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Finance committee Thanks so much for the question. Certainly, when it comes to debt and deficits, the federal government does not exist alone. It exists within the Canadian economy, across from other large sectors in the economy, and deficits and debt are fungible. In essence, they can move betwe
March 18th, 2021Committee meeting
David Macdonald
Finance committee I think it is a fair statement. The debt could have occurred someplace else. Certainly even in the corporate sector, despite the businesses being the primary beneficiaries of the federal government's COVID-19 efforts, the debt-to-GDP ratio for the corporate sector has risen 15 pe
March 18th, 2021Committee meeting
David Macdonald
Finance committee I think some of the programs could have been better targeted. We think of top-ups to old age security, for instance, which goes across a large spectrum of seniors. It might have been better to devote that money purely to the guaranteed income supplement. There were broad top-ups
March 18th, 2021Committee meeting
David Macdonald
Finance committee I certainly think that there will be a time to come in the next couple of years to start to examine new revenue measures. Broadly, when we start to look at new revenue measures, I think one of the things to understand is that this pandemic has not been bad for everyone. Financi
March 18th, 2021Committee meeting
David Macdonald
Finance committee There was a Financial Post story looking at CEO bonuses at the big banks despite the fact that revenues were off from last year, although they were still making profits. Despite the fact that revenues were down in the banking sector, CEOs' benefits and their bonuses seem almost e
March 18th, 2021Committee meeting
David Macdonald
Finance committee In the short run those are exactly the three choices that governments face. They can raise taxes, they can cut programs or they can run deficits, or some mix of the three. The decline in federal government revenues at $60 billion is so substantial that there would really be no w
March 18th, 2021Committee meeting
David Macdonald
Finance committee We're concerned about Canada's federal debt-to-GDP ratio at 50%, but the Japanese debt-to-GDP ratio is at 260%, and they're desperate for more inflation. They've been encountering deflation since real estate crashed there in the 1990s, and so that is exactly a problem that we sho
March 18th, 2021Committee meeting
David Macdonald
Finance committee I have indeed. Thanks so much for the invitation to come back to speak to you today about Bill C-30 and Budget 2021. The last time I was at the committee, I presented you with the results of our 2020 child care fee survey in the context of the fall economic update. I was pleased
May 18th, 2021Committee meeting
David Macdonald
Finance committee Thanks, Mr. Julian, for the question. Certainly, the tax system can play the role of equalizing or creating a more equal society in an after-tax sense, which is to say taking that money and redistributing it, but also restricting the maximum gains you get at the top end. In t
May 18th, 2021Committee meeting
David Macdonald
Finance committee Certainly, in the context of the pandemic, many Canadians are receiving drug insurance through their employers. With the big disruption in employment over the course of the pandemic, in particular in the sectors where there are often more women than men, not only are you seeing a
May 18th, 2021Committee meeting
David Macdonald
Finance committee This is really an ideal time, when we look at the cost, to take out new debt to pay for the things that we need to move away from reliance on fossil fuels, not only to get around in terms of transportation but also in terms of key industries in particular provinces. This is the t
May 18th, 2021Committee meeting
David Macdonald
Finance committee Thank you, Mr. Chair. I'd like to thank the committee for the invitation to speak today. I would refer members to our 2022 alternative federal budget, which lays out in much more detail the items I’ll speak on today and provides you with other costed proposals for your consider
February 3rd, 2022Committee meeting
David Macdonald
Finance committee Certainly when it comes to coverage of workers in the omicron wave and in future waves, this isn't necessarily the federal government's fault but there is this ongoing problem of paid sick leave, particularly for low-income workers. This is not just generally provincial policy. T
February 3rd, 2022Committee meeting
David Macdonald
Finance committee Thanks so much for the question. There are really two sides to this. One has been the increasing activity of real estate investment trusts in buying up traditional purpose-built housing with the goal of maximizing profits from those assets, as opposed to maintaining tenants in t
February 3rd, 2022Committee meeting
David Macdonald
Finance committee Yes. Certainly, in terms of a land and existing assets acquisition fund, we're recommending a fund of $340 million a year. This would be partially offset by the removal of the real estate investment trust tax preference, which allows the pass-through of profits that investors can
February 3rd, 2022Committee meeting
David Macdonald