Financial System Review Act  Mr. Speaker, we want to talk about the large bank ownerships and the thresholds. In 2001, we had a largely wide held bank requirement. In 2007, it was raised from $5 billion to $8 billion to reflect the growth in banks. Since then, the sector has continued to grow. Accordingly, the large bank threshold would be increased from $8 billion to $12 billion to reflect the growth in the sector.

Financial System Review Act  Madam Speaker, it is a privilege to rise today in support of Bill S-5, the financial system review act. While Bill S-5 is albeit largely a technical bill, it represents an important piece of legislation as it will help guarantee the ongoing security and strength of Canada's financial system, a vital sector of our economy.

Ending the Long-gun Registry Act  Mr. Speaker, when I travel throughout the riding of Kamloops—Thompson—Cariboo, I am amazed at how angry our hunters and farmers are about the long gun registry after all these years. When I talk to people who think it might be a good idea, they do not understand the whole system around possession and acquisition licences and how that provides protection.

Queen's Diamond Jubilee Medal  Mr. Speaker, it gives me great pleasure to commemorate and celebrate the 60th anniversary of the ascension of Her Majesty Queen Elizabeth II to the Throne as Queen of Canada. This is an occasion marked only once before by her great-great grandmother, Queen Victoria, in 1887. It is well-known that Her Majesty is the patron of over 600 charities and other organizations.

Pooled Registered Pension Plans Act  Mr. Speaker, I have listened to opposition members for a number of months now and I continue to be very puzzled. They speak against every industry that would great jobs, create progress and, ultimately, invest in pension plans and create the wealth of the pension plans we have.

Pooled Registered Pension Plans Act  Mr. Speaker, that is a very important part on which I need to expand. Not only is it the CPP but it is the many pension plans across this country. Whether it is the teachers' pension plan or the municipal pension plans, they all rely on investments in the banks, oil companies and companies that generate profit and pay dividends.

Pooled Registered Pension Plans Act  Mr. Speaker, I would note that with regard to CPP there was not agreement with the provinces and the finance ministers from across the country. However, there was great agreement to move forward with PRPPs. We have had this out for a number of months. We talked about it with people during the election.

Pooled Registered Pension Plans Act  Mr. Speaker, we know that when we create economies of scale and people pool their retirement programs together, there is an opportunity. This would be a large-scale competitive environment and certainly very different than the RRSP option. It is a great opportunity for a lower fee option.

Pooled Registered Pension Plans Act  Mr. Speaker, it is certainly my pleasure to rise in the House today to speak to Bill C-25, Pooled Registered Pension Plans Act. This legislation is the result of some three years of careful preparation and consultation on the part of our government in partnership with the provinces, territories and other stakeholders.

Importation of Intoxicating Liquors Act  Madam Speaker, I would like to take a moment to congratulate my colleague from Okanagan—Coquihalla for his excellent work on this legislation. He has certainly been a strong advocate for his riding and the many excellent wineries and vineyards of which his constituents are so proud.

Employment  Mr. Speaker, Canada's economy has now created nearly 600,000 net new jobs since July 2009. However, we do sympathize with Canadians who have recently lost their jobs. As we have said all along, we are not immune to the global economic turbulence being felt by our largest trading partners, the United States and Europe.

Taxation  Mr. Speaker, of course our Conservative government understands that this has been a source of considerable anxiety. We have raised this issue repeatedly with the government of the United States. The Minister of Finance has been working closely with American officials on a common sense solution.

Canada Revenue Agency  Mr. Speaker, the government does take this allegation of misconduct very seriously. We will not tolerate this type of activity. We are co-operating fully with the RCMP investigation. It is important to note that many of these allegations go back more than a decade. The RCMP is working its way through the criminal justice system.

Employment  Mr. Speaker, I think I had better take over from my speechless colleague. November's full-time job gains and Canada's recent third-quarter results were very encouraging. We do sympathize with those Canadians who have lost their jobs recently. It is important to note that while almost 600,000 net new jobs have been created since July 2009 and the OECD has confirmed that we will have the strongest economic growth in the G7 over the next few years, Canada is not immune to global economic turbulence from outside our borders.

House debate  Mr. Speaker, the government takes this issue very seriously. We cannot tolerate the types of activities that are alleged. An RCMP investigation into these matters is ongoing and CRA officials are co-operating fully. Many of these allegations date back more than a decade and some of these cases are currently making their way through the courts.