House of Commons photoWon his last election, in 2011, with 58% of the vote.
Equalization October 24th, 2007
Mr. Speaker, as has been made clear many times in this place, the accords are being honoured. We have followed through on that.
We have per capita transfers for social programs, which is exactly what the provinces wanted and what the opposition failed to do.
Equalization October 24th, 2007
Mr. Speaker, one of the fundamental principles that was involved in the equalization discussions and one of the requests was for per capita transfers. This is fundamentally important in terms of the ability of provinces to pay for programs and it is one of the principles enshrined in the resolution of the fiscal imbalance, which we have achieved.
Minister of Finance October 24th, 2007
Mr. Speaker, the member opposite is a wizard at one thing and so is his leader. They do not care about prices for Canadian consumers. What they want to do is raise the GST. They voted against reducing the GST by one point.
The leader of the opposition has said that it is squandering taxpayer money. He said that it is wasteful. Last week in this place he said that we would lower prices for Canadian consumers. We said that we would and we will.
Minister of Finance October 24th, 2007
Mr. Speaker, as the member opposite knows, I am, at best, a mere elf, which brings me to the Christmas season.
Having met with retailers yesterday, they are very concerned that they have good, strong sales in Canadian retailing. I am very pleased that some of Canada's largest retailers have announced that they are reducing their prices across the board. This is good for Canadian consumers, good for Canadian retailers, good for the holiday season and good for the revenues of the Government of Canada and the provinces.
Manufacturing Industry October 23rd, 2007
Mr. Speaker, there is no question about it. The Canadian dollar is showing strength, in part reflecting the great strength of the Canadian economy. After 21 months of Conservative government, we have a very strong economy.
We have the lowest unemployment rate in 33 years. We have the largest number of Canadians in the history of Canada working in Canada, both men and women. It is a strong economy.
Resumption of Debate on Address in Reply October 23rd, 2007
Yes, Mr. Speaker, with the member for Lotbinière—Chutes-de-la-Chaudière.
Resumption of Debate on Address in Reply October 23rd, 2007
Mr. Speaker, we are very proud of the WITB program, not only because it is my riding of Whitby--Oshawa, but it is the working income tax benefit.
I do not know why the NDP votes against it. The New Democrats say they care about working people. They say they care about people getting engaged in the workforce. Here is a government program and initiative that helps people on social assistance come into the workforce and they are against it.
They talk about caring, but when it comes to actually taking action that helps real people in Canada get to work and support their families, they vote against it.
Resumption of Debate on Address in Reply October 23rd, 2007
Mr. Speaker, I knew the member for Markham—Unionville was the president of the GST club. I did not know his contemporary was King Canute, but I guess he has been having informed discussions with that person.
I congratulate him and his leader for their persistence in raising the GST. They want to get that GST up. His leader has called it wasteful that we are reducing the GST. They want to raise taxes for Canadians by $12 billion, led by the finance critic, the member for Markham—Unionville, and the Leader of the Opposition. These are the people who are asking Canadians for some credibility. They want to raise their taxes by $12 billion, something they think is a good thing to do. I do not think Canadians agree with them.
I am very proud of the fact that ATM users in Canada, seniors, students and people with disabilities, all got positive responses from the banks in Canada. I know the member for Markham—Unionville does not care about those people. We accomplished that. The Liberals did nothing, which is what they usually do.
Resumption of Debate on Address in Reply October 23rd, 2007
Mr. Speaker, as I am sure the member opposite knows, the unemployment rate in Canada is the lowest it has been in more than a generation. It is the lowest it has been in 33 years.
It is true that there have been losses in the manufacturing sector, particularly in central Canada. Fortunately, those folks who are losing their jobs are largely being able to obtain new employment, good jobs by the way, in the service sector. Indeed, this is part of what has happened internationally in terms of the developed countries having strongly growing service sectors.
Having said that, regarding the forestry sector and other manufacturing sectors, in the last budget we brought in a very large, accelerated capital cost allowance provision, estimated to cost about $1.3 billion. This is to permit our manufacturers to get brand new machinery and equipment over two years and write it off over that period of time. That is the way we are going to keep manufacturing strong in Canada: by moving up the scale and making sure that our manufacturers have the best and most productive technology.
Resumption of Debate on Address in Reply October 23rd, 2007
Mr. Speaker, I am very pleased to rise and speak concerning the address in reply to the Speech from the Throne.
As the Speech from the Throne made clear, the Government of Canada will continue to build a better Canada by focusing on five clear priorities: first, strengthening Canada's sovereignty and place in the world; second, building a stronger federation; third, providing effective economic leadership; fourth, continuing to tackle crime; and finally, improving our environment.
Our government will continue to provide Canadians with the economic leadership they want and deserve. That leadership has delivered practical and positive results. Today, after 21 months of Conservative government, our economy is strong and our finances are healthy. We have the right long term economic plan for Canada, called Advantage Canada, a plan that will give us the means to deliver on all of our commitments set out in the Speech from the Throne.
After 21 months, by any measure our economic and fiscal fundamentals are the strongest they have been in a generation. Canadians are enjoying the second longest period of economic expansion in Canadian history. Canada's unemployment rate is the lowest it has been in 33 years and the share of adult Canadians participating in the workforce is at a record high. In fact, since our government took office, employment has increased by more than 590,000 jobs, with employment up in every province in Canada. Indeed, Canada is one of the few countries with a public pension system that is financially sustainable.
