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Mar/21/22 3:44:24 p.m.
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The hon. member for Nanaimo—Ladysmith is up, and I know there were approximately six minutes or so left in her time. The hon. member for Nanaimo—Ladysmith.

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Ms. Lisa Marie Barron (Nanaimo—Ladysmith, NDP)

Mar/21/22 3:44:38 p.m.
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Mr. Speaker, right now we are seeing how big corporations spend their record profits. As just one example, last year Scotiabank made a net profit of over $10 billion. After jacking up fees for customers throughout the pandemic, it paid out over $4 billion in dividends to its wealthy shareholders. The same applies to many large grocery store chains that are seeing profits like never before, while the price paid by hard-working Canadians for groceries continues to increase. While corporations raised their prices throughout the pandemic, wages have remained stagnant. It is a broken system and it is only getting worse under the current Liberal government. Instead of following through with his most recent election campaign promise of raising taxes on the most profitable big banks and insurance companies, the Prime Minister continues to make life easier for the wealthiest and largest corporations. On this side of the House, we know that this surtax cannot come quickly enough. It is also vital that Canada goes beyond just banking and insurance and extends this surtax to oil companies and large grocery store chains with net profits over $1 billion. Canadians know that these record-setting profits are due to big companies taking every penny from regular people that they can. Supporting this motion will show that the government is ready to stand up for Canadians who elected them instead of just wealthy stockholders. For months now we have seen Liberals and Conservatives try to score political points around who is to blame for the rising cost of living in Canada, but neither really understands the challenges that everyday people are facing and just how out of reach life is becoming for regular people. In some parts of British Columbia, we have recently seen rent explode by almost 20% in the last six months alone. The price of the average home in Nanaimo, in my riding, recently rose above $1 million. These prices are absurd and out of reach for seniors on fixed incomes or new families looking to buy their first homes. They are a by-product of investors and private equity firms buying up homes, reducing supply and then driving up prices. Shamefully, while Canadians continue to struggle to find homes, they do not have any way to see who they are competing with when trying to do so due to Canada's weak public beneficial ownership registry laws. That is why our motion today also calls for the government to get serious about a beneficial ownership registry. Canada's weak disclosure laws allow for an estimated $130 billion to be laundered through Canadian corporations each year, and the real estate market is a huge part of this illegal activity. In British Columbia, the provincial NDP has moved forward with a publicly accessible beneficial ownership registry, but it cannot do it alone. Unfortunately, the current government has barely begun to scratch the surface. At the rate we are headed, we will not see anything to curb money laundering and tax evasion until at least 2025. One thing that continues to be true prior to the pandemic and remains the same today is that it is not the workers or those living in the communities who are benefiting from the billions in corporate profit. Instead, it is the wealthy corporate shareholders. It is time to start holding these large corporations to account by paying their fair share and putting it back where it belongs, in our communities. One of the truly remarkable things about our community in Nanaimo—Ladysmith is the strength of our small and medium-sized businesses. These are businesses that have made our region their home and want to see it thrive. They are invested. Like everyday Canadians, these businesses are also feeling the pinch. Our local chambers of commerce are seeing businesses struggle. They are struggling to find employees because people are being priced out of the housing market. They are struggling to make their businesses work with increased costs from high gas prices and banking fees. This motion is critical to allowing our local small and medium-sized businesses to operate on an even playing field. I want to close my thoughts by speaking about people like Jocelyn, who feel like they have been left behind, who feel like the system has been built to keep them down while the wealthiest keep getting richer. We can build a system where people are not left behind, where prescription medications, dental care, eye care and mental health services are all part of a public health care system, where we invest in programs to better support seniors living on GIS and CPP and we ensure that everyone is able to afford a roof over their heads and groceries for their families. A better, more compassionate system starts with the Liberal government getting serious about putting people before corporate greed. It is about the government living up to its campaign promises and getting serious about taxing Canada's wealthiest corporations, and it is about making sure that Canadians can finally have more corporate accountability through a publicly available beneficial ownership registry. A more compassionate future is possible. We can build a future where everyone has the support they need. I hope every member in the House will help us move forward toward a better future and support this motion.

