44th Parl. 1st Sess.
September 27, 2022 10:00AM
- Sep/27/22 10:38:12 a.m.
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Madam Speaker, the carbon tax, widely regarded by leading economists as the most efficient way to act on the climate crisis, went up by 2.2¢ per litre this past year. Meanwhile, oil and gas wholesale margins, in other words, profits, went up by over 18¢. Therefore, the increased cost at the pumps is nine times higher due to price gouging by the oil and gas industry, rather than carbon pricing. As a result, in just one example, Imperial Oil recently posted a $2.4-billion profit, a sixfold increase compared to the same three-month period last year.
Why are the Leader of the Opposition and his party not similarly outraged by this?
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- Sep/27/22 10:38:59 a.m.
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Madam Speaker, I find the question ironic coming from the Green Party, which, along with the Liberals and NDP, has as its stated purpose higher gas prices. The Green Party wants higher gas prices and it simultaneously complains about those prices. That is the obvious contradiction. The irony is that the member is not against oil company profits. He just thinks it should be foreign oil companies that are making those profits.
We believe in turning dollars for dictators into paycheques for our people by bringing back production here to Canada and then having the highest possible environmental standards so that the production in this country is green and clean for real.
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- Sep/27/22 11:05:41 a.m.
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Madam Speaker, the reality is that the oil and gas companies are making record profits. In fact, in the last quarter, they have made over $12 billion. Meanwhile, they are continuing to lobby for more subsidies, and the government is giving them more subsidies. Around the globe, windfall taxes are being put in place. The NDP has been advocating for an excess profit tax.
Will the government finally put in an excess profit tax for the oil and gas companies?
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- Sep/27/22 11:35:33 a.m.
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Madam Speaker, corporate profits are rising twice as fast as inflation while wages are rising only half as fast. Oil companies are making record profits and their CEOs are making millions of dollars in bonuses. Oil and gas made $147 billion this year. Imperial Oil made $2.4 billion.
When workers are hurting, big oil and gas companies are making profit. I hear the Conservatives clapping at that. On the backs of workers, big CEOs are making record profits. We hear them clap.
Does the hon. member side with the New Democrats in providing an excess profit tax on oil and gas companies for profits over $1 billion in order to reinvest money in solutions that make life fairer and more affordable for families, or does the Bloc take the Conservatives' side with big corporate CEOs?
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- Sep/27/22 12:22:27 p.m.
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Madam Speaker, I offer my condolences, as well, for the loss of my colleague's mother over the summer.
I would like to start by saying that I was really shocked when I heard the new leader of the Conservative Party talking about men taping up their boots. I was shocked because he failed to mention women, who also work, but then again, we know the record this current Conservative leader has on upholding the rights of women.
The fact is that, once again, the Conservative Party is talking about oil and gas as their only debate, and they are not calling out the elephant in the room, which is greedy oil and gas companies. They are talking about the price of groceries, but they are not willing to call out Galen Weston of Loblaws, which has earned record profits.
I just want to read, very quickly, a tweet from UN Secretary António Guterres on the fossil fuel industry. He said, “The fossil fuel industry is feasting on subsidies & windfall profits while household budgets shrink & our planet burns.
“We need to hold the industry and its enablers to account...I call on all developed economies to tax the windfall profits of fossil fuel companies.”
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- Sep/27/22 12:53:13 p.m.
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Madam Speaker, corporate profits are rising twice as fast as inflation. Meanwhile, wages for workers are rising only half as quickly. The government insists on saying that it is there for workers, yet it will not impose the excess profit tax on big CEOs who are profiting. Other countries are doing that.
Why will the Liberals not do the same thing and be on the side of workers?
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- Sep/27/22 12:53:44 p.m.
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Madam Speaker, I am a little disappointed in the opposition parties, because today's conversation is about carbon pricing, and members had an opportunity to ask questions in relation to that.
It seems very clear from my position that the NDP is going down the path of corporate profits and complete and total class warfare. We have seen that happen. It is clear that the government expects higher-income Canadians to pay more. We have introduced taxes in that regard. We have introduced taxes on the banking and insurance sector. Perhaps there is more work to be done, but the narrative and tone that is coming from the NDP is not a constructive conversation to be had. It is unfortunate.
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- Sep/27/22 1:08:18 p.m.
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Madam Speaker, at the UN General Assembly last week, the UN Secretary-General actually called on the countries to tax the windfall profits of fossil fuel companies. In fact, they are making a record profit as we speak: $147 billion just this year alone.
Will the member support the call of the UN Secretary-General to impose a windfall tax, as the NDP has been calling on the government to do?
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- Sep/27/22 1:08:55 p.m.
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Madam Speaker, we absolutely are increasing and permanently raising the corporate income tax by 1.5% on Canada's largest and most profitable banks and insurance companies. We have also introduced a recovery dividend of 15% on excess profits at these institutions during the COVID pandemic.
We are always looking for the best ideas and I think we always should have additional considerations as we look to provide more incentives to reach our 2050 targets of net zero.
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- Sep/27/22 2:49:13 p.m.
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Mr. Speaker, big oil has been making record profits off the backs of Canadians who are struggling, all while refusing to clean up its climate mess. The environment minister said he is not opposed to a windfall tax, but he is waiting to see if big oil will invest in climate action on its own. Instead, it is paying out huge dividends to its shareholders and bonuses to its rich CEOs. If the minister is waiting for big oil to do the right thing he is going to be waiting a long time. Time is running out for our planet.
Will the Liberals tackle corporate greed, implement a windfall tax and make big oil pay its fair share?
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- Sep/27/22 2:50:26 p.m.
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Mr. Speaker, if the Liberals agree, they just need to do it and have the guts to take on big oil.
The cost of groceries is skyrocketing. CEOs are raking in record profits and lining their pockets. Last year, the head of Sobeys earned over $8 million. Instead of raising employees' wages or lowering prices, he took away their bonuses. The nerve.
The NDP wants to see a parliamentary committee look into how corporate greed is driving up the cost of groceries. Does the government think it is okay for wealthy CEOs to pad their pockets by making families in Quebec and Canada empty theirs?
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- Sep/27/22 2:51:08 p.m.
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Mr. Speaker, we have been, and we remain, fully committed to ensuring that everyone pays their fair share of tax. We are permanently raising the corporate income tax rate 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 these institutions made during COVID‑19.
That is action.
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- Sep/27/22 3:12:07 p.m.
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Uqaqtittiji, families across Canada are struggling with food prices. Grocery costs are even worse in Nunavut. CEOs of big grocery stores get millions of dollar in bonuses, while families in the north are unable to access affordable, fresh food.
The government refuses to listen to Inuit and fix the nutrition north program.
When will the government step up and finally implement a windfall tax on grocery stores making record profits and help Nunavummiut access the nutritious and affordable food they deserve?
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