44th Parl. 1st Sess.
October 31, 2023 10:00AM
- Oct/31/23 3:03:31 p.m.
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Mr. Speaker, SMEs are not asking the federal government for the moon. They are asking it to be flexible by deferring repayment of loans from the Canada emergency business account without loss of subsidies.
These businesses are not multinationals. It is the local restaurant where someone's daughter works. These are local entrepreneurs who are working hard to create jobs in their region. It could be a future Bombardier in its infancy.
The government is quite generous with American multinational oil companies. Why does it refuse to be flexible with our SMEs?
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- Oct/31/23 3:04:51 p.m.
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Mr. Speaker, it is all about double standards here in Ottawa: the needs of the oil companies and those of the SMEs.
No one here in the Liberal Party or the Conservative Party even questioned the $83 billion in subsidies for the oil companies in the last two budgets. That, according to them, is responsible, but giving small businesses an extra year to pay back their pandemic loans, without losing their subsidy, is too expensive according to them.
When will the government get its priorities straight and defer the emergency account repayment?
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- Oct/31/23 3:05:31 p.m.
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Mr. Speaker, I would like to correct the information we just heard in the House.
Canada is the first G20 country to have eliminated fossil fuel subsidies two years ahead of the 2025 schedule. We did that this year and we will go even further since we are also eliminating public support for fossil fuels. No other G20 country has done that. We are the first.
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- Oct/31/23 7:08:29 p.m.
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Mr. Speaker, between the unprecedented floods, wildfires and storms we witnessed across the country this summer, there is no doubt that the impacts of climate change on Canada are quite real and serious. Just as we know that climate change is real, the path forward is clear. To protect our planet and to build a stronger economy, we must endeavour to do even more when it comes to climate action.
It is quite simple: Canada cannot afford to miss the boat. We must act and move forward with a green economy. That is why in budget 2023 we announced historic investments in clean technologies to ensure that Canada's economy can generate prosperous, middle-class jobs and more vibrant communities across the country. For example, we are implementing a set of clear and predictable investment tax credits, low-cost strategic financing, targeted investments and programming, where necessary, to respond to the unique needs of sectors or projects of national economic significance.
When it comes to the windfall tax, our government has been and remains committed to making sure everyone pays their fair share of taxes. We know that the programs and services that Canadians rely on are dependent on a robust national tax base and our actions speak for themselves.
Since 2015, we have pushed forward several measures to ensure that everyone pays their fair share. For example, we took actions to close loopholes, to crack down on tax avoidance and to ensure that the wealthiest pay their fair share. We moved forward with a permanent increase of the corporate income tax by 1.5 percentage points on the largest, most profitable banks and insurance companies in Canada and went ahead with the Canada recovery dividend of 15% on banks and insurance companies to help support Canada's broader recovery.
We are also raising the alternative minimum tax rate from 15% to 20.5% and further limiting the excessive use of tax preferences. This measure will generate an estimated $3 billion in revenue over five years, starting with the 2024 tax year. Tens of thousands of middle-class Canadians will benefit from a tax reduction, while the very wealthy will be targeted.
In addition, we also remain committed to phasing out or rationalizing inefficient fossil fuel subsidies that give fossil fuels an unfair advantage over cleaner solutions. Our government has committed to this phase-out by 2023. We know that eliminating inefficient fossil fuel subsidies and redoubling our focus on clean energy is a key step in building Canada's net-zero economy by 2050 and a strong future for workers in the industry.
Finally, we are no longer allowing expenditures related to oil, gas and coal exploration and development to be renounced to flow-through share investors for flow-through share agreements entered into after March 2023.
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- Oct/31/23 7:11:55 p.m.
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Mr. Speaker, in the limited time I have, I am going to put to the side the mention by the parliamentary secretary about so-called inefficient fossil fuel subsidies, which is one way of saying that the government is going to continue to subsidize the very industry that is making these record-breaking profits. Instead, I will focus on our point of alignment, that is, his mention of the Canada recovery dividend. As we heard from the parliamentary secretary, this is a measure that the government has already taken. It has done so with banks and life insurance companies already, recognizing that there was over-the-top profiteering happening there.
As I mentioned earlier, we know the same thing is happening with oil and gas, amounting to $38 billion a year among the five largest companies alone. At this time, in the midst of a climate crisis when these companies are gouging Canadians at the pumps, why would we not apply that same Canada recovery dividend to them?
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