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Mr. Kevin Lamoureux (Parliamentary Secretary to the Leader of the Government in the House of Commons, Lib.)

Mar/21/22 3:50:34 p.m.
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Madam Speaker, the Prime Minister and the government have been up on this particular file from day one when we introduced a tax, a special tax on Canada's 1% wealthiest, shortly after taking the government back in 2015 to just a couple of months ago. I would ask the member to reflect on what we voted on just a couple of months ago, which was to have an annual percentage tax on individuals who purchased properties in Canada yet are not using them as their residences. Could she provide her thoughts? She talked about the importance of housing and taxation. What the government needs to do is to look at the ways in which we can ensure that people are paying their fair share of tax. In this situation it is a real tax. It is going to be a real income coming in, making homes hopefully even that much more affordable going forward.

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Ms. Lisa Marie Barron

Mar/21/22 3:51:37 p.m.
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Madam Speaker, we know that in 2018, the amount of money laundering was estimated at $5.3 billion just in British Columbia, my home province, through the real estate sector. We know that money laundering through home purchases is putting an upward pressure on prices. I think we can all agree on that. We need to see the Liberal government implementing transparency tools that discourage money laundering by criminals and the wealthy at a pace that is much quicker than what we are seeing today. That is why we are putting forward in this motion the need for a beneficial ownership registry that creates a means for us to shine a light on the assets and properties that are owned and may be otherwise hidden by shell companies. I am in agreement that we need to do all we can to move forward.

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Mr. Garnett Genuis (Sherwood Park—Fort Saskatchewan, CPC)

Mar/21/22 3:52:30 p.m.
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Madam Speaker, it has been interesting for me to observe NDP members over the last few days speaking about gas prices and wanting gas prices to be lower. I thought that Liberal and NDP politicians actually wanted gas prices to be higher. Is it not the point of their carbon tax policy to raise the cost of gas? They think that will discourage people from driving more. It is curious for me to hear, in the vein of affordability along with the concerns being raised, the New Democrats, in particular, saying that affordability is a problem because gas prices are too high. Why would the NDP not simply reverse its position with respect to the carbon price if it wants gas prices to be lower?

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Ms. Lisa Marie Barron

Mar/21/22 3:53:19 p.m.
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Madam Speaker, we know that we need to be doing all we can to reduce pollution. We are in a climate crisis and we need to be ensuring that we are investing in renewable energy sources and moving away from our reliance on oil and gas. Bigger than that, we need to look at ensuring that the big oil and gas companies that are reaping profits like we have never seen before are paying their fair share. Their fair share of taxes can then be put back into the community where it belongs. We know the impacts from this high cost of living crisis are being felt disproportionately by those with lower incomes. We need to take the money that is taxed from big oil and gas corporations and put it back into the pockets of everyday people.

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Mr. Jean-Denis Garon (Mirabel, BQ)

Mar/21/22 3:54:20 p.m.
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Madam Speaker, the government members are talking about a tax for the super-rich. In 2015, shortly after being elected, this government offered what it politely called a tax cut for the middle class. In reality, Canadians whose taxable income was between $90,000 and $230,000 are the ones who benefited. Can my colleague tell me whether we can still trust the Liberal Party when it comes to taking care of the middle class and voters?

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Ms. Lisa Marie Barron

Mar/21/22 3:54:57 p.m.
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Madam Speaker, this is a very good question. What we are seeing right now through the pandemic is that the rich are getting richer and the number of people struggling to make ends meet is increasing. We need to make sure that we are looking at how we lift everyone up and that we are taking care of one another. Right now the systems that we have are not set up to do that. I spoke about Jocelyn, who is a constituent in my riding of Nanaimo—Ladysmith. Without her knowing that this motion was coming forward, she spoke about the barriers that she was experiencing in being able to get ahead and that we need to stop and look at the systems that we have so that everybody has an opportunity to—

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The Assistant Deputy Speaker (Mrs. Alexandra Mendès)

Mar/21/22 3:55:48 p.m.
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We have to resume debate. The hon. Parliamentary Secretary to the Minister of Tourism and Associate Minister of Finance.

