House of Commons Hansard #217 of the 42nd Parliament, 1st Session. (The original version is on Parliament's site.) The word of the day was finance.

Topics

EthicsOral Questions

2:25 p.m.

Regina—Qu'Appelle Saskatchewan

Conservative

Andrew Scheer ConservativeLeader of the Opposition

Mr. Speaker, all summer long, the Prime Minister and the finance minister travelled across the country calling pizza shop owners and mechanics and farmers tax cheats who are trying to avoid paying their fair share of taxes. All the while, if the Prime Minister truly wanted to find a wealthy Canadian who was using the system to avoid paying higher taxes, all he had to do was turn slightly to the right, where he would find the finance minister, who is doing exactly that. So when did the Prime Minister become aware that the finance minister continued to control his personal fortune?

EthicsOral Questions

2:25 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, over the course of the summer, we heard from Canadians, small businesses, and middle-class Canadians who are looking forward to making sure that the system is fair. That is exactly what—

EthicsOral Questions

2:25 p.m.

Some hon. members

Oh, oh!

EthicsOral Questions

2:25 p.m.

Liberal

The Speaker Liberal Geoff Regan

Order. I am having trouble hearing the Prime Minister, and I am having trouble hearing the answers. I need to be able to hear them so I know if someone breaks a rule. I remind members that most members in the House are able to sit through question period and hear things they do not like, members of all parties, without reacting and without blurting things out, like adults, and I encourage the rest to do the same.

The right hon. Prime Minister.

EthicsOral Questions

2:25 p.m.

Liberal

Justin Trudeau Liberal Papineau, QC

Mr. Speaker, in the election campaign, we committed to supporting the middle class and those working hard to join it and to lower small business taxes to 9%. That is exactly what we have done. We know that hard-working small business owners deserve all the support they can get, because they create jobs, they create economic growth. We are proud of the work that the finance minister and this government have done to support small businesses right across this country.

EthicsOral Questions

2:25 p.m.

Regina—Qu'Appelle Saskatchewan

Conservative

Andrew Scheer ConservativeLeader of the Opposition

That is what they would like us to believe, Mr. Speaker, but what the Liberals were actually doing this whole time was protecting wealthy millionaires and those trying to hide it.

We know that the finance minister still owns $40 million in shares in his family business, Morneau Shepell, a business that the minister is responsible for regulating. That business will directly profit off of target benefit pensions, which the Liberals are introducing in Bill C-27. Therefore, can the Prime Minister confirm that his finance minister recused himself from any and all discussions on that bill?

EthicsOral Questions

2:30 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, in the 2015 election campaign, we promised that as we reduce the small business tax rate to 9% from 11%, we will ensure that Canadian-controlled private corporations are not used to reduce personal income tax obligations for high-income earners rather than supporting small businesses. That is a promise we made in that election campaign. That is what we are doing.

EthicsOral Questions

2:30 p.m.

NDP

Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC

Mr. Speaker, the Prime Minister's answers do not make any sense. The finance minister is trying to justify his unjustifiable position by using a loophole that the Conflict of Interest and Ethics Commissioner requested be closed back in 2014. Which loophole is this? The one where, instead of owning shares in his own name, he can have them held by a company of which he is the sole shareholder.

Does the Prime Minister think it acceptable for the finance minister to be doing indirectly what he cannot do directly?

EthicsOral Questions

2:30 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, despite what the Conflict of Interest and Ethics Commissioner might have said in 2014, the finance minister consulted with her in 2015 to ask her advice on what he should do to ensure he follows all the rules in place that govern us all. He followed her recommendations, and, as he said, he is always open to doing more, if she advises him to do more, to go above and beyond what she initially asked of him.

EthicsOral Questions

2:30 p.m.

NDP

Guy Caron NDP Rimouski-Neigette—Témiscouata—Les Basques, QC

Mr. Speaker, a finance minister's responsibilities may be in conflict with a company he controls. For example, in a 2013 speech given by the minister, then a principal at Morneau Shepell, he said:

“We need legislation enabling Target Benefit Plans and Shared Risk Plans in all Canadian jurisdictions.”

In 2016, he introduced Bill C-27, which does exactly that and will benefit his company. I know my definition of “conflict of interest”. Perhaps the Prime Minister would like to share his?

EthicsOral Questions

2:30 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, here in Parliament, we have a Conflict of Interest and Ethics Commissioner who helps us make sure we are in compliance with conflict of interest and ethics rules. The Minister of Finance began working with the commissioner in 2015 to ensure he was fully compliant, and he is still working with her. He has even asked her if she has any other recommendations above and beyond what she asked him to do in 2015.

EthicsOral Questions

2:30 p.m.

NDP

Nathan Cullen NDP Skeena—Bulkley Valley, BC

Mr. Speaker, I wonder when this Prime Minister will finally take a bit of responsibility for this rather than trying to throw the Ethics Commissioner under the bus. Instead of selling millions in Morneau Shepell shares or even putting them in a blind trust, the finance minister chose to stuff them into a numbered company. He personally owns one-third of this company while the other two-thirds are owned by a second company. Who owns that second company? The finance minister does. What happens when you add one-third and two-thirds, other than a finance minister in a whole mess of trouble?

