Jim Flaherty

[Taxation, May 4th, 2006]

Mr. Speaker, we recognize, as the Prime Minister just said, the reality of the effort that is necessary to achieve fiscal balance in the Canadian federation. Not only do we recognize that reality, which was denied by the members opposite for 13 years, we recognize the need to work on making the economic union in Canada work better for all Canadians.

To that end, we are going to get together as ministers with the finance ministers and other ministers. We are going to receive the O'Brien report in the middle of May. I encourage all members of the House to read it and we will move forward with those consultations as the--

[The Budget, May 3rd, 2006]

Mr. Speaker, it will do it by tax cuts; by reducing the disincentives to work in Canada; by building massive new infrastructure in Canada; by investing in our universities and colleges; by investing in infrastructure in our universities and colleges; by reducing the tax burden on individual Canadians; and, by reducing taxes overall by almost $20 billion over two years.

These are not promises. These are commitments that we made to the people of Canada, which we are keeping in the budget. I hope the Liberal side of the House will support it.

[The Budget, May 3rd, 2006]

Mr. Speaker, the member opposite, as with his colleagues, are fond of talking about moneys promised but never delivered.

I know this budget is different. I know it is hard for the party opposite to accept that a party could run for office, make definite commitments to Canadians and, lo and behold, bring in a budget that keeps the commitments to Canadians.

[Securities, May 3rd, 2006]

Mr. Speaker, I compliment the provinces that have been engaged in this discussion, working toward a common regulator and simplifying the red tape involved in persons and corporations wanting to invest in Canada.

I commend the member for the question, because that is where we want to go. We want to move toward common regulations, and allow fewer barriers to investment in Canada.

[Securities, May 3rd, 2006]

Mr. Speaker, there is general concern in the business community about attracting more capital to Canada, more equity capital, more investment in our businesses. One of the concerns that the community expresses repeatedly across Canada is the fact that we have multiple regulators in our security system.

That is an issue in the interests of the Economic Union that we should have on the table for discussion, not necessarily that the federal government would get involved, but that we work toward a common regulator in Canada.

[Taxation, May 3rd, 2006]

Mr. Speaker, I would not presume to set out an agenda for all the discussions. There are a number of issues that ought to be discussed, including post-secondary education.

We made a recommendation or a suggestion, at least, in the fiscal balance paper yesterday about how unanticipated federal surplus could be handled with respect to the QPP and the CPP. Those ideas are there.

We will follow a process, awaiting the O'Brien report, the federal report on equalization, which should be released in the middle of May, followed by a meeting of finance ministers, followed by other meetings by other ministers and eventually a meeting of first ministers in the fall.

[Taxation, May 3rd, 2006]

Mr. Speaker, I was pleased to announce yesterday the increased payments with respect to equalization for this year for a number of the provinces. I was also pleased to set out the principles upon which we will move forward in the debate about the fiscal balance, including equalization, and the steps that we will follow in order to arrive at a solution to these challenging issues this year.

[The Budget, May 3rd, 2006]

Mr. Speaker, I am proud of the fact, as we are on this side of the aisle, that this budget reduces income taxes, reduces the GST, reduces small business taxes, and reduces corporate taxes. Ninety per cent of the reductions go to individuals and families in Canada, almost $20 billion over two years. Compare that to what the Liberals were proposing. They never passed it, but what they proposed was something less than $9 billion. I say again, 20 is more than 9, even to an economist.

[The Budget, May 3rd, 2006]

Mr. Speaker, Canadians--

[The Budget, May 3rd, 2006]

Mr. Speaker, I thank the member opposite for the question, as wrong as he is. I looked at the numbers again because I heard what he was saying yesterday and I thought that he had not had a chance to read the budget. Now he has apparently had a chance.

The personal tax cuts in the budget are $5.3 billion. In the fall update, which I think is what he was talking about, the figure was a little over $4 billion. Last time I looked, five is more than four, and I welcome the hon. member to have a look at that.