Mr. Speaker, the news is out. Canadian banks have rung up more than $5 billion in profits for the fiscal year 1995. Last year, when the same banks recorded $4.2 billion in profits, the Minister of Finance imposed a one-time temporary tax that was expected to return $100 million to the people of Canada.
Canadian farmers, small business owners, workers, students, pensioners and the unemployed have all been asked to pay more with less return during 1995. The banks can be asked to do no less. Five billion dollars in profits taken from ordinary Canadians during difficult economic times must be treated accordingly.
I call on the Minister of Finance to do as he did last year and impose an excess profits tax on the banks. The additional revenue gained in this way should be applied to job creation programs so that all Canadians, not just the banks, can share in whatever economic growth is taking place in Canada.