EthicsOral Questions

2:30 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, I think the member opposite needs to take a sharp look at who he is throwing under the bus. The finance minister worked with the conflict of ethics commissioner, followed her recommendations and advice, and has continued to. The fact is that by following the rules and by following her recommendations—

EthicsOral Questions

2:30 p.m.

Some hon. members

Oh, oh!

EthicsOral Questions

2:30 p.m.

Liberal

The Speaker Liberal Geoff Regan

Order, I am unable to hear the answer.

I know that members all want to have their say and put in their word, but they have to have confidence in those who actually get the floor to do that.

The right hon. Prime Minister has the floor.

EthicsOral Questions

2:30 p.m.

Liberal

Justin Trudeau Liberal Papineau, QC

Mr. Speaker, in this place, we have a conflict of ethics and interest commissioner, in whom we have confidence. We expect that when she gives advice to do something or behave in a certain way, we follow that. That is why we continue to have confidence in the Conflict of Interest and Ethics Commissioner and the advice she gives to us all.

EthicsOral Questions

2:30 p.m.

NDP

Nathan Cullen NDP Skeena—Bulkley Valley, BC

Mr. Speaker, “conflict of ethics”: I think that is what they call guilty in a court of law.

Only Liberals could find virtue in coming clean after they get caught. The Prime Minister says that putting their holdings in a blind trust is, in his words, the “gold standard”. The opposition, media, Canadians, even Liberals and the company Morneau Shepell, all believed that the finance minister had placed his wealth in a blind trust. He never once corrected the record.

This is a clear question to the Prime Minister. Did he know, and if he did know, what did he do about it, or does he even care?

EthicsOral Questions

2:35 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, I and everyone in this House, expect all members of this House to work with the Conflict of Interest and Ethics Commissioner to follow the advice that she gives. That is what we do in this House, and that is one of the ways we go above the partisan politics and personal attacks to have confidence in the work that each and every one of us does in this House.

EthicsOral Questions

2:35 p.m.

Conservative

Alain Rayes Conservative Richmond—Arthabaska, QC

Mr. Speaker, here are the facts: the Prime Minister hid the details of his vacation on a private island from the Conflict of Interest and Ethics Commissioner, and now we see that the Minister of Finance did the same thing for two years by concealing the existence of his villa in France and refusing to place his assets in a blind trust.

When did the Prime Minister learn that his finance minister holds assets in his company, which is managed by the Department of Finance and which still he fully controls?

EthicsOral Questions

2:35 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, I have already answered that question.

As everyone knows, the Minister of Finance worked with the Conflict of Interest and Ethics Commissioner to ensure full compliance on everything having to do with his personal assets.

Once again, we are working very hard to keep the promises we made to the middle class and small businesses. We cut the small business tax rate, which will drop to 9%. We cut taxes for the middle class and raised taxes for the wealthy. We will continue to do just that.

EthicsOral Questions

2:35 p.m.

Conservative

Alain Rayes Conservative Richmond—Arthabaska, QC

Mr. Speaker, it is incredible.

The Minister of Finance is supposedly driven by a sense of fairness in his tax reform, or so the Prime Minister would have us believe.

Is it fair to propose a reform that will benefit his own personal interests by attacking SMEs, our workers, farmers, mechanics, restaurant owners, and the middle class?

I have a simple question for the Prime Minister. Is it too much to ask for him to get his Minister of Finance to disclose all his assets to the Canadian public?

EthicsOral Questions

2:35 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, on the contrary. Those mechanics, small business owners, farmers, and fishers will all benefit from a tax cut thanks to the actions of this government. We promised to lower the small business tax rate to 9%, and that is exactly what we are doing while ensuring that the wealthy cannot use these mechanisms to avoid paying the same tax rate as the middle class.

We will continue to stand up for small businesses. We will continue to stand up for the middle class. I am very proud of the work that this government and the Minister of Finance are doing.

EthicsOral Questions

2:35 p.m.

Conservative

Lisa Raitt Conservative Milton, ON

Mr. Speaker, I am going to ask the Prime Minister to focus clearly on what the question is, because we are not getting the answer.

When the finance minister was first elected, he clearly said that he was going to put his vast fortune into a blind trust. We learned two years later that in 2015 he had a choice between selling the shares and putting them in a blind trust and, lo and behold, he did neither.

I want to know one specific thing. When did the Prime Minister learn that the Minister of Finance did not dispose of his shares in accordance with the Ethics Commissioner?

EthicsOral Questions

2:35 p.m.

Papineau Québec

Liberal

Justin Trudeau LiberalPrime Minister

Mr. Speaker, as is the case for all our ministers, I knew that our ministers, each and every one of them, have worked with the Conflict of Interest and Ethics Commissioner to ensure that her advice is followed in their personal affairs. This is something that matters to all parliamentarians. It allows us to focus on the things that really matter to Canadians, like lowering taxes for small businesses, like lowering taxes for the middle class and raising them on the wealthiest 1%, like delivering the Canada child benefit to give more money to nine out of 10 Canadian families. That is what this government is focused on, not the petty politics that the members opposite are focused on.

EthicsOral Questions

2:35 p.m.

Conservative

Lisa Raitt Conservative Milton, ON

Mr. Speaker, I would like to tell the Prime Minister one thing. Where I come from in Milton, Ontario, it is not petty to want to make sure that our Minister of Finance is absolutely—