SoVote

Ms. Lindsay Mathyssen (London—Fanshawe, NDP)

Mar/21/22 1:09:59 p.m.
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Madam Speaker, I am stunned, unfortunately, and so disappointed by the comments from the hon. member across the way. I do not think that he read the motion and I would hope that he looks at it more closely. In no way have we ever talked about increasing taxation on people. In no way have we talked about increasing taxes on small businesses. This is specifically for those large organizations and corporations that have made excess record profits. They do not pass those along to people. They already do not pay their fair share in taxes, and people are feeling that on the ground. Scotiabank had a net profit of $10.1 billion and it paid its shareholders, but it does not go into the pockets of people. They take that from people and they take that from their customers. Loblaws had $1.9 billion. They take that—

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Context: House Hansard - 42 - Mar/21/22

Ms. Laurel Collins

Mar/21/22 1:52:20 p.m.
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Mr. Speaker, Scotiabank made over $10 billion and is handing out billions to its shareholders. It can afford a 3% surtax. We know this, and we need to be investing that money into things that will actually help people who are struggling with the cost of living. When the member puts his vote down for this motion, I hope he understands that he has a choice: Is he going to put corporate profits first, or is he going to put people in my riding, in his riding, across British Columbia and across Canada first?

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Context: House Hansard - 42 - Mar/21/22

Ms. Lisa Marie Barron (Nanaimo—Ladysmith, NDP)

Mar/21/22 3:44:38 p.m.
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Mr. Speaker, right now we are seeing how big corporations spend their record profits. As just one example, last year Scotiabank made a net profit of over $10 billion. After jacking up fees for customers throughout the pandemic, it paid out over $4 billion in dividends to its wealthy shareholders. The same applies to many large grocery store chains that are seeing profits like never before, while the price paid by hard-working Canadians for groceries continues to increase. While corporations raised their prices throughout the pandemic, wages have remained stagnant. It is a broken system and it is only getting worse under the current Liberal government. Instead of following through with his most recent election campaign promise of raising taxes on the most profitable big banks and insurance companies, the Prime Minister continues to make life easier for the wealthiest and largest corporations. On this side of the House, we know that this surtax cannot come quickly enough. It is also vital that Canada goes beyond just banking and insurance and extends this surtax to oil companies and large grocery store chains with net profits over $1 billion. Canadians know that these record-setting profits are due to big companies taking every penny from regular people that they can. Supporting this motion will show that the government is ready to stand up for Canadians who elected them instead of just wealthy stockholders. For months now we have seen Liberals and Conservatives try to score political points around who is to blame for the rising cost of living in Canada, but neither really understands the challenges that everyday people are facing and just how out of reach life is becoming for regular people. In some parts of British Columbia, we have recently seen rent explode by almost 20% in the last six months alone. The price of the average home in Nanaimo, in my riding, recently rose above $1 million. These prices are absurd and out of reach for seniors on fixed incomes or new families looking to buy their first homes. They are a by-product of investors and private equity firms buying up homes, reducing supply and then driving up prices. Shamefully, while Canadians continue to struggle to find homes, they do not have any way to see who they are competing with when trying to do so due to Canada's weak public beneficial ownership registry laws. That is why our motion today also calls for the government to get serious about a beneficial ownership registry. Canada's weak disclosure laws allow for an estimated $130 billion to be laundered through Canadian corporations each year, and the real estate market is a huge part of this illegal activity. In British Columbia, the provincial NDP has moved forward with a publicly accessible beneficial ownership registry, but it cannot do it alone. Unfortunately, the current government has barely begun to scratch the surface. At the rate we are headed, we will not see anything to curb money laundering and tax evasion until at least 2025. One thing that continues to be true prior to the pandemic and remains the same today is that it is not the workers or those living in the communities who are benefiting from the billions in corporate profit. Instead, it is the wealthy corporate shareholders. It is time to start holding these large corporations to account by paying their fair share and putting it back where it belongs, in our communities. One of the truly remarkable things about our community in Nanaimo—Ladysmith is the strength of our small and medium-sized businesses. These are businesses that have made our region their home and want to see it thrive. They are invested. Like everyday Canadians, these businesses are also feeling the pinch. Our local chambers of commerce are seeing businesses struggle. They are struggling to find employees because people are being priced out of the housing market. They are struggling to make their businesses work with increased costs from high gas prices and banking fees. This motion is critical to allowing our local small and medium-sized businesses to operate on an even playing field. I want to close my thoughts by speaking about people like Jocelyn, who feel like they have been left behind, who feel like the system has been built to keep them down while the wealthiest keep getting richer. We can build a system where people are not left behind, where prescription medications, dental care, eye care and mental health services are all part of a public health care system, where we invest in programs to better support seniors living on GIS and CPP and we ensure that everyone is able to afford a roof over their heads and groceries for their families. A better, more compassionate system starts with the Liberal government getting serious about putting people before corporate greed. It is about the government living up to its campaign promises and getting serious about taxing Canada's wealthiest corporations, and it is about making sure that Canadians can finally have more corporate accountability through a publicly available beneficial ownership registry. A more compassionate future is possible. We can build a future where everyone has the support they need. I hope every member in the House will help us move forward toward a better future and support this motion.

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