House of Commons photoLost his last election, in 2015, with 43% of the vote.
Business of Supply May 25th, 2015
As I said, Mr. Chair, we did, of course, a complete detailed analysis of the program, as we do with all programs, but we did not do that in respect of employment. It is not normally done, nor has it been done in the past. However, this is an obvious benefit, which the CFIB supports, for 780,000 small businesses, a benefit which would permit them to grow and create employment. It is good for the economy, it is good for employment, and it is fair to small businesses.
Business of Supply May 25th, 2015
Mr. Chair, the program is under way and it is ongoing. We do not have the figures right now. We can do the calculations once the program is over.
Business of Supply May 25th, 2015
Mr. Chair, the Canadian Federation of Independent Business estimates that the credits will lead to the creation of 25,000 person years of employment in the coming years. The Canadian Federation of Independent Business published a detailed explanation of its methodology online.
Business of Supply May 25th, 2015
Mr. Chair, we conduct in-depth analyses of every program, but we do not calculate how many jobs each program creates.
Business of Supply May 25th, 2015
Mr. Chair, we are proud to have advanced $550 million to small businesses. Reducing costs for businesses through measures such as the small business job credit encourages those business to hire workers and promotes economic growth. It should also allow small business owners to save money over the next two years. Small businesses can use that money to more easily absorb the cost of hiring new workers.
Business of Supply May 25th, 2015
Mr. Chair, the amount of the contingency fund is updated in every budget in order to take into account the risks to the economic outlook. Since last fall's update, the downside risks for which the contingency fund was established have materialized to a great extent. We also have a surplus, and last year we had a deficit. With the surplus and the contingency fund, we have enough money for contingencies.
Business of Supply May 25th, 2015
Mr. Chair, there is one fiscal risk that has diminished significantly and that relates to the price of oil. The price of oil was at a high of about $108 to $110. Oil fell to $44 and it is around $60 or so now. That precipitous decline, which had an impact across the country and cost the federal treasury many billions of dollars, has of course been reduced. That is a significant point.
I think I know where the member opposite is going and I will deal with his next question.
Business of Supply May 25th, 2015
Mr. Chair, I do not know if the member opposite is listening. I just provided him with details. Does he want me to repeat what I just said?
Business of Supply May 25th, 2015
Mr. Chair, the government has recovered $6.4 billion of the $7.2 billion support it provided to GM through a combination of loan repayments and related interest payment share sales and redemptions and dividend payments.
We have saved 52,000 jobs and protected the automobile sector. We are in fact, in budget 2015, providing another $100 million for the automotive supply sector for support for an innovation program.
Business of Supply May 25th, 2015
Mr. Chair, we sold our shares after every other government did and sold them at a higher price than any government before us, including the Government of Ontario. The shares were sold. Those proceeds of $3.3 billion were received and there was a book value deducted from it. We are very pleased that we were able to sell the full amount at an attractive price, a price higher than that subsequent to it, including today.