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House Hansard - 334

44th Parl. 1st Sess.
June 18, 2024 10:00AM
Context: House Hansard - 334 - Jun/18/24
Mr. Gabriel Ste-Marie
  • Jun/18/24 5:56:40 p.m.
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Madam Speaker, I thank my friend, the member for Shefford, for her comments. First, the capital gains tax comes into effect on June 25, but the bill does not yet exist. We are told that there will be a draft bill at the end of July and that it will not be introduced, debated and studied in the House until this fall. We certainly intend to make amendments to improve it. We will make sure that millionaires pay a higher tax rate than middle-class working people. That is not currently the case. We will also make sure that collateral victims get better protection than we expect to see in the bill. Symbolism matters when it comes to Quebec's model for financial institutions, for securities, for the open banking system we are talking about here. The government symbolically recognizes the Quebec nation, but the more than 100,000 well-paid jobs at the Montreal Exchange and all the associated expertise, plus everything to do with insurance, is more than just a symbol to us. We do not want to be at the mercy of companies like Power Corporation, Sun Life or Canada Life. We see how badly that is working. Quebec has expertise when it comes to the financial sector and insurance. We want to maintain that expertise. The federal framework allows it, but the pursuit of excessive centralization we see with this government and other governments we have here is hurting us. It is a constant struggle just to protect our turf.
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