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House Hansard - 50

44th Parl. 1st Sess.
March 31, 2022 10:00AM
Context: House Hansard - 50 - Mar/31/22
Mr. Larry Maguire
  • Mar/31/22 12:33:47 p.m.
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Mr. Speaker, I think my colleague knows that it was the Harper government that went after the offshore accounts of people who were transferring funds out of the country in those areas. I will go back to saying that we need to be very responsible in regard to how money is managed. We know we had to do some spending to get through the pandemic, but even the Parliamentary Budget Officer has said that pandemic issues account for only a third of that money. The other two-thirds were not used in those areas. That is what I mean by responsible spending and responsible accounting.
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Context: House Hansard - 50 - Mar/31/22
Mr. Mark Gerretsen (Parliamentary Secretary to the Leader of the Government in the House of Commons (Senate), Lib.)
  • Mar/31/22 4:19:56 p.m.
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Madam Speaker, I reject the notion that CPP and EI are taxes. They are not. They are called “source deductions”, as related to the manner in which businesses collect them. This member's concept or notion, that somehow just because it is on a balance sheet means it is a tax, is inaccurate. If I have a business and I contribute and collect a benefit for an employee, that will show up on my business in the asset column and my obligation to that employee to pay it out later on will show up as a liability. Therefore, it is entirely correct from an accounting perspective to list the CPP as an asset, especially if there are billions of dollars in there that the government is essentially managing for the people who that money is owed to, later on. It will show up as an asset and it will show up as a liability.
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