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Decentralized Democracy

House Hansard - 99

44th Parl. 1st Sess.
September 21, 2022 02:00PM
Context: House Hansard - 99 - Sep/21/22
Mr. Jagmeet Singh (Burnaby South, NDP)
  • Sep/21/22 2:32:21 p.m.
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Mr. Speaker, the cost of groceries is up on average 10%. Bread is up 15.4%. Fresh fruit is up by 13.2%. Do members know what else is up? It is corporate profits. The corporate profit for the Sobeys corporation is up by 20.2% when we compare 2021 with 2020. We know that corporate greed is driving up the cost of living, so what is the government going to do to tackle “greedflation” caused by corporate greed?
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Context: House Hansard - 99 - Sep/21/22
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • Sep/21/22 2:32:24 p.m.
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Mr. Speaker, as Canadians know very well, our government is deeply committed to ensuring that everyone in Canada pays their fair share. We are permanently raising the corporate income tax by 1.5% on Canada's largest, most profitable banks and insurance companies, and we have introduced a recovery dividend of 15% on the excess profits of these institutions during the COVID pandemic. We also implemented, effective September 1, a 10% luxury tax on private jets and luxury cars worth more than $100,000, and boats and yachts worth more than $250,000.
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Context: House Hansard - 99 - Sep/21/22
Mr. Jagmeet Singh (Burnaby South, NDP)
  • Sep/21/22 2:33:05 p.m.
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Mr. Speaker, times are tough with the rising cost of living. On average, the cost of groceries has gone up by 10%. For example, cooking oil prices have gone up by 27%, while pasta has gone up by 32%. At the same time, big grocery chains have seen their profits increase. Loblaws' profits grew 65% when comparing 2021 and 2020. No one can deny that their greed played a role in inflation. How is this government going to address the greed of these big grocery chains?
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Context: House Hansard - 99 - Sep/21/22
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • Sep/21/22 2:33:48 p.m.
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Mr. Speaker, we have been, and we remain, committed to ensuring that everyone pays their fair share. We are permanently increasing the corporate tax rate by 1.5% for the largest banks and insurance companies. We also introduced a 15% recovery dividend on the excess profits these institutions made during the COVID-19 crisis.
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