Mr. Speaker, the richest 20 billionaires in Canada increased their wealth by $37 billion in the first six months of the pandemic alone.
These billionaires clearly need to be paying their fair share of taxes. Their companies utilize the public infrastructure paid for with tax dollars, including the roads, bridges, law enforcement services, and sewage and water infrastructure. They benefit from the free education and health care their employees receive, and from the public transit their employees use to get to work.
We keep hearing that we are all in this together, but if we compare COVID-19 to a storm at sea, while it is true that we are all facing rough seas, some people are clinging to pallets without life jackets while others are in luxury liners. We have a growing wealth disparity in this country, and nowhere is it more apparent than in Nanaimo.
One can walk past a homeless camp on the way to the harbour to see Jim Pattison's 150-foot, $25-million yacht when it is docked for a visit. This yacht is almost as large as the coastal defence vessel, the HMCS Nanaimo, which also visits our port. This is obscene and ostentatious wealth.
It is time that Canada's ultrawealthy do their fair share to help Canadians during this pandemic. It is time for a wealth tax in Canada, and for taxes on extreme profits gleaned during the pandemic.
Interest rates are at a record low and Canada's big banks continue to make massive profits, but we have still not seen any relief in credit card interest rates, credit card charges or banking fees for Canadian small businesses or consumers. The big banks continue to fleece Canadians during this pandemic.
During the financial crisis in 2008, these same big banks received taxpayer-funded bailouts reported to be as high as $114 billion. It is time that Canada's big banks returned the favour and do their fair share to help Canadians during this pandemic. They need to reduce credit card interest and banking fees now. Throughout this pandemic, these have caused economic hardship.
The Green Party caucus has listened to constituents, local businesses, labour unions, chambers of commerce, organizations and associations. We are now in the second wave of this pandemic. We need to do all we can to ensure that our small businesses are protected as further measures are taken to ensure the most vulnerable members of our community are kept safe from this virus.
The Green Party supports this legislation, which introduces the new Canada emergency rent subsidy—