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Ms. Rachel Bendayan (Parliamentary Secretary to the Minister of Tourism and Associate Minister of Finance, Lib.)

Mar/21/22 3:55:59 p.m.
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Madam Speaker, I will be sharing my time with the member for Whitby. We are fully aware that the effects of high inflation are being felt across the country. As the member for Burnaby South surely knows, it is a global phenomenon, and the price of goods has increased around the world. This is due to a number of factors. First, during the pandemic, millions of people reallocated money they usually spent on services to the purchase of physical goods. This put extraordinary pressure on global supply chains and led to shortages and bottlenecks. Furthermore, droughts in the main food-producing regions, including the Canadian Prairies, resulted in higher grocery bills. All of this has been exacerbated by the current instability of global markets following Russia's illegal and unwarranted attack on Ukraine. President Putin's unjustified war has led to an increase in the price of raw materials and again threatens to disrupt the supply of goods. This puts upward pressure on prices. There is also the pandemic, which continues to threaten global supply chains and increase inflation as a result of a resurgence of cases in China and another wave starting in Europe at this time. Many factors are putting upward pressure on prices. Canadians are worried about the rising cost of living and I am too. The Bank of Canada and private sector economists predict that inflation could remain higher for a little longer than initially thought. However, they expect it to go back down to the 2% target over the next two years, as the repercussions of the pandemic start to fade. Let us face it, these are truly uncertain times on many fronts. The Russian invasion of Ukraine is a new major source of uncertainty. The price of oil and energy have recently spiked. Our government acted swiftly and decisively with the European Union, the United States and the United Kingdom to impose the harshest sanctions ever placed on a major economy. For those sanctions to be truly effective and have a real impact, we must be prepared for any adverse consequences to our own economy. This could temporarily affect the cost of living for Canadians. Opposition members often bring up the rising cost of oil and gas. It is true that prices have risen sharply as of late. However, my colleagues have an unfortunate tendency to make obscure connections to explain this increase, for example by tying it to our pandemic spending or our tax on pollution. They are obviously ignoring the main factor behind this increase, which is, of course, Russia's unjustified war against Ukraine. The Conservatives like to say that we must do more for Ukraine. They even brought up a no‑fly zone over Ukraine before changing their minds a few hours later. They seem to be not only unsure of where they stand, but also completely oblivious to the economic consequences of this war and of our sanctions. That said, I remind members that the federal government's assistance programs, such as the Canada child benefit, old age security, the guaranteed income supplement and the GST credit are indexed to inflation. This ensures that the benefits will increase in tandem with the increase in the cost of living. In recent years our government has also lowered taxes for the middle class and increased taxes on the wealthiest 1% of Canadians. We are also working very hard to address the high cost of housing. Over the longer term, Canada's monetary policy framework is the best weapon in our arsenal to keep prices stable and keep inflationary pressures in check. That is why, last December, our government and the Bank of Canada announced the renewal of the 2% inflation target for another five-year period. This renewed framework will keep the bank focused on delivering low, stable and predictable inflation for Canada. Since Canada adopted an inflation targeting framework about 30 years ago, inflation has averaged close to 2%. This has contributed to our country's strong labour market performance, to our economic growth and, of course, to our prosperity. Maintaining a stable environment for the prices that Canadians pay is a paramount objective for Canada's monetary policy, as implemented by the Bank of Canada. I trust that my fellow members are aware of the efforts that our government is making to address the rising cost of living and to make life more affordable for Canadians. It is also important to remember that the significant support our government delivered to Canadians and businesses during the pandemic has contributed to a rapid and resilient recovery so far. Canada has far exceeded expectations, surpassing its goal of one million new jobs and posting the strongest job recovery rate in the G7. Still, we recognize that the recovery is happening more slowly in some sectors. That is why the government has shifted from very broad support to more targeted measures that provide help when and where it is needed. It is also true that some sectors and businesses have seen their profits go way up during the pandemic. We know that banks have continued to make a lot of money during the pandemic. That is why one of the planks in our campaign platform was to raise corporate income taxes on the largest, most profitable banks and insurance companies in the country and on corporations earning more than $1 billion per year. That is very important, because we want to build a sustainable, united Canada. We want to build a fairer, more equitable Canada where nobody is left behind. That means focusing on jobs and economic growth. It means making sure the cost of living is within everybody's reach. I know our government will have much more to say about this in our next budget. I am looking forward to debating it here in the House.

