Lost his last election, in 2000, with 28% of the vote.
Finance March 17th, 1995
Mr. Speaker, my question is for the Minister of Finance.
Increasingly we are hearing the Canadian banks being referred to as international casinos as the global gamblers now using depositor's money are re-entering into a casino like existence.
Can the Minister of Finance tell us what he plans to take to the Halifax conference in terms of ensuring this is on the agenda and when some of the details of that will be made public?
Mochovce Nuclear Power Plant March 17th, 1995
Mr. Speaker, the European Bank of Reconstruction and Development is about to make a crucial decision about the financing of the Mochovce nuclear power plant in Slovakia.
Expert sources indicate this nuclear reactor is neither environmentally nor economically viable. Along with its technical flaws and overall concern for safety, the energy output of this nuclear reactor is not necessary to either the current or future needs of the people of Slovakia.
The European parliament, many countries, and all major environmental groups in Europe, the United States and Canada are calling for a delay or cancellation of this nuclear project. Furthermore, more than half the Slovakian population oppose the construction of nuclear power plants.
For Canada to vote in favour of this project would not only waste Canadian tax dollars in a very dangerous energy megaproject but would also subject the people of Slovakia to a huge debt load.
I urge the Government of Canada to vote against this proposal and not waste Canadian tax dollars.
Petitions March 15th, 1995
Mr. Speaker, it is an honour to present the first of many petitions organized by Nick Carter and others with the JC-55 Super Country Radio station in Kamloops.
The petition is signed by 14,000 people living mainly in the central interior of British Columbia. It calls for immediate changes to our justice system, including changes to the parole system to ensure that dangerous criminals not be allowed to return to our communities prematurely.
The bottom line is that they are seeking safety and security on our streets and in our neighbourhoods.
Firearms Act March 13th, 1995
Mr. Speaker, I am pleased to have a chance this afternoon to speak about the tax system and in particular how it affects banks in Canada. I want to lead off first of all with a comment from the "Budget in Brief" or the budget itself.
I remember the Minister of Finance in his speech talked about the fact that the government was going to get tough. It was going to close off some loopholes. For example, the large corporation tax rate was going to increase by 12.5 per cent. I remember my friends on the Liberal benches were cheering at that point. There was a a lot of applauding and actually a couple of half-effort standing ovations.
This was a 12 per cent increase of the large corporation tax rate. The tax rate of large corporations will rise from 0.2 per cent to 0.22 per cent. Granted that is 12 per cent but it is a tax going from 0.2 per cent to 0.22 per cent. Anyone who knows anything about mathematics would say this is infinitesimal and yet technically it is an increase. My gosh, we are hardly getting tough when the tax rate goes from 0.2 to 0.22. Yet that is the kind of impression the government left, that it had gone to all kinds of trouble to close loopholes.
I am prepared to say this afternoon that the government did not close any loopholes. Even the old family trust, the one that is favoured and is considered the mother of all tax loopholes, is still there. Basically it was just tinkered with and that privilege will continue.
Let us talk about the Royal Bank. If there is one corporate sector that is held up it is the banking sector. I want to challenge people opposite and perhaps anyone watching to take a look at the annual report of the Royal Bank of Canada for 1993. When looking through this report, and granted I am not an accountant or a tax lawyer, but I have read a lot of annual reports and financial statements, to me it says the bank does not pay income tax. Page after page says basically that.
When I spoke with the bank I was told that is not technically correct. It actually pays tax. I have got to say today that the Royal Bank does pay some tax. The Royal Bank pays all the usual taxes that corporations pay but we have to realize that the Royal Bank is included in a number of subsidiaries. When we add up all of the subsidiaries which include things like Royal Bank Mortgage Corporation, RBC Dominion Securities Limited, Royal Trust, the Royal Bank Canada (Barbados) Limited, the Voyageur Insurance Company and many more-the consolidated umbrella of all of the aspects of the Royal Bank-it does pay income tax. As a matter of fact, it paid about $509 million in 1992.
