Jim Flaherty

[Finance, November 29th, 2007]

Mr. Speaker, the member is ignoring what we did in the fall economic update in particular, and that is reduce taxes dramatically for Canadian businesses, including the forestry sector, the auto sector and all the manufacturers in Canada across the board, long term, broad based tax cuts, historic tax cuts that permit the manufacturing sector to go ahead in Canada and invest in machinery and equipment.

Not only that, but six months before, in March we gave this huge incentive to buy through the accelerated capital cost allowance more machinery and equipment. This is the strength in the Canadian economy--

[Finance, November 29th, 2007]

Mr. Speaker, I am proud of the fact that we have reduced debt by a remarkable amount in the 21 or 22 months that we have been in office.

Not only have we done that, but we have made a commitment to Canadians in a tax back guarantee that every time that we reduce debt and have that interest savings on the debt, that savings will be passed on to Canadians in their personal taxes. That is a huge saving for every Canadian. Not only is it huge, but it is every year going forward.

[Manufacturing Industry, November 28th, 2007]

Mr. Speaker, what we need in Canada and certainly in the manufacturing sector are long range, broad based tax cuts, which is exactly what we did federally on October 30. We made dramatic, historic, long range, broad based tax cuts, reducing the federal corporate tax rate to 15% by 2012.

That is what we need from all the governments in Canada. We would be happy to work with them to reduce that tax burden on business in Canada.

[Manufacturing Industry, November 28th, 2007]

Mr. Speaker, I do not know what the hon. member bases his facts on. In fact, since this government was elected, 655,000 new jobs have been created in Canada, 345,000 jobs this year alone.

In Quebec, in particular, job creation has been thriving. The unemployment rate is as low as it has been since December 1974.

To quote the Leader of the Opposition, “the Canadian economy is doing very well”.

[Manufacturing Industry, November 28th, 2007]

--relax, relax for a while, Ralph. These are important steps that need to be taken in order to reduce the tax burden on businesses so they can reinvest and prosper in Canada.

[Manufacturing Industry, November 28th, 2007]

Not at all, Mr. Speaker. What we are saying, of course, is that the Government of Canada has taken dramatic steps to reduce the taxation burden on business in Canada: the accelerated capital cost allowance and the elimination of the federal capital tax which the provinces of Ontario, Quebec and Manitoba have not done yet. Those are important steps--

[Manufacturing Industry, November 28th, 2007]

It is unfortunate, Mr. Speaker, that the member opposite has not read advantage Canada, which is the economic plan for Canada. He has failed to note the accelerated capital cost allowance that we did in March this year, the $1.3 billion to assist manufacturers and the historic tax reductions that we did on October 30. Now we do need tax reductions but we need them in Ontario.

As Jack Mintz said yesterday from the Rotman School of Management:

Ontario has one of the highest effective tax rates on capital not just in Canada but around the (industrialized) world.

The [Ontario] government has not understood that its policies have hurt capital--

[Manufacturing Industry, November 27th, 2007]

Unlike the member opposite, Mr. Speaker, we are taking action. We are not just using a bunch of words.

In the March budget we brought in the accelerated capital cost allowance. That is $1.3 billion of aid for Canadian manufacturers. We eliminated the capital tax federally. I wish the provinces of Quebec and Ontario would eliminate their capital tax. This is a tax on corporations, whether or not they have a profit. We have reduced corporate taxes and business taxes across the board down to 15% by 2012. Those are actions for Canadian manufacturers.

[Manufacturing and Forestry Industries, November 22nd, 2007]

Mr. Speaker, it is good to hear from my hon. friend. It has been a while and I am glad he is well.

Now off we go on the dollar. Today he says the dollar is too high and he is looking to blame the government. Here is what he said before: “The main problem is a very weak U.S. dollar and there is not much we in Canada can do about that. The government does not control the dollar or interest rates”. That was said by the member for Markham—Unionville.

[Budget and Economic Statement Implementation Act, 2007, November 21st, 2007]

moved for leave to introduce Bill C-28, An Act to implement certain provisions of the budget tabled in Parliament on March 19, 2007 and to implement certain provisions of the economic statement tabled in Parliament on October 30, 2007.

(Motions deemed adopted, bill read the first time and printed)