Mr. Speaker, the net debt will be eliminated by 2021. That is exactly the same measure the member for Wascana used last year in his fiscal update. He should be careful about calling himself names.
House of Commons photoWon his last election, in 2011, with 58% of the vote.
The Economy November 27th, 2006
Mr. Speaker, the net debt will be eliminated by 2021. That is exactly the same measure the member for Wascana used last year in his fiscal update. He should be careful about calling himself names.
The Economy November 27th, 2006
Mr. Speaker, the member opposite should look at the document we produced on Thursday and see that it is better to have more information for the people of Canada than less. We published the four private sector forecasters and we set out clearly what they said. In addition, for the first time, we gave the view of the Government of Canada. That is more information, not less.
The Economy November 27th, 2006
Mr. Speaker, the hon. member has his facts wrong. When I was finance minister provincially, we had a surplus and we ensured that we had a surplus, just as we do federally.
I do say to the member opposite--
The Economy November 27th, 2006
Mr. Speaker, it is just the opposite. We are determined to eliminate the net debt and to guarantee tax reductions each and every year for Canadians.
What was new in the update was the Department of Finance offered its own government view, which had not been done before. This was in addition to the projections by the private sector forecasters. That is a new step in transparency, openness and accountability to the people of Canada.
The Economy November 27th, 2006
Mr. Speaker, it is good to hear the member for Markham—Unionville quote the National Post.
The concept of net debt is not foreign to the party opposite. In the fiscal update last year, on page 67, there is a table comparing Canada's total government net debt to other G-7 countries. The member's own government used those figures a year ago. It is a worthy goal for our country to eliminate net debt by 2021.
The Economy November 27th, 2006
Mr. Speaker, I believe what the member is referring to is the idea of net debt, that is assets and liabilities being even. That is where we want to go. We want to accomplish the elimination of the net debt in Canada by 2021. That will mean we have to reduce taxes each year. We will do that with the savings we get by reducing debt each year.
That is a tax back guarantee for Canadians, as has been done in Sweden, as has been done in Australia, as has been done in New Zealand, accomplishing the elimination of net debt.
Securities Industry November 27th, 2006
Mr. Speaker, I want the hon. member to understand clearly that what has been discussed and what has been put forward in some of the reports, including the report by Purdy Crawford which had representations from across the country, is not a federal securities regulator. It is a common securities regulator for our country, with representatives, equal representation from the provincial governments and from the Government of Canada.
Securities Industry November 27th, 2006
Mr. Speaker, as part of our discussions with respect to fiscal balance and the state of the economic union in Canada, the finance ministers have discussed issues relating to mobility between the provinces in Canada of goods, services and people. We have also discussed the reality that we have 13 securities regulators in the country which impedes the movement of capital. There is a plan among the provinces relating to the passport system that has some merit and with respect to which there has been some activity. I look forward to having further discussions concerning the efficacy of a common securities regulator with the finance ministers in December.
Tourism November 22nd, 2006
Mr. Speaker, the government invests more than $300 million each year in the tourism industry in Canada.
This particular GST rebate was not being used by many people. It was being used by 3% of the 35 million visitors to Canada and was a very inefficient way of raising taxes.
Having said that, we are committed to the tourism industry in Canada. I look forward to further discussions with that industry as we move toward preparation of budget 2007.
Income Trusts November 22nd, 2006
Mr. Speaker, I have received lots of emails, as the department has. I have meetings planned with people. I have discussed the issue of income trusts with people.
I welcome the member opposite to think about the best interests of Canada: to think about who is going to pay the taxes next year and the year after that; to think about tax fairness; to think about the duty of corporations to pay their fair share of taxes in Canada; and to think about Canada's place in the world and our economy being competitive with other economies in the world. This is the Canadian duty, the duty of a Canadian government that dealt with the issue fairly--