Mr. Speaker, I cannot agree with my colleague's interpretation.
If companies are allowed to write off interest, that means that their tax rate—or the taxes they will pay in Canada—will decrease. I will never agree with letting them pay lower taxes to make more profit, which is paid to their shareholders every three months. I will never agree because the shareholders will not distribute the wealth any better than the government could.
When we let them write off interest, they save taxes in Canada and Quebec. So the revenues of Canada and the provinces are reduced to enable companies to expand their empire and make more profits, which they pass on to their thousands or millions of shareholders, while the rest of the population is penalized. I cannot agree with his interpretation.
These companies must pay their taxes. They should not be allowed to write off interest, since that enables them to save taxes. It should not be allowed. The measure must be maintained, and legislation should be adopted to prevent foreign companies—that would receive tax benefits our companies are not entitled to—from buying up companies here. The share of foreign companies in our companies must be limited. This is what needs to be done, plain and simple.