House of Commons photoWon his last election, in 2021, with 50% of the vote.
Ethics November 30th, 2017
Mr. Speaker, I quote again, David Akin:
In its analysis of trading activity by all Morneau Sheppell insiders, Global News has found that Morneau Sr. is the only insider to have significant activity in the days before the finance minister’s tax announcement.
It turns out the minister's father sold $1.5 million worth of shares just four days before the tax announcement that dropped Morneau Shepell share prices. Is that just a coincidence?
Ethics November 30th, 2017
Mr. Speaker, let me quote something that is just now being said outside the House of Commons and is on the Global News website:
Global News has analyzed insider trading reports of the company [Morneau Shepell] and discovered that [the finance minister's] father sold a significant number of shares days before his son announced a major tax policy change.
Is that too just a coincidence?
Ethics November 30th, 2017
Mr. Speaker, on December 7, 2015, the finance minister introduced tax changes on the floor of this House of Commons that led to a drop in the stock market and a 5% reduction in the value of Morneau Shepell shares, but not before someone got out, selling their shares just one week earlier.
Correction, it was not just “someone”, there was someone else. Who was it?
Ethics November 29th, 2017
Mr. Speaker, the Prime Minister says they have one principle, actually they have two different principles, one for themselves and one for everyone else. For example, when the minister brought in his tax increase on small businesses, there was a higher rate for the pizza shop owner and the plumber, but no new taxes for his company Morneau Shepell. When he brought in his tax increase that would affect people on their capital gains, he made sure, or did he, to sell his shares before that tax increase came into effect while others would have to pay more.
Why will he not follow the simple principle of accountability?
Ethics November 29th, 2017
Mr. Speaker, what is extraordinary is a finance minister who breaks the law and fails to report his offshore company.
What is also extraordinary is implying that he put all of his money in a blind trust, but in fact keeping it, knowingly, invested in a company he regulates. It is also extraordinary that he introduced a bill that would help that company with changes to pension law. It is extraordinary that after three days of questioning, he still cannot tell us if he sold shares in that company just a week before he introduced tax legislation.
With these extraordinary failures, will he resign?
Ethics November 29th, 2017
Mr. Speaker, speaking of the most wealthy, we know that those with good financial advice, who were privileged to know what they should do with their money, declared their income in the 2015 tax year. They sold their shares before the year finished, and therefore were taxed at a lower rate than they wanted charged on other people.
One of them might have been the finance minister, if he did in fact sell the $10 million worth of shares on November 30, 2015. Did he?
Ethics November 29th, 2017
Mr. Speaker, not only is the Minister of Finance unable to answer questions and follow the rules, but he cannot count.
He said the deficit would be $10 billion; it was $20 billion. He said taxes would go up on the richest; in fact, the rich are paying $1 billion less. He said taxes would go down for the middle class, but 87% of them are paying more.
When will the Prime Minister do the right thing and fire this incompetent minister who cannot follow the rules?
Ethics November 29th, 2017
Mr. Speaker, yesterday I invited the finance minister to meet me out in the foyer, where I could repeat the same question out there that I asked in here. Unfortunately, he was a no-show. I will give him another chance. Where and when would he like to meet outside of this chamber so I can ask the same question and maybe he could answer it?
Ethics November 29th, 2017
Mr. Speaker, I am simply asking the question. That side is demanding that we make allegations against the finance minister. It is a very strange way for question period to unfold.
The reality is that, if a chief financial officer sold stocks a week before disappointing quarterly financial results were released, losing his job would be the least of his problems. He would be fired. Will the CEO of the Government of Canada fire his CFO now?
Ethics November 29th, 2017
Mr. Speaker, fact: on December 7, the minister introduced tax changes that gave an incentive for investors to sell their stocks and realize their capital gains before the new year and before the new tax increase would take effect; fact: the stock market dropped and Morneau Shepell shares dropped by 5%; fact: the finance department has revealed that this phenomenon led to a reduction in revenues of almost $1 billion in the subsequent year. These are all facts.
He sold his shares at some point. I am asking again. Did he sell them immediately before he introduced that measure, yes or no?