Mr. Speaker, as the country faces a deficit and a spiralling debt, a study by the University of Quebec in Montreal reveals that we are losing billions of dollars in tax revenue because our tax laws are so generous toward large Canadian corporations. This study, in which Professor Léo-Paul Lauzon participated, looked at 767 large corporations established
in Canada and showed that our tax laws allow many businesses to pay no taxes at all despite substantial profits.
As we are about to carry out a reform of social security, we should make fewer cuts to essential services and a few more cuts to tax loopholes of all kinds, including deferred taxes. It is high time to institute a minimum corporate tax. I hope that all levels of government will have the strength and courage to make the right decisions.