Jim Flaherty

[Ways and Means, December 4th, 2006]

moved that a ways and means motion to introduce an Act to amend the Excise Tax Act, the Excise Act, 2001 and the Air Travellers Security Charge Act and to make related amendments to other Acts be concurred in.

[The Economy, December 4th, 2006]

Mr. Speaker, we know the members opposite would not pay off the debt in 160 years. They were very good at building up national debt in Canada.

What we are going to do is reduce the national debt. We are going to have no net debt in Canada 15 years from now. Yes, it requires reducing debt. Yes, it requires payments against the national debt. We will make those payments.

[The Economy, December 4th, 2006]

Mr. Speaker, there is no intention at any time to use any CPP funds to reduce debt in the country.

There is a commitment in “Advantage Canada”, which has been praised, to eliminate the net debt of our nation in the next 15 years. It has taken a generation for that debt to be accumulated.

This is an honourable goal for our country, to go the other way and to reduce the net debt, in fact to eliminate it, and not in an entire generation but in 15 years. We can do it as Canadians.

[Taxation, December 4th, 2006]

Mr. Speaker, I appreciate the hon. member's support on the income trust issue, which is a difficult matter.

He raised another issue which we have also raised in “Advantage Canada”, our economic plan for Canadians, which has been well-received, and that is that all Canadians should pay their fair share of taxes.

I appreciate his advice with respect to his question on tax havens. We will review it as we prepare budget 2007.

[Taxation, December 4th, 2006]

Mr. Speaker, the member asked about fiscal balance and about income trusts. One of the things we recognize as a government is that there is a fiscal imbalance and we want to move to a fiscal balance with governments. However, that takes some money and it takes a tax base, which means that corporations in Canada must pay their fair share of taxes and income trusts must pay their fair share of taxes.

I thank the Bloc Québécois for supporting the notice of ways and means motion that will bring fairness in taxation in Canada.

[Income Trusts, November 28th, 2006]

Mr. Speaker, I am having, and have had, a series of meetings, last night, this morning and later this afternoon, with representatives of income trust groups to discuss their concerns.

The suggestion by the member of a one time writeoff is not going to happen. I appreciate the suggestion. We are having discussions with respect to implementation issues which are important to achieve the goal of fairness in taxation. Whether one has a corporate entity or a trust entity, they would be treated the same for tax purposes.

[Transfer Payments, November 28th, 2006]

Mr. Speaker, the member is quite right that it is important that the fiscal balance be addressed. Part of the way to do that is to make sure, as we set out in “Advantage Canada”, that we address the issues of stable long term funding, predictable funding for post-secondary education, and stable long term funding for infrastructure, which is vitally important. Nancy Hughes Anthony of the Canadian Chamber of Commerce said that the “Advantage Canada” plan is a great road map. It has all the elements of the things we need to do and we intend to do them.

[Transfer Payments, November 28th, 2006]

Mr. Speaker, in fact, 8 out of 10 provinces are in surplus. The total surplus of the provinces in the past year is larger than the surplus was for the Government of Canada at $13.2 billion. That is a surplus that we used to pay down the public debt.

Having said that, we know that we are on track with respect to the issues of equalization and fiscal balance. We are on track to address them in the coming year in budget 2007. It was an important part of the plan that we set forth in budget 2006.

[The Economy, November 28th, 2006]

Mr. Speaker, according to the international gold standard of net debt, by the year 2021 the net debt of the governments of Canada will have been eliminated.

I am not surprised to hear that sort of thing when I see that the former minister of finance of the party opposite is supporting a fellow named Rae, who increased the public debt in the province of Ontario 113% when he was the premier of Ontario, to the point where the people of Ontario were paying $1 million an hour in interest when he left office.

[The Economy, November 28th, 2006]

Mr. Speaker, as I explained to the House yesterday and to my friend opposite, the net debt is the balance of the liabilities with the resources of the country, and we are going to accomplish that by 2021.

This is an important national goal for Canada, for all of Canada's governments, to fight back against the accumulation of debt that has happened in the past generation in Canada. Within half a generation, within 15 years, we as Canadians can eliminate our net national debt, and we are going to do it.