Maurizio Bevilacqua

[Financial Institutions, October 29th, 2002]

Mr. Speaker, I do not comment on speculation about alleged discussions.

The hon. member is a very active member of the finance committee and he knows quite well that the banks, if they decide to propose a merger, would have to go through the Competition Bureau and OSFI, as well as hearings for the public interest assessment with the Senate banking committee and the finance committee.

[Currency, October 29th, 2002]

Mr. Speaker, the current legislation provides flexibility for merchants and consumers. Neither party is required to accept any particular denomination notes.

I understand that some merchants are not accepting $50 and $100 notes because they would bear the loss of course if the bills are counterfeit.

Customers can choose the merchants with whom they want to deal and merchants may lose customers if their practices are unreasonable. I would also note that it would be unfair to require small merchants to accept a large bill for small purchases.

I do want to make it very clear though that one isolated counterfeit operation involving $100--

[Taxation, October 29th, 2002]

Mr. Speaker, we will of course monitor the effects of the case under discussion to ensure that fines for serious infractions are not deductible.

I do want to clarify something else that the hon. member mentioned in reference to disability. I want the hon. member to know that the government increased by 70% the funding for disabled Canadians and has done amazing work, particularly led by the hon. member for Fredericton.

[Taxation, October 29th, 2002]

Mr. Speaker, I will take this opportunity to clarify the issue which I am sure is of great concern to the hon. member.

Fines and penalties imposed under the Income Tax Act are not deductible. According to a Supreme Court of Canada decision however, other fines may be deductible but only if they are legitimate business expenses.

[Taxation, October 28th, 2002]

Mr. Speaker, quite frankly, the hon. member should know by now that this is the government that introduced the largest tax cut in Canadian history, $20 billion this year. That has to do with the fact that we want to reward Canadians for their hard work and sacrifice. We also want to make sure that we build a very competitive economy just like the one that is being created now.

The IMF and the OECD has said that Canada will lead in growth this year and next year. This is the type of economic management that speaks to the success of this country.

[Taxation, October 28th, 2002]

Mr. Speaker, there are a number of reports, one obviously being the Kirby report, and the Romanow commission being another. We will be looking at various proposals. However let us be very clear, as I said earlier, that we will not increase the GST to pay for health care.

[Health, October 28th, 2002]

Mr. Speaker, of course we will examine the Kirby report. I want to make something very clear to the House and to the hon. member. We will not be using the GST to fund health care in this country.

[Ways and Means, October 11th, 2002]

Madam Speaker, pursuant to Standing Order 83(1) I wish to table a notice of ways and means motion to amend the Income Tax Act. I am also tabling a legislative proposal and explanatory notes on the same subject, and I ask that an order of the day be designated for consideration of the motion.

[Securities, October 4th, 2002]

Mr. Speaker, we will listen to all proposals. We are here to cooperate with all stakeholders, as I said earlier. Rest assured, though, that we have to build a very competitive economy, one that will bring capital flows to Canada. It is our responsibility to make sure that Canada continues to lead the G-7 as it will this year and next, and we will bring about the type of efficient regulatory system that speaks to that reality.

[Securities, October 4th, 2002]

Mr. Speaker, I want to quote from the Speech from the Throne, which states:

Many investors and businesses have expressed concern that Canada’s fragmented securities regulatory structure is inadequate and an obstacle to growth.

That is of course a concern to the government, which has to take on a leadership role, but let me be very frank: We will do this in concert with the provinces and all interested stakeholders.