Finance Committee on Nov. 21st, 2022

[Adam Chambers, Conservative, Simcoe North, ON]

Thank you.

[The Chair, Liberal, Peter Fonseca]

Members, I don't usually do this. We're mid-round on the third round, but just so that everybody has a chance, we'll give the three parties two minutes each.

We'll go to MP MacDonald.

Go ahead, please, for two minutes.

[Heath MacDonald, Liberal, Malpeque, PE]

Thank you, Mr. Chair.

I'm going to cede some of my time, Mr. Chair, to my colleague Ms. Chatel.

[Sophie Chatel, Liberal, Pontiac, QC]

Thank you, Mr. Chair.

Following up on my last question to the officials on the credit card fees, the change and the negotiation that is happening right now, I wonder if they can submit something in writing when they have the right person there to talk to. The question is this: What is the stage of the negotiations with industry, and what are the complexities on this issue? Perhaps I could have a response in writing.

Thank you, Mr. Chair.

[The Chair, Liberal, Peter Fonseca]

You still have some time.

[Pierre Mercille]

We'll communicate that to parliamentary affairs, which could relay it to the proper branch that is not represented here today.

[The Chair, Liberal, Peter Fonseca]

MP Chatel, do you have any other—?

MP MacDonald, go ahead.

[Heath MacDonald, Liberal, Malpeque, PE]

Thank you, Chair.

I want to go back to the corporate income tax on banks and insurance companies. I'm wondering if the officials have any idea whether other countries have imposed similar additional taxes on the financial sectors during or after the pandemic.

[Maximilian Baylor]

Do you want to take that one, Pascale?

[Pascale Dugré-Sasseville, Director, Financial Insitutions Taxation, Department of Finance]

Thanks for your question.

We don't think that countries have done it postpandemic, but other countries already have special taxes on financial institutions.

[Heath MacDonald, Liberal, Malpeque, PE]

Thank you.

On the one-time levy paid over five years, would there be circumstances under which the CRD could be levied again on banks and insurance companies in the future?

[Pascale Dugré-Sasseville]

It's difficult to speak to the government's intent there, but the legislation in front of the committee sets the parameters for this one-time tax imposed on banks and life insurance company groups.

[The Chair, Liberal, Peter Fonseca]

Thank you, MP MacDonald. That's the time.

Now we'll move to the Bloc.

MP Ste-Marie, you have two or so minutes.

[Gabriel Ste-Marie, Bloc, Joliette, QC]

Thank you, Mr. Chair.

Since we are short of time, rather than ask a specific question, I ask for the unanimous support of my colleagues; I ask that the committee forward to the officials here the list of questions suggested and produced by the researchers at the Library of Parliament, who are assisting us. Witnesses may return the answers in writing.

Thank you, Mr. Chair.

[The Chair, Liberal, Peter Fonseca]

MP Ste-Marie, that is something we would have to do as a committee. It would either be through a vote or through unanimous consent from committee members.

[Gabriel Ste-Marie, Bloc, Joliette, QC]

I would like to seek unanimous consent on this proposal.

[The Chair, Liberal, Peter Fonseca]

I don't see unanimous consent, MP Ste-Marie.

[Gabriel Ste-Marie, Bloc, Joliette, QC]

I am really surprised and disappointed by this.

I ask for a vote, Mr. Chair.

[The Chair, Liberal, Peter Fonseca]

MP Chatel, on this....

[Sophie Chatel, Liberal, Pontiac, QC]

I just have one comment. These are good questions, but the answers are a lot of work.

Having worked in the Department of Finance myself, I know how time-consuming it is to answer these questions. And these officials have little time.

I can confirm that they are already working to put in place some very important measures for the next budget. It's quite a job.

That is why I oppose your proposal, Mr. Ste‑Marie. These people work very hard for all Canadians. The time we take from them is time they don't give to other Canadians.

We can work on these questions on our own, because many of the answers are in the legislation.

[The Chair, Liberal, Peter Fonseca]

MP Ste-Marie does have his hand up. I believe it is on this.

In the interests of time, MP Ste-Marie....

[Gabriel Ste-Marie, Bloc, Joliette, QC]

We will have spent two meetings of the committee considering this bill, including today. On Wednesday, we have the Governor of the Bank of Canada. So we only have next Monday. Then we'll move on to clause-by-clause consideration of the report. This is what the committee adopted by a majority.

We will have studied very little of this 172‑page bill, which contains many measures. I maintain the importance of having answers to these questions.

We need to have a government that governs and is accountable to the public and to legislators, which is through committees. It does involve resources, but that's what democracy is all about: accountability, and we need to be able to get answers to our questions. That is crucial. It may change the way we vote on this bill.

Again, I call for a vote.

[The Chair, Liberal, Peter Fonseca]

Thank you, Mr. Ste‑Marie.

I see that MP Beech wants to say something.

We have to be very quick. I said that we had equal time, and we're going to MP Blaikie very quickly for a couple of questions and answers from our officials before we end this meeting.

[Daniel Blaikie, NDP, Elmwood—Transcona, MB]

On that point, if Monsieur Ste-Marie has moved a motion, and it sounds like he has, I don't know that we can move to my time until we've resolved his motion.

[The Chair, Liberal, Peter Fonseca]

MP Ste-Marie, did you move your motion or do you want to hear from Parliamentary Secretary Beech?