House of Commons Hansard #239 of the 42nd Parliament, 1st Session. (The original version is on Parliament's site.) The word of the day was finance.
The Speaker Liberal Geoff Regan
Order. I really would encourage members not to interrupt when they do not have the floor. They know that Standing Order 18 prohibits it, so I would ask my hon. friend from Cypress Hills—Grasslands and others not to interrupt when it is not their turn, to wait for their turn. It is not that much to ask. Members can manage it.
The hon. Minister of Finance has the floor.
Bill Morneau Liberal Toronto Centre, ON
As I said, Mr. Speaker, we were very pleased to move forward on a package of tax changes that made an enormous difference on nine million Canadians. Lowering taxes on middle-class Canadians was financed by raising taxes on the top 1%. We saw that as way to make sure that our tax system was more fair.
We have continued down that path by looking at additional tax changes this past summer, lowering small business tax rates, finding some advantages for the wealthy.
Pierre Poilievre Conservative Carleton, ON
Mr. Speaker, well, the minister says he raised taxes on the wealthy. He is pretty wealthy.
If anybody sold their shares before the end of 2015, he or she would have not paid a penny more because of these tax increases. Far more important than that, if he or she was able to sell before these measures were crystalized in a motion before the House of Commons, that individual would have avoided the resulting drop in the stock market, in particular the 5% drop in Morneau Shepell shares. That person saved a cool half million dollars. Was the minister that person?
Bill Morneau LiberalMinister of Finance
Mr. Speaker, members across the way will continue to focus on me because they do not want to talk about what is actually going on.
What is actually going on is that the policies we put in place are making a better situation for our economy and a better situation for Canadian families. Middle-class Canadians are feeling much more secure two years into this government than they were in the previous decade. That is because they have the Canada child benefit. That is because their tax has been lowered. That is because the future looks more bright with higher economic growth.
We will keep on our plan.
Pierre Poilievre Conservative Carleton, ON
Mr. Speaker, as a former corporate executive, the hon. member would know that selling shares on advanced information is a very serious problem. He would also know that most corporate executives freely disclose widely to the public when they buy and sell shares, so that they can be scrutinized and that they have no advantage in the stock market.
Why does that hon. member, if he made no mistake or he broke no rules in the timing of the sale of shares, not stand now and tell us when he sold his 680,000 shares in Morneau Shepell?
Bill Morneau LiberalMinister of Finance
Mr. Speaker, I am well aware of the fact that the opposition will continue to focus on me so they do not focus on what is actually going on here.
We will continue to talk about what we are doing for Canadians in every dimension, in our housing policy, in helping with child benefits, and making sure that we get fair trade agreements.
We will work on behalf of Canadians to make sure that our economy stays strong and their families stay strong, for today and for tomorrow.
Marjolaine Boutin-Sweet NDP Hochelaga, QC
Mr. Speaker, earlier this month, in response to our questions, the Prime Minister's special LGBTQ adviser said that the apology to the community would keep remedies separate from regret.
However, since last Thursday, the government has been saying that it might introduce a bill to expunge the criminal records of Canadians previously convicted of consensual sexual activity with same-sex partners.
Can the government confirm that the apology that will be given to the LGBTQ community tomorrow will include the necessary remedies?
Mélanie Joly LiberalMinister of Canadian Heritage
Mr. Speaker, all Canadians should feel safe to be themselves, free from discrimination. We have already made significant progress on these issues with Bill C-16 and Bill C-39.
Our special adviser on LGBTQ2 issues, the member for Edmonton Centre, has been consulting extensively with the community to ensure that we give a full and meaningful apology.
We are committed to making this formal apology tomorrow, November 28. Our government is working with the national advisory committee representing the community to make sure that this is a full apology.
Randall Garrison NDP Esquimalt—Saanich—Sooke, BC
Mr. Speaker, it would be ironic if the government makes a just apology to the LGBTQ community tomorrow, and then fails to act to address ongoing discrimination on the basis of sexual orientation, gender identity, and gender expression. Failing to act will mean that the government will leave itself open to having to make future apologies.
