Mr. Speaker, I am afraid I was misunderstood. I was not referring to the capital gains exemption on the first $500,000 but the partial inclusion of capital gains which consists in taxing only 75 per cent of capital gains and leaving the remaining 25 per cent fully tax exempt.
The minister referred to the Standing Committee on Finance. So far, at the hearings we had in June, July and August, the conclusion was unanimous: this measure is a very costly one, and there is no good reason for keeping it. When even the Canadian Bankers' Association wants to see it abolished, that certainly means something. So we have $500 million annually that is absolutely nothing. The purpose of this measure was to avoid double taxation where there was a wealth tax. Today, the government takes $500 million and just throws it away, especially in the pockets of the wealthiest in this country.
Will the minister promise to eliminate this unnecessary tax expenditure and allocate $500 million annually to job creation?