However, what we would call a bank that we go into with tellers where we get a mortgage, a car loan or whatever, actually lost money. Therefore, in spite of all of its fees and so on, it did not pay income tax. It did pay a minimum corporate tax and did pay the corporation tax of 0.2 per cent which the government has now raised to 0.22 per cent. While the bank, including all of its subsidiary operations did pay income tax, for clarification the Royal Bank per se, unconsolidated, did not pay income tax. Therein lies the difference.
Did the budget change any of that? No, it did not. As a matter of fact, the budget changed very little of our tax system. I would be remiss this afternoon not to say that the large share of our accumulated debt-more than 45 per cent-comes from all of the tax loopholes we have in the system. That is what has caused a lot of our debt. Yet the government did not take any steps in any substantive way to close these loopholes.
I would be interested to hear what my hon. friend has to say in terms of whether the Royal Bank has paid income tax or not. Remember-
Petitions March 13th, 1995
Mr. Speaker, I rise on a point of order. I appreciate your trying to arrange for the maximum number of members to present petitions.
Since the 15-minute rule is an arbitrary rule and we regularly alter the standing orders to meet the needs of members, could I suggest that today we do not see the clock to allow people who have been away for the past week ample opportunity to present petitions on behalf of their constituents?
The Economy March 13th, 1995
Mr. Speaker, we hope to hear whether the government intends to put it on the agenda.
My supplementary question also refers to comments made by the Minister of Human Resources Development. He indicated at the UN summit on social development that the problems of Canadian child poverty are a direct result of a lack of a national child care program, similar to that found in Sweden.
The child care program was not mentioned in the budget. Could the Minister of Finance give us some indication what the government plans to do now to initiate and develop this promise that was made in the red book.
The Economy March 13th, 1995
Mr. Speaker, my question is about international money speculators and the newly emerging group of global gamblers.
My question refers to comments made by the Minister of Human Resources Development. We were encouraged when he said that in an effort to raise funds to help laid off workers, single parents and young people to find work, the government is contemplating a tax on financial transfers.
My question is for the Minister of Finance. When will he release the details that he plans to take to the summit in Halifax on this new tax proposal?
The Budget March 2nd, 1995
Mr. Speaker, the red book says: "Canadians with young families need a support system that enables parents to participate fully in the economic life of the country. That is why the availability of child care is an economic issue".
That is what the red book says. That is what the government promised the people of Canada. However, was child care even mentioned in the budget? Not a word. Now with the decision to proceed with block funding to the provinces, the federal government relinquishes what little influence it has to encourage the provinces to invest in child care.
Also, by slashing billions of dollars from provincial transfers, the government has reduced the ability of the provinces to offer quality child care. This is tragic. What does this say about a country that has turned its back on its children?
Children are our future. Young people are our future. Was the term youth even mentioned in the budget? Unfortunately not. Foreign bond traders and currency speculators may be happy with the budget, but what has the government done to our children and our youth, especially those in need?
Borrowing Authority Act, 1995-96 March 2nd, 1995
Madam Speaker, I listened with interest to my friend's version of the new trickle down theory. He elaborated so much that it became a river flow for a while.
It has always intrigued me how the Reform party-and I say this with all respect because I believe it is serious when it makes these proposals-believes that somehow if we reward the rich and the wealthy the benefits will eventually trickle down to regular folks. I want to say to my friends in the Reform party that Canadians are fed up with being trickled on. For years and years there has been this trickle down approach, first from the Tories and now from the Liberals with the encouragement from my friends in the Reform party.
I listened carefully to my hon. friend's presentation today. The impression he leaves is the country with the least amount of government is the best country. By that definition countries such as Africa would be booming in terms of their economies and things would be great.
The fundamental reason we are the number one place out of 192 countries in the world in which to live and raise a family is government programs of all sorts.
What country in the world would he hold up as a model of his approach; in other words, an example of less government, fewer social programs?
Points Of Order March 1st, 1995
Mr. Speaker, I would not want to get into a debate on the issue. I appreciate the decision that has been made. I am seeking confirmation though.
In the words of the member who just spoke, he said that it was a unanimous decision. Does that mean that all political parties represented on the Board of Internal Economy agreed to limit
the amounts of information given to our constituents on this critical issue?