Pierre Poilievre

[Ethics, November 27th, 2017]

Mr. Speaker, the minister's own department provided a report earlier this year showing that wealthy Canadians moved income into the 2015 tax year in order to avoid paying this new higher rate. One of the ways we know they did it was by selling their shares after the finance minister tabled his tax measures on the floor of this House of Commons. It caused the markets to drop. The data is right there. However, somebody knew enough to sell $10 million of Morneau Shepell shares before that drop could occur, saving him half a million dollars.

Once again, was that the minister?

[Ethics, November 27th, 2017]

Mr. Speaker, I do not know what the minister seems to have to hide. When he was a corporate executive, insider trading reports would have required the public reporting of his purchase and sale of company shares. He should be used to telling people when he buys and sells. If he has nothing to hide, he would just continue that practice now.

Did the minister sell his shares in Morneau Shepell in the amount of $10 million exactly one week before he tabled in the House of Commons market-moving tax changes?

[Ethics, November 27th, 2017]

Mr. Speaker, the member says that he is not sure how he could be more clear. Let me just give him a suggestion. He could say “yes”, or he could say “no”.

I will ask again. Trading records show that somebody sold over 10-million dollars' worth of Morneau Shepell shares one week before the minister introduced tax measures that caused Morneau Shepell to drop by 5%. Was that seller the Minister of Finance, yes or no?

[Ethics, November 27th, 2017]

Mr. Speaker, the reason there is so much confusion about the detail of fiscal proposals before they are introduced in the House of Commons is because often platforms say confusing things. The Liberal platform would have us believe that revenue from this tax change would only start to be realized at the beginning of the fiscal year. However, when the minister came to this House to introduce his December 7 tax motion, he indicated it would take effect at the beginning of the calendar year. That news moved markets, but not before someone was able to sell their shares and save half a million dollars.

Was that person the Minister of Finance?

[Ethics, November 27th, 2017]

Mr. Speaker, fiscal policy changes are only ever certain when they are introduced in the House of Commons. Before that, they are just political promises.

The Liberals promised only a $10-billion deficit. That is gone. They promised that they would lower taxes, and that promise has been broken. They promised once that they would get rid of the GST, and that promise is gone.

That is why fiscal policy measures are only certain when tabled in the House of Commons. The markets learned on December 7 the coming into force date of tax increases that moved markets, but not before someone was able to get out and avoid the losses.

Was the Minister of Finance that person?

[Ethics, November 27th, 2017]

Mr. Speaker, as a former corporate executive, the hon. member would know that selling shares on advanced information is a very serious problem. He would also know that most corporate executives freely disclose widely to the public when they buy and sell shares, so that they can be scrutinized and that they have no advantage in the stock market.

Why does that hon. member, if he made no mistake or he broke no rules in the timing of the sale of shares, not stand now and tell us when he sold his 680,000 shares in Morneau Shepell?

[Ethics, November 27th, 2017]

Mr. Speaker, well, the minister says he raised taxes on the wealthy. He is pretty wealthy.

If anybody sold their shares before the end of 2015, he or she would have not paid a penny more because of these tax increases. Far more important than that, if he or she was able to sell before these measures were crystalized in a motion before the House of Commons, that individual would have avoided the resulting drop in the stock market, in particular the 5% drop in Morneau Shepell shares. That person saved a cool half million dollars. Was the minister that person?

[Ethics, November 27th, 2017]

Mr. Speaker, Gordon Pape, the famous financial expert, wrote in the Globe and Mail after the minister's tax increase was introduced on the floor of the House of Commons, “If you've been considering taking profits on some of your stocks, do it now. You'll save the equivalent of 2 per cent federal tax plus the provincial share.” As a result, many sold their shares and the stock market dropped. Morneau Shepell dropped 5%.

A week before the minister introduced his measures on the floor of the House of Commons, someone sold $10 million of Morneau Shepell shares. Was it him?

[Ethics, November 27th, 2017]

Mr. Speaker, it is actually the responsibility of government to ensure that no minister ever uses inside knowledge to benefit from transactions in the stock market. We know that when this member locked in stone the changes to the tax system that would raise capital gains taxation, investors quickly sold so they could make their gains before those changes took effect. The stock market dropped as a result. Morneau Shepell went down 5%. However, somebody sold $10 million in shares before that could happen. Somebody sold those shares before the minister introduced his measures on the floor of the House of Commons. Was that this minister?

[Ethics, November 27th, 2017]

Mr. Speaker, reading the Liberal platform, one would have expected that tax increase to take effect at the beginning of the fiscal year. That is when the revenues were projected from. Instead, the minister confirmed in the House of Commons that it would take effect at the beginning of the calendar year. Investors quickly sold their shares in the 2015 year so they could realize their gains in a lower-taxed year. The markets dropped. Morneau Shepell dropped by 5%, but not before someone who knew what was going on was able to sell his shares and save a half a million. Who was that somebody?