Madam Speaker, I thank my hon. colleague from British Columbia, the hon. member for Abbotsford, for his speech.
Unfortunately, my hon. colleague seems to have taken some liberties. I will address our record of accomplishments on small business taxation so that he can learn from our example.
This government has shown that it is attentive to the small business sector by virtue of keeping its commitment to lower the small business tax. In fact, since we last met in this chamber, today small businesses are now paying 10% instead of the previous rate they were paying in 2017. Next year they will pay 9%.
The small businesses in Mission—Matsqui—Fraser Canyon or in the riding of Gatineau, and I suspect in the riding of Abbotsford, are very happy with the lowering of taxes, money they can now reinvest in the business, buy a new computes, hire a new employee, or make plans to expand, knowing those funds will be available to assist them in whatever their business plans are. We certainly want to reward success in our country.
My colleague from Mission—Matsqui—Fraser Canyon, indeed all my colleagues, were very vocal and instrumental in helping the finance minister consult as broadly as possible and bring back to the House of Commons a plan that would reward success in the country, that would clarify the rules, and that would require companies remunerate only people who were working, present, and contributing to the business. This can include family members, as we see on farms. My grandfather was a dairy farmer and my grandmother participated as equally in that enterprise as did my grandfather.
In the agricultural and small business sector anywhere, family members right now are contributing to those businesses. That may continue and that may continue to be deductible. However, those family members who are not participating in the businesses, as most Canadians would acknowledge, should not be a write off unavailable to other Canadians.
With respect to passive income, I was very pleased, and I know the member for Mission—Matsqui—Fraser Canyon was pleased, that the passive income measures will now essentially only apply to less than 3% of Canadian-controlled private corporations, those with huge cash piles. They will not come under the threshold the minister has set. However, 97% or more of Canadian-controlled private corporations will see no impact from the provisions. One hundred per cent of small businesses will see no retroactive impact from all this.
We have been very attentive to the small business sector. For my part, small business in Gatineau, and I suspect in British Columbia, are very happy with the things we have put in place.