Will the government commit today to working with us and the LGBTQ community to remove ongoing discrimination from federal law and policy, starting with the unscientific blood ban?
Mélanie Joly LiberalMinister of Canadian Heritage
Mr. Speaker, as I said already in French, all Canadians should be safe to be themselves, free from discrimination of any kind.
We have already made significant progress in this House on these issues with Bill C-16 and Bill C-39. Our special adviser on LGBTQ2 issues, the MP for Edmonton Centre, has been working with the community concerning the different issues that affect them in their everyday lives.
We have committed to apologize in an inclusive and meaningful manner tomorrow. Our government is working with a national advisory committee representing the community, to make sure that these excuses are—
Ken McDonald Liberal Avalon, NL
Mr. Speaker, we know that residential schools were designed to strip away the identity, culture, language, pride, and spirit of indigenous children, and many who attended them suffered neglect, abuse, mistreatment, and discrimination.
Addressing and making amends to the survivors of this dark chapter, a part of our history, is a vital part of our country's commitment to meaningful reconciliation.
Can the Minister of Crown-Indigenous Relations update the House on Canada's efforts to support the survivors' journey of healing with the former students of residential schools in Newfoundland and Labrador?
Carolyn Bennett LiberalMinister of Crown-Indigenous Relations and Northern Affairs
Mr. Speaker, the abuse suffered by indigenous children at Newfoundland and Labrador residential schools was a horrific part of our history. Their exclusion from the 2008 residential schools apology was simply wrong.
I was humbled and honoured to join the Prime Minister last Friday when he righted that wrong and offered the historic and long-overdue apology to the former students on behalf of the Government of Canada. We know that this is only a first step in their healing journey, but, as the Prime Minister said, they no longer bear that burden alone.
Pierre Poilievre Conservative Carleton, ON
Mr. Speaker, fiscal policy changes are only ever certain when they are introduced in the House of Commons. Before that, they are just political promises.
The Liberals promised only a $10-billion deficit. That is gone. They promised that they would lower taxes, and that promise has been broken. They promised once that they would get rid of the GST, and that promise is gone.
That is why fiscal policy measures are only certain when tabled in the House of Commons. The markets learned on December 7 the coming into force date of tax increases that moved markets, but not before someone was able to get out and avoid the losses.
Was the Minister of Finance that person?
Bill Morneau LiberalMinister of Finance
Mr. Speaker, this is a very nice opportunity for us to talk about promises that were kept.
Promises that were kept include reducing taxes on middle-class Canadians and, for nine million Canadians, seeing a 7% reduction in the tax bracket from $45,000 to $90,000. Promises kept: we said that we would raise taxes on the top 1%. Promises kept: we said that we would take a look at the Canada child benefit and increase it significantly while helping those families who needed it most.
These promises were kept to make sure that our economy would grow and that middle-class Canadians would see the benefits. We are going to keep on with those promises.
Pierre Poilievre Conservative Carleton, ON
Mr. Speaker, the reason there is so much confusion about the detail of fiscal proposals before they are introduced in the House of Commons is because often platforms say confusing things. The Liberal platform would have us believe that revenue from this tax change would only start to be realized at the beginning of the fiscal year. However, when the minister came to this House to introduce his December 7 tax motion, he indicated it would take effect at the beginning of the calendar year. That news moved markets, but not before someone was able to sell their shares and save half a million dollars.
Was that person the Minister of Finance?
Bill Morneau LiberalMinister of Finance
Mr. Speaker, I am not sure how we can be more clear. We promised Canadians that we would lower middle-class taxes. We promised Canadians that we would raise taxes on the top 1%. We followed through on both those promises, because we knew they would ensure that we had a fairer tax system. We also said we would make sure that middle-class Canadians see benefits from the changes in child benefits. These things ushered in a spark plug for a growing economy, which is exactly what we have seen over the course of the last couple of years: helping middle-class Canadians, strong growth rate, more jobs across our country. We will stay on with our approaches.
