the former parliamentary secretary did a briefing. Specifically, Mr. McColeman asked this question of finance officials: were there consultations? Mr. McColeman received an answer from a lady—I'm not sure if it was Ms. Leach or another one of her colleagues—who said, “We wouldn't call it a consultation; however, we did talk to a few banks for their comments.”
I would just ask you the question. You've given testimony here today saying that there was no consultation and that to do so would actually jeopardize the confidential information, yet finance officials, on the other hand, told this committee something completely different. I would also mention that you may not have been responsible for writing all of your opening statement, but you are responsible for what you say to this committee.
Can you say with 100% clarity that there was absolutely no outreach done across the board in consultation on this? If so, will you commit to this committee to getting the transcripts—audio or the actual written transcripts—of that teleconference call and submit those as evidence?
5:25 p.m.
Liberal
Ginette Petitpas Taylor Liberal Moncton—Riverview—Dieppe, NB
I will submit that there was no formal consultation done.
5:25 p.m.
Conservative
Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC
Okay, but again, who's correct? The official that was on the call, or are you saying that there was no consultation? That official did say....
5:25 p.m.
Liberal
Ginette Petitpas Taylor Liberal Moncton—Riverview—Dieppe, NB
I can simply say that there was no formal consultation done.
5:25 p.m.
Liberal
5:25 p.m.
Conservative
Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC
Will you get the transcript so we can submit that as evidence?
5:25 p.m.
Liberal
Ginette Petitpas Taylor Liberal Moncton—Riverview—Dieppe, NB
If I can get access to a transcript, if it is available, I will commit to doing that, yes.
5:25 p.m.
Conservative
Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC
Okay. Thank you.
Moving on, you're a member of Parliament like the rest of us. Obviously we've had mortgage brokers unhappy for their clients. People have seen 18% less purchasing power when they go to buy a home, and you've said yourself that they're just not able to qualify. Have these measures hurt the housing market in your home riding? What have your constituents said?
5:25 p.m.
Liberal
Ginette Petitpas Taylor Liberal Moncton—Riverview—Dieppe, NB
Actually, probably my riding is seeing a lot of growth in my municipalities, so we are perhaps bucking the trend in my riding per se. However, what I would like to say is that these measures are put in place to protect the borrowers. At the end of the day, it's about protecting Canadian citizens.
5:25 p.m.
Conservative
Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC
You're saying that you're protecting your constituents by doing this.
5:25 p.m.
Liberal
Ginette Petitpas Taylor Liberal Moncton—Riverview—Dieppe, NB
I am saying that the measures that have been put in place have been put in place to protect the borrowers, yes.
5:25 p.m.
Conservative
Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC
Okay. That's what you're saying to your constituents. Thank you.
Now, in regard to profit generated from portfolio-insured loans, can you please tell me how much came in during the last year from CMHC's insurance?
5:25 p.m.
Associate Deputy Minister and G7/G20 and Financial Stability Board Deputy for Canada, Department of Finance
I can't give you the specific number.
5:25 p.m.
Conservative
5:25 p.m.
Associate Deputy Minister and G7/G20 and Financial Stability Board Deputy for Canada, Department of Finance
In terms of profit...?
5:25 p.m.
Conservative
5:25 p.m.
Associate Deputy Minister and G7/G20 and Financial Stability Board Deputy for Canada, Department of Finance
Are we talking about revenue from premiums earned? Is that what we're saying?
5:25 p.m.
Associate Deputy Minister and G7/G20 and Financial Stability Board Deputy for Canada, Department of Finance
These are quite complicated because they recognize premiums on a incremental basis all the time.
5:25 p.m.
Conservative
Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC
Does the government get money from providing this service?
5:25 p.m.
Associate Deputy Minister and G7/G20 and Financial Stability Board Deputy for Canada, Department of Finance
Absolutely.
5:25 p.m.
Conservative
Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC
Okay, so the government would like to portray that taxpayers are at risk, when this money comes in every year. Can you tell me where that money goes? Does it go towards an insurance pool or insurance fund to make sure that if there ever is a cataclysmic event, the government will have that money ready to use, or does it go into general revenue?