Paul Martin

[Speech From The Throne, February 1st, 2001]

Yes, I guess I could do that. The Canadian government in its projections has been prudent and that is why Canada will be able to weather the storm.

I congratulate the member opposite for her prudence in saving up for her pension.

[Speech From The Throne, February 1st, 2001]

Mr. Speaker, there is no doubt—

[Speech From The Throne, February 1st, 2001]

Mr. Speaker, on behalf of the Prime Minister, the Ministry of Industry and the whole government, allow me to quote again from the IMF report, which as I mentioned was only finalized some 10 days ago. It reads:

The strong policy framework in place has positioned the real and financial economy (in Canada) to cope with any new major economic shock, including a slowdown in U.S. growth. The Canadian authorities are to be highly commended for their policy accomplishments.

[Speech From The Throne, February 1st, 2001]

Mr. Speaker, I am delighted that the leader of the Alliance has taken note of the IMF report, which is based on work finalized in the third week of January or about 10 days ago. It reads:

The IMF staff commends the (Canadian) authorities for the comprehensive income tax reforms and reductions introduced in the 2000 budget and in the October 2000 economic statement and fiscal update and strongly endorses the fiscal policy framework that has been put in place.

[The Economy, January 31st, 2001]

Mr. Speaker, as I have said repeatedly in the House, obviously we are concerned by the implications of the slowdown in the United States. The fact is that the very large fiscal stimulus of tax cuts and spending on things like health care is exactly the tonic required.

I must say that the $17 billion tax cut for this year alone only went into effect less than a month ago. That being said, we will continue to monitor the situation in the United States and will take whatever action is required as circumstances warrant.

[The Economy, January 31st, 2001]

Mr. Speaker, there is no doubt that the implications of the slowing U.S. economy will have their effect in Canada. We will monitor the situation very closely and if it is necessary to take action we will take it.

I think I should be able to simply cite one economic forecaster among the many in the country to tell members exactly what the government has done. Let me simply do so.

The Conference Board of Canada indicates that recent changes in taxation, combined with the spillover from the 2000 budget, have created cuts in personal income tax, boosting household spending power in Canada. It goes on to say that at a time when the U.S. economy is slowing and exporters are hurting, the federal government in Canada appears to be riding to the rescue.

[The Economy, January 31st, 2001]

Mr. Speaker, I neglected to congratulate the member for Richmond on posing his first question in the House, and I would like to congratulate him. I wish I could congratulate the financial critic who was in New York with me at the time we had discussions with representatives of the American business community.

They seemed to understand that Canadian corporate taxes will be lower than those of the United States. They understood that our capital gains taxes are now lower than those of the United States. They also understood that our treatment of stock options is more generous than in the United States. If they understand it in the States, why does the critic for the Alliance not understand it?

[Canadian Economy, January 31st, 2001]

Mr. Speaker, the member is mistaken.

As the result of the economic statement, taxes on corporations in Canada, on capital gains and on options will be lower than in the United States. It is obvious we have taken the necessary steps. If other steps are required, we will certainly consider them.

[Canadian Economy, January 31st, 2001]

Mr. Speaker, there is no doubt that the slowdown in the American economy has implications for Canada's economy.

Most economists in Canada and elsewhere outside the country believe that October's economic statement was the right tonic for the Canadian economy and is working.

That said, we are continuing to follow the situation and, if we must take other measures, we will.

[Ways And Means, October 19th, 2000]

moved that a ways and means motion to amend the Income Tax Act, laid upon the table on Wednesday, October 18, be concurred in.