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House Hansard - 100

44th Parl. 1st Sess.
September 22, 2022 10:00AM
Context: House Hansard - 100 - Sep/22/22
Mr. Daniel Blaikie
  • Sep/22/22 5:55:51 p.m.
  • Watch
  • Re: Bill C-30 
Mr. Speaker, the $3.5 billion is money that comes out of the pockets of Canadians, just as any tax paid to the government comes out of the pockets of Canadians. When we see that kind of extraordinary increase in profit that goes hand in hand with price increases, then we have to know that a significant amount of that price increase is not just to make up for increased supply costs, but in fact is companies taking advantage of a difficult situation in order to charge more for their products, and they are able to walk away with more of that profit because since the year 2000, the corporate income tax in Canada has dropped from 28% to 15%. Another way that the Harper government, among others, has contributed to the real estate culture that is driving housing prices through the roof was by not doing anything about the capital gains exemption. It stands at 50% and it allows people to sell not just their stocks but also real estate beyond their primary residences and get a steep tax discount for doing their business through stocks and real estate instead of income, which is what most Canadians receive when they go to work. They get a salary or an hourly wage. However, if people are fortunate enough to be dealing in real estate or stocks, they actually get to pay 50% less tax, period, just by virtue of the way they do their own business. All of that has reduced government revenue, not just absolutely but as a share of GDP, between 2000 and now, and that is why we do not have the money we need in order to fund proper public services.
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