Mr. Speaker, it is always an honour and a pleasure to rise on behalf of the wonderful citizens of Calgary Midnapore to speak on their behalf.
The citizens of Calgary Midnapore recently went through something all Canadians went through, and that is tax filing at the end of April. Of course, this is the time when we all must do our duty to society and pay our fair share of taxes. At least, this is what we are supposed to do. Of course, there are always those who make the decision to not file their taxes. There are those who perhaps cannot pay what they owe or are reluctant to pay what they owe.
Certainly, it is a problem that compounds over time, but the majority of Canadians, certainly more than a fair share of Canadians, want to do the right thing, and that is pay their part to society and contribute to this incredible nation that we live in. One way we do that is by paying our taxes.
I want to thank the member for Simcoe—Grey, who had the foresight to recognize that there was this lack of oversight in Canadian society and that there are corporate members who are not necessarily filing taxes for one reason or another. They owe an amount of tax to our society but are not paying it, and it is not being recognized that they have not kept their commitment to Canadian society in not having paid these amounts.
I just want to take a moment to thank the member for Simcoe—Grey, who went through so much effort and recognized this was a problem. He is an expert in finance. I have been in his office when he has CNBC on and is following the financial markets, so it is no surprise to me that he would have this type of thinking and that he would recognize this as something that needs to be fixed.
I also want to thank him for taking the time to work with the other parties to gain their collaboration in bringing the bill forward and seeing it successfully to this stage in our process at the House. That is something very rare and special to do. I have never drawn higher than 238th in the private member's bill draw, so I am very grateful that, first of all, he had this good fortune; second, that he was able to see this idea; and third, that he had the tenacity and the persistence to work through the bill with the government. I would also like to recognize the government's piece in this collaboration.
Of course, as sitting members of the public accounts committee, we went through the bill in detail. We thought about all of the different aspects that would have to be considered. There was compromise on all sides, and again I want to thank the member for his compromise in that regard as well, because it is very easy to get very stubborn when it comes to one's own legislation. There could be something that they think should be a part of the bill, that they think is more accurate or that they do not want to include, but the member went beyond that.
Of course, we know that the Canada Revenue Agency is responsible for collecting debts owing to the government, but in recent years, the CRA has been waiving debts owing to the government in record numbers. Last year, the government wrote off $4.7 billion. It forgave $10.9 billion. In remissions it had $0.4 billion, and in waivers it had $2.6 billion. This is a total of $18.4 billion, which at this point would actually be close to 25% of the deficit we have, not only this year, but also last year.
At a time when we are encroaching upon $1.63 trillion in national debt, which we will get to by 2030, every single dollar counts, so I am grateful that the member saw this as the right thing to do for society. It is important for corporations to pay their fair share. At this time when we are in need of such fiscal prudence and responsibility, everyone is required to pay their fair share at this time, and that includes corporations.
The member for Simcoe—Grey is not the only one who recognized this lack of oversight, this lack of acknowledgement, of people who are not paying their fair share. There are media outlets such as The Globe and Mail, and Bill Curry of course has done an excellent job of following the public accounts committee and the Treasury Board. Speaking of which, I am going to do a little promotion. On June 2, I am looking very much forward to taping, with the ArriveCAN team, the ArriveCAN second-year anniversary, and we will be distributing that at the end of June.
Bill Curry has been fantastic in terms of following stories such as these. CBC News also did a story on the $133 million written off that was owed by a single taxpayer, so this definitely is something that needed to be addressed. Write-offs and waivers for taxes owing to the government were done in secret because of privacy provisions in the Income Tax Act, and the member wanted to bring these numbers to light.
Historically, while the CRA spends a lot of time pursuing small businesses and ordinary Canadians who owe minor amounts to the CRA and to Canada, some major corporations have gone unaccountable and unnamed. The legislation would create a public registry that would require the Treasury Board to annually publish a list of corporate entities that had debts owing to the government waived, forgiven or written off.
The amount we put forward originally, the member was thinking, was somewhere from $1 million to $5 million. The number that was landed upon was $2 million, which is certainly a substantial amount, but I think it is a good amount that would really provide corporations with an incentive to pay their taxes so they do not end up on this list as well.
The contents of the public registry would have to include the following information in relation to each debt: the name, including any business name of the corporation, trust company or partnership that owes the debt or obligation to which His Majesty has a claim; the specific amount that was waived, written off or forgiven; the period to which the amount relates; the act under which the debt, obligation or claim arose; and any other information that the president of the Treasury Board may require.
The enactment would amend the Financial Administration Act to require the president of the Treasury Board to establish and maintain this public registry of certain large debts and obligations owed by businesses to His Majesty, as well as claims by His Majesty against businesses that have been waived, written off or forgiven. It would also make consequential amendments to other acts.
Here are some observations in relation to this. In 2023-2024, 11 companies received $1.2 billion in combined write-offs for tax debt and other obligations, and 11 companies accounted for nearly one-quarter of the $4.9 billion in write-offs in fiscal year 2023-2024. We are talking about a small number of bad players.
The bill's being passed would be a huge step in the direction of transparency. Certainly, on this side, we have always attempted to fight for transparency, such as in the appointment of a parliamentary budget officer who will always stand up for transparency and call the government out on things that do not appear to be accounted for.
Of course, we advocate against tax increases and new tax measures for everyday Canadians. Why should corporations get enormous debt write-offs when they target the little guy for significantly smaller amounts?
In summary, I want to again thank the member for Simcoe—Grey for bringing forward the legislation. The right thing to do in society is to pay one's fair share that is owed to Canada and to one's fellow citizens. In addition, we are unfortunately in a terrible fiscal position, with significant debt as well as deficits, including $65 billion this year alone, and deficits for the last 15 years. The piece of legislation that is before us looks to remedy this.