44th Parl. 1st Sess.
October 4, 2022 10:00AM
Madam Speaker, I did appreciate how the member for Montcalm made mention about corporate profits, especially in oil and gas. If we are going to talk about inflationary costs related to fuel and completely ignore the windfall profits that oil and gas companies are making off the backs of working families right now, we are doing a very real disservice.
Today, a report came out from Canadians for Tax Fairness. It reported that Canadian corporations paid $30 billion less than would be expected under the current corporate tax rates, so there is a very real problem here.
I wonder if the member for Montcalm can inform the House as to why both the official opposition and the governing Liberals seem to avoid talking about this serious issue in any real and meaningful way.
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Madam Speaker, I am not certain that I understood the last part of the interpretation, but I would say to my colleague that all those individuals and businesses that are currently making outrageous profits should be able to pay their fair share.
He knows our views on tax avoidance and tax evasion. In 2015, the first measure we introduced when we arrived in the House was about tax havens. I believe that it is totally unacceptable and unfair that some people are not paying their fair share.
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Mr. Speaker, Canadians are going through one of the greatest cost of living crises for this generation. A recent study, for example, showed that 23.6% of Canadians have had to cut back on their food purchases. These are critical foods, from fresh produce to things like flour, but what I have not heard the member mention is the cost of corporate greed. The reality is that people, everyday Canadians, are paying more at the pump and at grocery stores, while the CEO of Sobeys, for example, raked in 15.5% more in his total compensation budget, coming in at $8.6 million.
Would the member agree that we have to rein in the massive excess profits of companies like Sobeys that are profiting off the backs of hurting Canadians?
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- Oct/4/22 2:30:42 p.m.
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Mr. Speaker, we are missing out on $30 billion in revenue because this government refuses to close tax loopholes. Our health care system is in crisis and needs more investments, but this government prefers to protect the profits of the ultrarich rather than defending the interests of ordinary Canadians.
When will the government close the tax loopholes being exploited by the ultrarich?
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- Oct/4/22 2:31:50 p.m.
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Mr. Speaker, none of that changes the fact that our country has lost $30 billion in revenue because the Liberal government refuses to end tax loopholes for the superwealthy. Here is the reality. After seven years of the Liberal government being in power, the effective tax rate for corporations is lower today. That is wrong.
When will the government stop defending the profits of the superwealthy, stand up for working people and put an end to the tax loopholes for the superwealthy?
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Madam Speaker, we may not agree on exactly what the problem is. I can agree that the temporary band-aid is not going to fix it.
Just on the point I had before closing, the profits that big oil is getting right now, which are off the charts and are really contributing to pain for Canadians, are essentially war profiteering. The profits are solely due to the war in Ukraine. The Parliamentary Budget Officer has said that if we increase the tax temporarily on the profits of big oil from 15% to 30%, $8 billion could be distributed to the Canadians who need it most. Let us get in a guaranteed livable income.
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Madam Speaker, I agree with the hon. member. I think we work best in this House when we take the best ideas and work together to implement them.
We are absolutely raising corporate income tax by 1.5% on Canada's largest, most profitable banks and insurance companies. We have also introduced a recovery dividend of 15% on the excess profits of those institutions during the COVID pandemic. There are a number of other measures that we are putting in place as well.
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Mr. Speaker, I thank my colleague for his speech, but I just want to point out that dental care for children, the higher GST tax credit and the housing benefit top-up all came about because the NDP forced the Liberals to introduce them. This is a minority government, and we used our position of strength to get results for people.
The rising cost of living is hurting people, so why stop there? Oil companies and big grocery chains are making record profits, so why not tax those excessive profits, take that money back and create a real universal pharmacare program, for example?
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