House of Commons photoWon his last election, in 2011, with 58% of the vote.
Income Trusts December 11th, 2006
Mr. Speaker, unlike the previous government, we dealt with this issue in the interest of tax fairness for Canadians, yes, and that corporations in Canada would pay their fair share of taxes. I know members opposite do not think that is the right thing to do, but we as Conservatives think that all Canadians, whether they are corporations or individuals, should pay their fair share of taxes.
The implementation rules with respect to the income trusts should be available before Christmas.
Financial Institutions December 11th, 2006
Mr. Speaker, as I say, we believe in competition. There are differences between banks, certain trust companies and certain credit unions on fees. However, in the spirit of Christmas, I say to the member that I will bring this up with the banks and hope that the Christmas spirit prevails.
Financial Institutions December 11th, 2006
Mr. Speaker, we count on our banking system to be competitive. I encourage consumers to shop and to have a look around at banks, credit unions and every option they have for banking machines in this country. They should shop competitively and make the right choice for themselves. We believe in competition in financial institutions in Canada.
Taxation December 7th, 2006
Mr. Speaker, as the member knows, in our tax back guarantee in “Advantage Canada”, we will reduce the public debt each year and we will save interest every year when we do that. That interest savings will be used every year to reduce personal income tax in Canada. Therefore, yes, there is a tax back guarantee for all Canadians on personal income tax.
On October 31, we announced the pension splitting, as the member opposite knows. It is a very important step for pensioners in Canada, many of whom are seniors, but not all. Splitting pensions to a maximum of fifty-fifty means thousands of dollars in cash for pensioners across Canada.
Equalization December 7th, 2006
Certainly not Scrooge, Mr. Speaker. Perhaps a mere elf, but not Scrooge.
As the members opposite know, a number of studies and reports have been brought forward this year, which the government has been reviewing, including from the municipalities, from the provinces and territories, from a group that was appointed by the previous government. All these reports with respect to equalization, fiscal balance, are being reviewed. We are on track. We have the meeting next week of the finance ministers toward resolution in 2007.
Equalization December 7th, 2006
Mr. Speaker, we are totally on plan, as outlined in budget 2006, with respect to the discussions on equalization and moving from fiscal imbalance to fiscal balance. This is the fiscal imbalance that the party opposite does not believe exists in Canada, but this government believes there is a fiscal imbalance that needs to be corrected.
Discussions have been happening between ministers in the federal government and the provincial ministers. The ministers of finance, as planned, will be meeting on December 15 in Vancouver and then will be moving toward steps in budget 2007, all according to plan.
Bank Act December 7th, 2006
Mr. Speaker, actually the foreign banks are doing well in the Canadian markets and growing. Their participation in Canada is welcome for the same reason that we want our banks to grow globally, be competitive around the world and help Canadian businesses expand their businesses abroad, whether it is in China, India or in other of the emerging economies.
There is a change in the bill though that relates to the composition of the boards of directors of financial institutions. The bill would allow additional foreign directors to be on the bank boards. Canadian representation would be maintained as boards of directors would still be required to have a majority of directors who are Canadian residents. The Canadian majority requirement will still be there but adding some additional foreign directors is something that the banks are interested in doing because it helps them connect and expand their businesses globally.
Bank Act December 7th, 2006
Mr. Speaker, the parliamentary secretary has worked hard on this bill and on her duties as parliamentary secretary in finance.
This is a big step forward, especially for small businesses in Canada. It is a problem when people deposit a cheque and they must wait 10 or more days for the cheque to clear. If the bills are not paid, the interest mounts up. This is a good step forward, particularly for small and medium sized enterprises and for individuals in Canada, that we will be moving forward with reducing that 10 day holding period down to 7 and then ultimately to 4 days. There does need to be a holding period based on the present state of affairs, but we can certainly reduce that by more than 50% down to four days over the course of the next while.
Bank Act December 7th, 2006
Mr. Speaker, there is substantial consumer protection with respect to financial institutions. Perhaps we view things somewhat differently on this side of the House.
Competition creates choice and disclosure creates knowledge. This bill emphasizes the encouragement of competition in the Canadian banking system among Canadian financial institutions, not just banks but also credit unions that play a very important role across Canada as members of the financial services sector.
We want to encourage competition that gives Canadians choices, selections and opportunities to exercise their own judgment. However, to exercise their judgment in an informed way, there must be disclosure of various options, not only in-branch but also online, and this bill includes provisions to accomplish those goals.
Bank Act December 7th, 2006
Mr. Speaker, the question raised by the hon. member is a good one and engages us in the reality that the financial services sector is a global business and we want it to be a global business. This is one of the great sectors of the Canadian economy. It is a pillar of the Canadian economy. We want our insurance companies, our banks and our major financial institutions to be global players and to grow globally. They are doing a good job at that and that is good for Canada.
Being global sometimes involves using data sources outside the country. We know that because that was part of the strength of Ireland when the Celtic Tigers started in the west of Ireland processing data for companies in New York, in Canada and so on, subject always to the privacy rules and the jurisdiction of the Privacy Commissioner.
The member opposite raised the point that earlier this year there was a concern about data and privacy, on which the Privacy Commissioner exercised her jurisdiction and looked into on behalf of the people of Canada. We need to be mindful always of those important privacy concerns.