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House Hansard - 241

44th Parl. 1st Sess.
October 27, 2023 10:00AM
Context: House Hansard - 241 - Oct/27/23
Mr. Ryan Turnbull (Parliamentary Secretary to the Minister of Innovation, Science and Industry, Lib.)
  • Oct/27/23 12:09:56 p.m.
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Mr. Speaker, our government has been, and will continue to be, committed to ensuring everyone in Canada is paying their fair share. That is why we have permanently raised the corporate income tax by 1.5% on the largest banks and insurance companies in Canada; implemented a recovery dividend of 15% on the financial sector to pay for the cost of COVID-19; implemented a luxury tax on private jets, luxury cars and yachts; and we will implement a 2% tax on share buybacks. We are committed to ending the corporate tax race to the bottom and ensuring that multinational corporations pay their fair share of tax wherever they do business.
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Context: House Hansard - 241 - Oct/27/23
Hon. Steven Guilbeault (Minister of Environment and Climate Change, Lib.)
  • Oct/27/23 12:11:29 p.m.
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Mr. Speaker, our government has done more than any other to ensure that large oil companies do their fair share when it comes to paying taxes and fighting climate change. We already have regulations in place to ensure that they reduce methane emissions, a very powerful greenhouse gas, by at least 40% by 2025 and at least 75% by 2030. We are imposing a cap on the emissions of the oil and gas sector. As my hon. colleague just reminded the House, we have also imposed a surtax on share buybacks. We are doing more than any government has done to ensure that oil companies do their fair share.
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