SoVote

Context: House Hansard - 338 - Sep/18/24

Mr. Brad Vis (Mission—Matsqui—Fraser Canyon, CPC)

Sep/18/24 3:46:46 p.m.
Watch

Mr. Speaker, today I would like to present a petition in respect to the Lets'emot Regional Recreation and Aquatic Centre. Lets'emot means one heart, one mind in the Halq’eme’ylem language. Local first nations, the District of Kent and the village of Harrison Hot Springs are looking for more support from the federal government. Indigenous Services Canada has told local first nations that when it wants to partner with the community, it is not possible under our Treasury Board guidelines. Why can the Treasury Board not enact policies that respect first nations, that are working hand in hand with their partners and communities to build the infrastructure we need in Canada? The petitioners want to see some action.

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Context: House Hansard - 338 - Sep/18/24

Mr. Brad Vis (Mission—Matsqui—Fraser Canyon, CPC)

Sep/18/24 6:55:18 p.m.
Watch

Madam Speaker, in June I asked the Minister of Small Business how she can support a tax hike on capital gains that will kill jobs and destroy our entrepreneurs. Instead of our hearing from the Minister of Small Business on how she was standing up for entrepreneurs in the face of the massive tax hike, the Minister of Finance rose and did not let her answer the question. In defending the hike, the finance minister highlighted that “the capital gains rate in Canada will be lower than the tax paid in California or in New York City”. However, she ignored the jurisdictions like Florida, New Hampshire and Texas, which have zero state-level capital gains tax. A report from the Frontier Centre for Public Policy highlighted that prior to the changes announced in this year's budget, Canada's capital gains tax rate ranked 13th highest in the OECD, which was lower that of the ninth-ranked United States. However, after the changes announced, Canada's rate jumped to number three, behind only Denmark and Chile. Therefore let us correct the record here: Canadians are now, in fact, being taxed higher on capital gains than citizens of most industrialized countries, not just the Americans but also the French, the Finns, the Norwegians, the Swedes and even the Dutch. This is what I am hearing on capital gains. The Canadian Medical Association has said that the changes will pose a significant financial hit to doctors and may push some out of the profession or to the United States, where they can still practise medicine and pay way less tax. Business groups are saying that the changes are unwise at a time of weak productivity. More than half of small business owners believe it will affect the eventual sale of their business. Though the government claims it is a tax hike on only the wealthiest Canadians, business leaders and financial experts disagree. Focusing solely on a snapshot of the number of filers in one year, like the government did, gives false information. Most people dispose of assets such as a vacation home, a small business or farmland occasionally, not every year. Statistics Canada data confirms this. Over the years 2011 to 2021, an annual average of 44,664 tax filers reported capital gains in excess of $250,000, but they are not the same people every year. Sixty-three per cent of people who experience capital gains experience them only once in their lifetime. High capital gains are among the most economically damaging form of taxation because they reduce the incentive to innovate and to invest. This tax can penalize a lifetime of hard work. Canada is already behind all of our G7 peers for productivity. Investment money will flow out of Canada in search of better returns and will increasingly go to the United States. Statistics Canada's monthly estimates of business openings and closures reported in their most recent data that 2,000 more businesses closed than opened in May. Further, the superintendent of bankruptcy reported a 54.7% increase in business insolvencies for the year ending July 31, 2024. The Minister of Small Business will not, or cannot, raise the concerns of entrepreneurs at the cabinet table or here in the House of Commons. Instead, she sits silently while the finance minister claims that Canadians will somehow be better off, that our economy will somehow be better off, paying these exorbitantly high taxes and having fewer job creators. In fact since the early 2000s, the number of entrepreneurs in our country has dropped from nearly three in 1,000 to 1.3 in 1,000. Therefore, I will ask the—

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Context: House Hansard - 338 - Sep/18/24

Mr. Brad Vis

Sep/18/24 7:01:55 p.m.
Watch

Madam Speaker, I could not think of a more out-of-touch answer to the very real concerns that I raised, which were backed by Statistics Canada data. In fact, talking about middle-class Canadians, as I outlined in my remarks, the capital gains tax will often only be paid by 63% of Canadians once in their lifetime. Why is that significant? It is because of the 80-year-old farmer in Hatzik Valley, who does not have any children, who came to me. He wants to keep his family farm in his family, but if he and his wife were to sell the property today, which is worth a few million dollars, they would not be able to have enough money to retire to assisted living, where they should be, because the capital gains tax increase they are paying has completely thrown off their retirement investment. I think of the auto mechanic who invested in a property to start a business and employ people. The government is saying, no, that they need to give more. That is not sufficient—

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