Madam Speaker, first, I would like to tell the House that I will be sharing my time with the member for Chambly—Borduas.
Now that the Don Quixote of the NDP has spoken, let us get back to important matters. Our motion contains a number of elements, some of which I would like to speak to.
It says that the budget does not meet Quebec's needs or rather those of the Quebec government. I have been a part of that government before, and I know that the current situation of Quebec's finance minister must be unbearable, especially when a large chunk of his revenue comes from a sort of black box over which he has no control.
On December 24, 2008, the equalization formula was unilaterally capped, although it was a contract. At that time, the Government of Canada was coming out of an election campaign, and the Quebec government was in the midst of one. On December 24, a formula was unilaterally sent out whereby the contract had been amended. All that happened on December 24, proving that Santa Claus can sometimes be a real jerk.
In the fall of 2008, we said, just as the opposition did, that there would be a $1 billion loss. Ms. Jérôme-Forget, who was one of my colleagues at the National Assembly and the finance minister, said she was not told that $1 billion was being cut. She was on the campaign trail and, as a result, had limited information from her department.
What did she have to do? She had to admit that there had been a $1 billion loss for the Quebec government. That may have been what turned her off and ended her political career. The finance minister realized that Hydro-Québec, wholly owned by the Quebec government, and that Hydro One, wholly owned by the Ontario government, were not being treated equally. However, both companies produce, transport and distribute electricity. But because Hydro One transports and distributes under the guise of a corporation and pays dividends to its shareholder—the Ontario government— it does not fall into the same category. They say that Hydro One does not produce electricity. Where does it get it from? Surely not the sky. So, Ontario does indeed produce electricity.
The mere fact that Hydro One pays dividends as a company and Hydro-Québec pays them as a natural resources Crown corporation deprives the Government of Quebec of $250 million in income. This explains why we were recently told that the Government of Quebec was thinking of increasing hydro rates. But we realized that adding one dollar to the hydro rate meant approximately $0.50 less in equalization, while Hydro Ontario could do the same thing without any equalization penalties. This is a double standard. On January 21, 2009, 419 days ago, Ms. Jérôme-Forget said that she wanted the federal government to treat Quebec fairly and equitably and to rectify the accounting process for Hydro-Québec's revenues. On January 21, 2009, a letter was sent to the Minister of Finance. We have not received an answer since then.
My colleague, the hon. member for Joliette, talked a lot about harmonization.
The National Assembly adopted a motion. The first equalization issue was the Government of Quebec. The second issue was the GST/QST harmonization. The motion was passed unanimously by the National Assembly.
At the time, it was $2.6 billion. What is Quebec's Minister of Finance doing now? He is looking at that and telling himself that $2.2 billion would maybe do the job. Meanwhile, $2.2 billion over 18 years, at 5% interest, would amount to $5.3 billion today if we had received the $2.2 billion in 1992. That is exactly, or close to, what British Columbia and Ontario will be getting because they harmonized their taxes last year. It is approximately the same amount, $2 billion, if we consider the $1 billion paid to the Maritimes 13 years ago. The Maritimes received $1 billion 13 years ago. That amount, invested at 5%, would be the equivalent of what Quebec is asking for today. If I were Quebec's Minister of Finance, I would not be claiming just $2.2 billion. I would be claiming $2.2 billion plus interest because this is the Government of Canada's debt to the Government of Quebec.
This is not for lack of negotiators. There have been five premiers and eight ministers of Finance in Quebec since then. The federal government has just always been stubborn.
A motion was unanimously passed in the National Assembly on March 31, 2009, but they could not care less.
The third point I would like to raise is the Canadian securities commission. There was another unanimous motion. Three issues, three unanimous motions in our legislature, the National Assembly of Quebec. One unanimous motion on January 15, 2009, called for the National Assembly to reiterate its firm opposition to the proposed Canada-wide securities commission.
What is the Government of Canada doing? It is talking about $150 million this year for a securities commission for which the bill has yet to be tabled in the House, and $11 million for transition costs. That is $161 million to create another structure on top of the Commission des valeurs du Québec, the Autorité des marchés financiers, and securities commissions across Quebec and Canada.
When the budget speech was given, I said that the government wanted to spend $8 million to create a commission to examine the commissions, to make sure there were not too many of them. Now they want to create a Canada-wide securities commission on top of the other securities commissions. We are talking about an expenditure of $161 million.
And yet we have jurisdiction. Why do they want this? Constitutional competence lies with the provinces and, what is more, the people are competent. What does a securities commission do? It regulates a business, the securities business. That means there are investors. Quebec investors, privately or collectively, apply in French to the Autorité des marchés financiers in Montreal. With this sort of change, where will they apply, and in what language? Who will respond to them? I assume it will probably be a call centre outside Canada, to cut costs. Who will respond to the investors, the issuers, the small, medium, large and very large companies that do business with the Autorité des marchés financiers? I have worked in this area, where business was done on almost a daily basis with the Autorité des marchés financiers. Who will do it? The third parties people use now, the law firms, notaries, accountants, the people being educated in the universities, where will they go to work? And in what language? Why?
The Autorité des marchés financiers works. Yes, there have been problems, but we should not throw the baby out with the bathwater. That much is clear.
That is why we are moving this motion. We have given a number of examples. My colleague from Chambly—Borduas will speak for the rest of the 20 minutes we have been allotted.