Jim Flaherty

[Economic Statement, November 1st, 2007]

Mr. Speaker, this is rich coming from a member of the NDP who voted against reducing the GST for all Canadians yesterday in this House and who voted against personal income tax reductions for all Canadians, which, by the way, they can claim in January because they are retroactive to January this year. Therefore, it is important for Canadians to get their tax returns in quickly in the new year.

This is what he voted against: $45 billion in tax reductions for ordinary Canadian men and women and he says that he cares about them.

[Economic Statement, November 1st, 2007]

Mr. Speaker, the tax reductions that were announced earlier this week in the financial statement give 75% to individuals and families in Canada, which is $45 billion this year and the next five years as well, and $15 billion to businesses in Canada.

Most of the businesses in Canada are small and medium size businesses. They are the great employers in this country. They are the growth in this country. We support small business in Canada.

[Ways and Means, October 31st, 2007]

moved that a ways and means motion to amend the Income Tax Act and to amend the Excise Tax Act, the Excise Act 2001 and the Air Travellers Security Charge Act relating to the rate reduction for the GST and the federal component of the HST, laid upon the table on Tuesday, October 30, be concurred in.

[Economic Statement, October 31st, 2007]

Mr. Speaker, yesterday's announcement was the financial statement, the update.

The budget, in March of this year, set out $33 billion for infrastructure in Canada. When that is leveraged with the provinces and the municipalities, and the private sector in some circumstances, that will be more than $100 billion for cities and towns for infrastructure, which is important for our country, for the economic federation all across Canada.

[Economic Statement, October 31st, 2007]

Mr. Speaker, the total tax reductions in yesterday's announcements are $60 billion over this year and the next five years, $45 billion of that relates to deductions for individuals and for families. That is three-quarters of the tax reductions.

When the member says that they are mainly corporate tax reductions, that is wrong. The corporate reductions are important, but the majority of the reductions are personal, for individuals and families in Canada.

[Manufacturing Industry, October 31st, 2007]

In fact, Mr. Speaker, the province of Quebec has been one of the leading generators of new jobs in 2007. However, about the manufacturing sector, it is said best by the Canadian Manufacturers & Exporters. Yesterday it said:

The reduction in the federal corporate tax rate is an extremely important step in sustaining Canada’s ability to retain and attract business investment. It keeps us in the game...[and] is important to the long-term competitiveness of the Canadian economy.

[Economic Statement, October 31st, 2007]

Mr. Speaker, yesterday was an economic statement. In the spring we had the budget.

As the member opposite knows, there is a major accelerated capital cost allowance in budget 2007 permitting manufacturers to write off new machinery and equipment over the course of two years. It is a 100% reduction.

If the member opposite wants to see how that is working, he should look at the graph on page 29 of yesterday's economic statement. He will see the increased spending on machinery and equipment. It is a tremendous upward effort. This is good for Canadian manufacturing.

[Economic Statement, October 31st, 2007]

Mr. Speaker, the tax reductions yesterday for individuals and families in Canada are very substantial. In fact, they are about $45 billion for this year and the next five years.

Not only that, but the income tax reductions for individuals and families are retroactive to January 1 of this year. As soon as we get into the new year and Canadians start receiving their T-4 slips, they can file their income tax returns and get the big rebate cheques.

[Income Trusts, October 31st, 2007]

Mr. Speaker, the taxation of income trusts does not begin for several years. That is to give it time to adjust. At that time, it will be a level playing field. Regardless of the way Canadians choose to organize a corporate structure, the rate of tax will be the same.

That is what a level playing field is and, in fact, the level will be way down. Because of the announcement yesterday in the economic statement, we are reducing taxes for all Canadian businesses dramatically. It is a new era in Canadian taxation.

[Income Trusts, October 31st, 2007]

Mr. Speaker, the point is that we on this side of the House are levelling the playing field for all Canadian taxpayers, not defending special treatment of a 15% tax rate for American investors.