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Ms. Nathalie Sinclair-Desgagné (Terrebonne, BQ)

Mar/21/22 4:04:41 p.m.
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Madam Speaker, it has been scientifically proven that prosperity gaps have been increasing steadily over the past few decades. Many economists concur. Does my hon. colleague not think the government should do more to go after wealthy companies and make them pay more, in order to help the most vulnerable? Does she agree that this motion makes sense and is entirely valid?

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Ms. Rachel Bendayan

Mar/21/22 4:05:21 p.m.
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Madam Speaker, of course I agree. For me and for many of my constituents, raising taxes on the largest and most profitable banks was an essential part of our election platform. However, that is not the only thing included in the motion we are debating today, and that is why we are discussing it.

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Mr. Garnett Genuis (Sherwood Park—Fort Saskatchewan, CPC)

Mar/21/22 4:05:56 p.m.
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Madam Speaker, I have a simple question for my hon. friend with respect to affordability. Gas prices are top of mind for many Canadians. Does the government wish to see gas prices higher, lower or where they are right now?

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Ms. Rachel Bendayan

Mar/21/22 4:06:13 p.m.
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Madam Speaker, I was very interested by my colleague's earlier question on this same topic. I would like to remind the member, as well as all members in the House, that the price on pollution that he likes to refer to as a gas tax, which I am fine with, is actually completely compensated, for Canadians and all members of the middle class, through our climate action incentive. Canadians do not pay a higher rate at the pumps because of our price on pollution. They are paying a higher rate at the pump at the moment because of several factors related to the pandemic, which I detailed in my speech, and because of the unjustified and illegal war that Russia has begun against Ukraine. I would be happy to engage with my colleague further on the topic, if he likes.

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Ms. Elizabeth May (Saanich—Gulf Islands, GP)

Mar/21/22 4:07:11 p.m.
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Madam Speaker, I really am in favour of this motion, and one of the things I want to highlight in it is the last point: a publicly accessible beneficial ownership registry. Just within the last few days, an important report was released called “Snow-washing, Inc: How Canada is marketed abroad as a secrecy jurisdiction”. This is not just federal. I want to emphasize that this happens provincially too. However, non-Canadian corporations can register and take housing out of our markets for speculators. Does the hon. member have a comment on that?

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Ms. Rachel Bendayan

Mar/21/22 4:07:47 p.m.
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Madam Speaker, one of the measures that I am very much in favour of is to increase taxes on those who are speculating in our markets here in Canada. We have proposed a tax on foreign buyers who wish to scoop up Canadian homes for the purpose of either flipping them or leaving them vacant in order to have a property sold at a later date. I think we absolutely need to attack speculation, and I thank my colleague for her question.

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Mr. Jean-Denis Garon (Mirabel, BQ)

Mar/21/22 4:08:26 p.m.
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Madam Speaker, as I listen to my Conservative colleagues, something is bugging me. They are saying that their constituents like low gas prices, but the oil companies like high gas prices, because the cost structure of these companies means that they are only profitable when the price of oil goes up. Could my colleague please clarify the following: Do Albertans like expensive oil or cheap oil?

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Ms. Rachel Bendayan

Mar/21/22 4:08:48 p.m.
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Madam Speaker, as a proud Quebecker, I would not dare speak for Albertans, and I think that my colleague would agree with me.

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Mr. Ken Hardie (Fleetwood—Port Kells, Lib.)

Mar/21/22 4:09:03 p.m.
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Madam Speaker, to what degree do we need to count on action by the provinces in order to get meaningful measures to deal with the high cost of things and particularly housing?

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Ms. Rachel Bendayan

Mar/21/22 4:09:23 p.m.
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Madam Speaker, it is important for us to continue to work with the entire private sector and particularly with our banks. As I mentioned in my speech, it was an important platform commitment to raise the income tax for the most profitable and largest banks in the country.

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