Mr. Speaker, the people of Bonaventure-Îles-de-la-Madeleine, like all Canadians, applaud the budget tabled yesterday because it closes tax legislation loopholes by, among other things, reducing from 80 per cent to 50 per cent the deduction for meals and entertainment.
I have good news for you. The government's budget does away with certain deductions accorded corporations with capital of over $15 million. It also eliminates the $100,000 capital gains exemption only benefiting higher income Canadians, like those in the opposition.
This government will prevent Canadian-based companies from using foreign affiliates to avoid paying taxes. In addition, the House of Commons finance committee, at the opposition's request, will once again review the taxation of family trusts. It is good to see that this government listens to the people and honours its election promises of social justice and human dignity in Canada.