House of Commons photoWon his last election, in 2011, with 58% of the vote.
Business of Supply May 28th, 2008
Mr. Chair, the reality is we have the $1 billion fund that is being used across Canada, including in Quebec.
In terms of transfers to Quebec, we may want to talk about this program or that program, but the big picture is the increase in major federal transfers to Quebec is $4.5 billion this year. That is not $1 million or $4.5 million; it is $4.5 billion more to Quebec.
Business of Supply May 28th, 2008
Mr. Chair, one has reason to be optimistic about the economy of Canada and the economy of Quebec. We have the strongest economic fundamentals in the G-7. We are the only country in the G-7 that has been able to reduce taxes, run a surplus in our budgets and pay down public debt at the same time. Canada is in great shape to endure a period of economic slowness in the United States and globally, which is exactly what we are doing.
Yes, there is a time of adjustment in certain industries. I think most Canadians expect that when we have a slowdown, such as a recession in the U.S. housing industry, it is going to affect the forestry industry in Canada. A recession in the U.S. is going to affect manufacturing in Canada. It is going to affect the auto sector in Canada. The key is that we have stimulus in place to help the economy get through this and that we did it well in advance, starting in 2006, and, most important, with the fall economic statement in 2007, with dramatic business tax reductions.
The member opposite should recognize that this is a time of some economic slowness. The good news is Canada will come through it well.
Business of Supply May 28th, 2008
Mr. Chair, in the two years or so that I have been here, this is an issue that has come up surprisingly often from members on all sides of the House.
Budget 2008 takes action in this area. We significantly enhanced the flexibility to withdraw funds from life income funds through three provisions.
First, individuals 55 or over with total holdings in federally regulated locked in funds of up to $22,450 will be able to wind up their accounts or convert them to a tax-deferred savings vehicle with no maximum withdrawal limit, effective as of May 8. I will mention the other two later.
Business of Supply May 28th, 2008
Mr. Chair, the member for Markham—Unionville is chirping again over there, I think, and the member for Notre-Dame-de-Grâce—Lachine can handle it.
The purpose was to level the playing field for different forms of corporate entities in Canada. That is being accomplished. I think that is in the best interests of our country going forward.
Business of Supply May 28th, 2008
Mr. Chair, I would not expect a Liberal to understand that one can actually increase tax revenue by lowering taxes, which we have shown time and time again, by increasing economic activity. What we want to see from the corporate sector, including the income trust sector, is the same level playing field of taxation. That is what we want.
Business of Supply May 28th, 2008
I gather the question is about income trusts; I only heard part of it, Mr. Chair.
The issue with respect to income trusts has been dealt with many times in this House. It was supported by some members of the House. Of course, it became law because it had majority support in this place. Some people want to revisit it.
I find it difficult to listen to a Liberal complain about it since you know you were going to do exactly the same thing.
Business of Supply May 28th, 2008
Mr. Chair, we know that the Liberals want to bring in a massive new punitive tax, a carbon tax on gasoline.
I am glad the member for Notre-Dame-de-Grâce—Lachine has also now mentioned the GST issue. We know that Liberals intend to increase the GST as well to finance some of their wild spending schemes. Canadians can look forward to a massive new carbon tax on gasoline and home heating fuel and also an increase in the GST under the Liberals.
Business of Supply May 28th, 2008
Mr. Chair, the advantage of Advantage Canada for Quebec has been very substantial. The transfers have increased dramatically. In fact, there has been an increase of $4.5 billion since the Liberal government of 2005-06. Quebec will receive over $16.7 billion in major federal transfers this year.
Business of Supply May 28th, 2008
Mr. Chair, in fact, there has been substantial economic growth in Quebec. The employment numbers have been strong in Quebec. I am thrilled to see in today's papers things like Bombardier launching a hiring blitz in Montreal. It is looking for people to fill 700 new jobs. On May 1, Morgan Stanley was talking about 500 jobs for its new Montreal technology centre. This is great job creation in Quebec.
Business of Supply May 28th, 2008
I did look the member in the eye, Mr. Chair. She may not like me looking her in the eye, but I did look her in the eye. She may not like the answer, but I did what she asked.