Mr. Speaker, my question is for the Minister of Revenue.
While the major Canadian banks are declaring record profits of over $4 billion this year, we learn that these same banks will benefit from some $300 million in tax credits for research and development, in particular for expenses to develop software used in current operations, such as automated teller machines. The Auditor General has denounced such tax credits as ineffective.
Can the revenue minister confirm that nearly $300 million in tax deductions will swell the banks' profits, which already amount to $4 billion, and that these credits are for so-called R&D expenses which are really nothing but current expenditures?