Jim Flaherty

[Pensions, October 19th, 2010]

Mr. Speaker, the members opposite should pay more attention.

We did large consultations across the country. We went ahead with pension reform with respect to funding pensions over time, very important for certain Canadian companies and unions represented in those companies to ensure that there was some smoothing with respect to pension reform. We already did that. We already did the legislation. We already did the regulations.

Now, moving on to the next part, pensions for people in Canada. We are working together with the provinces doing the research and showing the kind of co-operative federalism that works in this country.

[Taxation, October 19th, 2010]

Mr. Speaker, we have reduced taxes for all Canadians over the course of the five budgets. I thank the Liberal Party for even supporting some of them. I thank in particular its critic, who said:

—we cannot increase corporate taxes without losing corporate investment. If we lose corporate investment, we have a less productive economy....That means fewer jobs. That means more poverty.

Who said that? It was the member for Kings—Hants and he said it as a Liberal.

[Taxation, October 19th, 2010]

Mr. Speaker, we have reduced taxes for all businesses in Canada. This has been going on since 2007. We have been joined by most of the Canadian provinces in getting Canada to a place where we have a brand as one of the lowest tax jurisdictions for business investment, the lowest in fact in the G7.

Listen to what the Canadian Manufacturers & Exporters said:

Canadian business investment needed to sustain an economic recovery is threatened by [the] Liberal Party...

“We are in a pretty tight situation financially in the business sector.”

“I don't think we can afford the uncertainty right now if you want companies to make big investments in Canada.”

[Government Spending, October 19th, 2010]

The economic action plan was in budget 2009, Mr. Speaker. It has resulted in the preservation and creation of about 420,000 jobs in our country, which is more than the 400,000 jobs that were lost during the course of the recession.

I thank the member opposite and her party for voting for Canada's economic action plan.

[Government Spending, October 19th, 2010]

To the contrary, Mr. Speaker, we have the lowest deficits by far in the G7. Our deficit this year is lower than forecast. During the first three years, we paid down more than $40 billion of public debt and balanced the budget every year. That is why our country was in the best position of any country in the G7 to deal with the recession when it came.

Deal with it we did, better than any other country in the G7.

[Securities industry, October 18th, 2010]

Mr. Speaker, it is an initiative with voluntary membership that respects the jurisdictions of Quebec and the other provinces. We will continue along this track.

[The Economy, October 18th, 2010]

Mr. Speaker, I hate to correct the member, but there were 37,000 net new full-time jobs in Canada last month.

The economic action plan continues to work. We continue to implement the economic action plan: the tax reductions, the EI measures, and the stimulus measures in ridings all across Canada, including the riding of the hon. member opposite.

[Government Priorities, October 18th, 2010]

Mr. Speaker, I know the member for Willowdale and her colleagues like to bad mouth the Canadian economy but the Canadian economy is actually performing the best in the entire G7. Who said that? The IMF and the OECD said that.

Here is another opinion:

Everybody looks on [Canada] with envy in terms of our economy...our stability, the fact that we have…the room to spend because we paid down debt. Our debt to GDP ratio is the envy of the rest of the G7....

Who said that? The former Liberal deputy prime minister, John Manley, said that.

[Government Priorities, October 18th, 2010]

Mr. Speaker, the priority is the economic action plan. In fact, I need to correct the member opposite. Our deficit this year is lower than anticipated in this fiscal year. We also have the lowest deficit in the G7 and the best overall fiscal record in the G7.

Since July 2009, with the economic action plan, we have created about 420,000 new jobs. Here is what members opposite would do. They would raise business taxes and kill about 400,000 jobs in Canada.

[Taxation, October 5th, 2010]

Mr. Speaker, the member raises an important question about capital gains taxes.

The tax-free savings account is probably the most significant tax change in Canadian public life since the RRSP. Almost five million accounts have been opened now. I encourage Canadians to open tax-free savings accounts. Over time they will have the effect of virtually eliminating taxation of capital gains when they are used by Canadians.

I am pleased to see so many Canadians taking advantage of tax-free savings accounts.