Pierre Poilievre Conservative Carleton, ON
Mr. Speaker, the member says that he is not sure how he could be more clear. Let me just give him a suggestion. He could say “yes”, or he could say “no”.
I will ask again. Trading records show that somebody sold over 10-million dollars' worth of Morneau Shepell shares one week before the minister introduced tax measures that caused Morneau Shepell to drop by 5%. Was that seller the Minister of Finance, yes or no?
Bill Morneau LiberalMinister of Finance
Mr. Speaker, in focusing on me, what the opposition does not want to focus on is what we are actually doing for Canadians. There are 36 million Canadians, nine million of them were advantaged with our middle-class tax cut. What we are going to continue to do is work on behalf of Canadians and focus on the things they want us to do, which is growing the economy, making sure we have jobs that are helping Canadians, and making sure that families are doing better. That is what we will continue to focus on.
Pierre Poilievre Conservative Carleton, ON
Mr. Speaker, I do not know what the minister seems to have to hide. When he was a corporate executive, insider trading reports would have required the public reporting of his purchase and sale of company shares. He should be used to telling people when he buys and sells. If he has nothing to hide, he would just continue that practice now.
Did the minister sell his shares in Morneau Shepell in the amount of $10 million exactly one week before he tabled in the House of Commons market-moving tax changes?
Bill Morneau LiberalMinister of Finance
Mr. Speaker, as the member opposite well knows, we all work together with the Ethics Commissioner to make sure that all of our financial affairs are fully disclosed. That is what I have done from day one. That is what has allowed me to do the work we are doing on behalf of Canadians. The good news is that work is showing big advantages for Canadians across our country, such as 500,000 new jobs over the course of two years, and a lower rate of unemployment than there was during the entire time of the previous government. We are seeing a positive benefit for Canadians, and we are feeling positive about the opportunities for the next generation of Canadians as well.
Pierre Poilievre Conservative Carleton, ON
Mr. Speaker, the minister's own department provided a report earlier this year showing that wealthy Canadians moved income into the 2015 tax year in order to avoid paying this new higher rate. One of the ways we know they did it was by selling their shares after the finance minister tabled his tax measures on the floor of this House of Commons. It caused the markets to drop. The data is right there. However, somebody knew enough to sell $10 million of Morneau Shepell shares before that drop could occur, saving him half a million dollars.
Once again, was that the minister?
Bill Morneau LiberalMinister of Finance
Mr. Speaker, the member opposite might take a look at the stock market and see that it has gone up over the last couple of years. It may be unknown to him, but that is a result of some things that have gone on in the global economy, something that has gone on, as well, within the Canadian economy, and that is that our economy is doing well. Businesses are feeling optimistic. The reason they are feeling optimistic is that the investments we have made in middle-class Canadians have shown to be doing a good job to help those people put more money into the economy. That has led us to a higher rate of growth, more jobs, and a more optimistic outlook for the future. We hope that will continue to be the case.
Brigitte Sansoucy NDP Saint-Hyacinthe—Bagot, QC
Mr. Speaker, in December 2016, the Prime Minister personally promised to take action to extend employment insurance sickness benefits. One year later, nothing has been done, clearly.
Fifteen weeks of benefits is not enough, especially for someone struggling with serious health problems. Once those 15 weeks are up, the sick person is left without any income to live on. How is a seriously ill person supposed to pay the bills? It is impossible.
When will the Prime Minister finally keep his promise, stop doing consultations, and overhaul EI sickness benefits?
Jean-Yves Duclos LiberalMinister of Families
Mr. Speaker, I am delighted to be part of a government that believes the employment insurance system has a role to play in providing an income to families going through hard times and to communities that are suffering.
Since 2016, we have implemented solid measures to make the EI system more flexible and more generous. We are going to continue this work, because we strongly believe that we are just getting started.