Mr. Speaker, this question is important for several reasons.
However, there will definitely be an impact because the government is saying that the measure will help level the playing field and will eliminate a special advantage credit unions in Quebec had over banks. On the contrary, this measure will put credit unions at a disadvantage.
Credit unions have a specific mandate to operate in small, less profitable communities. That is why private banks no longer do business there. Credit unions provide local services to communities, which are often rural and spread out, and they invest directly in the economy to help stimulate regional growth.
By eliminating this additional deduction, the government is not leveling the playing field between credit unions and banks. It is giving an advantage to the banks, which are not required to invest and operate in small communities. We do not really understand the government's logic here. This measure will be counterproductive.
Unlike their slogan in the 2011 election, “Our region in power”, the Conservatives's measures are leaving the regions high and dry.