Jim Flaherty

[Securities, March 27th, 2007]

Mr. Speaker, we have had quite constructive discussions with the finance ministers from various governments in Canada on this subject, and in those provinces where different ministers handle this subject, we have also been involved in that discussion.

We have 13 securities regulators in a country of 31.5 million people. It creates a remarkable paper burden and a delay in terms of investment in our country. I am glad to say that there has been some expression of positive interest from a number of other governments in Canada. I look forward to continuing these discussions in Quebec when we meet again in June as finance ministers.

[The Budget, March 27th, 2007]

Mr. Speaker, that is from a deputy leader of the opposition who has not been in Canada in 35 years. It is no wonder he does not understand that there is a fiscal imbalance in Canada that needs to be remedied.

There is no excuse for the Leader of the Opposition, who actually has been in the country the last 35 years, not to realize that there is a fiscal imbalance that had to be remedied, and it has been, on a principled, predictable, long term basis that will stand the test of time in Canada.

[The Budget, March 27th, 2007]

Mr. Speaker, that is a good question from an official opposition that has stated as a matter of policy that there is no fiscal imbalance in Canada that needs to be remedied. I do not understand why on earth the deputy leader of that party is asking a question about a fiscal imbalance that, according to his leader, does not exist.

[The Budget, March 26th, 2007]

Mr. Speaker, the member for Peace River has asked an insightful question about tax reductions in Canada. Canadians pay too much tax. On this side of the House, we know that. Since taking office, we have provided $37.8 billion in tax relief for individuals only over this and the next two fiscal years.

Budget 2007 has four significant tax reductions: the $2,000 child tax credit per child under the age of 18; $550 million for the working income tax benefit, or WITB; eradicating the marriage penalty; and improving RESPs for Canadian families.

[Financial Institutions, March 26th, 2007]

Mr. Speaker, the member speaks about ordinary Canadians. In the budget we brought in something that had been talked about in this House for a long time: the workers income tax benefit. I cannot believe it, but the member who asked the question and her party intend to vote against the workers income tax benefit.

We also introduced for the first time in the history of Canada a registered disability savings plan for the most severely disabled people in Canada. I cannot believe that the member and her NDP colleagues are going to vote against a registered disability savings plan.

[Financial Institutions, March 26th, 2007]

Mr. Speaker, I am not sure who the member is referring to as finance ministers before me. Some are on the other side of the House, of course, but in terms of the question I encourage the member to go ahead with the hearings before the House committee. As members know, the finance committee has decided to look into the subject of ATM fees.

I have had active and recurrent discussions with people in the banking industry on this subject. I look forward to seeing the report from the committee.

[Securities, March 26th, 2007]

Mr. Speaker, the hon. member is right. There has been significant progress among the provinces in working toward a system that will work better for all Canadians and work better for Canadian businesses. That is exactly where we want to go.

We think we can go further together in terms of a common securities regulator for Canada. I emphasize to the member, this is not a federal securities commission; this is a securities commission for all of the governments in Canada. That is what we have been discussing. It certainly would not be a national regulator.

[Securities, March 26th, 2007]

Mr. Speaker, this is an area of discussion in which the provincial ministers and the federal minister have engaged over the period of some 14 months or so. There are a number of studies.

One of the key concerns is that having 13 securities regulators in Canada creates a great deal of red tape and a great paper burden without much benefit. If we are going to look at making our economic union function better, it is one area in which we might well gain some ground. It is a continuing matter of discussion. I look forward to having more discussions with the finance ministers about this in Quebec in June when we meet again.

[The Budget, March 26th, 2007]

Mr. Speaker, may I remind the hon. member that for a budget to become law, it has to pass. Our budget last year passed. Both budget implementation bills passed. The provision that she refers to never passed in this House and never became the law of Canada.

What we have done in tax relief since budget 2006 is $37.8 billion for individuals and $3.5 billion for business which is total tax relief of $41 billion, Ralph. That is a lot of money for Canadians.

[The Budget, March 26th, 2007]

Mr. Speaker, there is certainly tax relief for families in Canada today. There is a $2,000 per child tax credit for children under the age of 18.

Perhaps it is because we recognize, on this side of the House, something that the other side of the House fails to recognize, and that is there are lots of hard-working people in Canada who, at the end of the month, have trouble paying their bills. We are going to help them out with their children, with those expenses for children, with a sum of $310 a year on average per child.

The other part, which is very important and I am sure the member opposite wants to support this once she has read it, is the workers income tax benefit to get over the welfare--