This past weekend, I met with my G-7 finance minister counterparts in Washington. While we have much in common, Canada stands alone in one key respect. We are the only G-7 country with budget surpluses and a falling debt burden. That is something of which all Canadians can be proud.
There are many reasons why our country is doing so well: strong consumer demand and employment growth; record high commodity prices; near record corporate profits, which have boosted investment; low stable inflation; and a shrinking tax burden. I will have more to say about the state of the Canadian economy shortly when I release the fall economic and fiscal update.
Thanks to our strong economic and fiscal fundamentals, we have what it takes to deal with any existing or new challenges to the nation's future prosperity. One such challenge is the potential for weaker growth in the United States and overseas as the United States housing market continues to contract and recent turbulence in global financial markets continues.
Another challenge, of course, is the rapid appreciation of the Canadian dollar vis-à-vis the U.S. currency. On the one hand, our stronger dollar should lower costs for imported machinery and equipment for businesses, and it should also reduce prices for consumer goods. On the other hand, we recognize it has been a real challenge for the manufacturing, forestry and other exporting sectors.
Finally, Canada is on the verge of a demographic change with the rapid aging of our population. This issue will affect all levels of government as the share of the working age population begins to decline.
While challenges are out there, they are not insurmountable. Private sector forecasters expect continued economic growth over the next two years. What does that mean for the government's finances? It means government revenues should remain strong and government finances healthy. It means we can continue to eliminate debt, reduce taxes and invest in the priorities of Canadians.
We live in an exciting, changing, challenging world, a world where people, jobs and investment move more rapidly across the globe than ever before. It is a world Canada is more than capable of taking on.
Our government recognized early on that building an even greater country for our children and grandchildren requires a solid plan, a plan to create jobs, keep unemployment low, reduce taxes, reward hard work and help people get ahead. That is why in November 2006 we unveiled our long term economic plan, Advantage Canada, a plan to make Canada a world leader for today's generation and for generations to come.
Advantage Canada focuses on creating five key advantages: first, a fiscal advantage eliminating Canada's total government net debt in less than a generation; second, a tax advantage reducing taxes for all Canadians and establishing the lowest tax rate on new business investment in the G-7; third, an entrepreneurial advantage creating a business environment that unlocks private investment by reducing taxes, reducing unnecessary regulation, reducing red tape; fourth, a knowledge advantage creating the best educated, most skilled, most flexible workforce in the world; and fifth, an infrastructure advantage building modern infrastructure to ensure the seamless flow of people, goods and services.
Advantage Canada was designed not only to provide our country with a clear long term economic vision, but also the ability to adjust to ever changing global realities. It is an ambitious plan. Just as important, it is a practical one.
This government has not allowed Advantage Canada to become another document accumulating dust on a shelf. Over the last 21 months we have been creating an environment for further investment by reducing taxes significantly for individuals, families and business, a $41 billion reduction over three years and by moving Canada's overall tax rate on new business investment from third highest to second lowest in the G-7 by 2011.
We released a plan to create a Canadian advantage in global capital markets, a plan designed to achieve increased protection and income for investors, better jobs, more investment and prosperity. We set out a global commerce strategy. This is a new course for Canada's engagement in commercial relations worldwide and we released a new science and technology plan to guide future government decision making.
After years of debate we have restored fiscal balance in Canada. These achievements are clear evidence of a government ready and willing to go a little further and reach a little higher.
On building a fiscal advantage for Canadians we have already made a significant down payment that any homeowner can appreciate. We have reduced the federal debt by more than $27 billion over the past two years or more than $1,142 for every man, woman and child in Canada. This is at the same time provincial and territorial governments will have reduced their debt by almost $40 billion.
What does this mean for Canadians? This means that we are paying off the national mortgage and at the same time reducing taxes even further. Under our tax back guarantee we are giving Canadians a direct stake and a direct benefit in how we manage government finances on their behalf. We are dedicating all interest savings from the shrinking public debt to further reduce personal income taxes. To date we have provided Canadians with over $1.5 billion in annual personal income tax relief as a result of our tax back guarantee.
We also intend to focus future federal-provincial discussions on strengthening the economic union by improving regulatory efficiency and removing barriers to internal trade and labour mobility in Canada.
On creating a tax advantage, I have already described the tax back guarantee. We have reduced taxes for Canadians by over $41 billion over three years and yet that is not enough. Canadians still pay too much tax and deserve to keep more of their hard-earned tax dollars.
We have taken initial steps also to bring forward the working income tax benefit which the official opposition failed to do and this is to help Canadians who are receiving social assistance to get into the workforce and not have all of their benefits clawed back so that it is not worthwhile for someone to enter the workforce in Canada. We need people to enter the workforce. We have labour shortfalls across Canada and this is a good way of moving forward on that agenda.
The entrepreneurial advantage is important. Reducing red tape is very important. We need to support the RCMP and industries, as we have indicated in the Speech from the Throne. Also requiring assistance are the forestry industry and of course the automotive industry which is facing some manufacturing challenges as are other manufacturing industries, particularly in Quebec and Ontario.
We have accomplished a great deal in the first 21 months. Of course there is more to do. That is why we have the five new clear priorities that will enable us to build a legacy of peace and prosperity.