44th Parl. 1st Sess.
November 7, 2023 10:00AM
- Nov/7/23 10:48:37 a.m.
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Madam Speaker, my colleague just mentioned that, according to the report of the Parliamentary Budget Officer, taxing large profits would bring in $4.2 billion, but for 2023 to 2028, a five-year period, it is roughly $1.5 billion yearly.
Heat pumps also require ventilation ducts. In Quebec, people will also need a furnace, because a heat pump will not work when it is colder than -12°C. This amounts to between $8,000 and $20,000 per installation. There are 11 million low-income people in Canada, and even more middle-income earners.
Averaging out the cost, for the free heat pump alone, we get $77 billion for this measure, along with one to pay for it that would cost $1 billion yearly. How does that work?
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- Nov/7/23 11:09:14 a.m.
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Madam Speaker, I listened to the hon. member's speech with care. He noted that the impact of excess profits is nine times that of the carbon tax. I wonder why he is not nine times as outraged himself about the excess profits that are being raked in while contributing to the climate crisis.
Why will the government not support an excess profit tax on oil and gas, which was even imposed in the U.K. by Conservatives?
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- Nov/7/23 11:09:41 a.m.
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Madam Speaker, Hansard has this really good search feature where we can put in a couple of key words and it will pull out results for us. If the member put in the key words “oil and gas sector profits” and my name, it is going to pop up a lot.
I have actually raised this point a lot in this House. I have been asked this question a number of times by my NDP colleagues, and I have raised it. I have also raised it on the grocery chains.
I will not shy away from bringing to the attention of this House where I see gouging, as we have seen in grocery chains and as we have seen in the oil and gas sector. Referencing specifically 18¢ wholesale profits to two cents carbon tax, I have said that at least 20 times in this House. It is something that I am routinely bringing up in my party, and it is something that I am routinely bringing up through petitions. This is not an issue that I shy away from, nor have I in the past.
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- Nov/7/23 11:49:38 a.m.
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Madam Speaker, I would like to thank the corporate champion of Carleton for his comments.
The Conservative government in the U.K. has put in place a windfall tax on oil and gas companies. Will the Leader of the Opposition support our plan for a windfall tax so that we can invest that money to give working people a break on their energy bills, or is he too afraid to axe the profits of his oil and gas buddies, and CEOs?
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- Nov/7/23 2:54:31 p.m.
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Mr. Speaker, the Liberals are out of touch with Canadians struggling to find a home they can afford. They just handed over six parcels of federal land to wealthy developers, and only a small fraction of the homes built will be affordable. We are in a housing crisis. Rent is through the roof. Canadians are having to make impossible choices. Some end up living in cars or on the street.
Canada needs at least two million non-profit homes, so why are the Liberals, yet again, putting profits over people having an affordable home?
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- Nov/7/23 5:27:52 p.m.
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Madam Speaker, one aspect of the speech by the member for Winnipeg North that I really appreciated was helping to articulate, to my surprise as well, that when we talk about removing GST from home heating, there is nothing about income-testing on it in today's motion. I was surprised to see that. I am unsure why that was the case. It makes it more difficult for me to consider supporting it.
My question to the member is specifically on the third part of the motion with respect to a windfall profits tax on oil and gas companies. As he knows, the carbon tax went up only two cents a litre last year and there are rebates attached to that expense. When it comes to the profits of oil and gas companies, though, the carbon tax went up 18¢ a litre and there are no rebates attached. It is part of why oil and gas companies are making record-breaking profits, and a windfall profits tax could generate $4.2 billion for climate solutions.
Does the member support a windfall profits tax on oil and gas companies' excess profits?
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- Nov/7/23 5:28:59 p.m.
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Madam Speaker, to be completely honest, I am not too sure of the details in what the member is referencing. I do know that we believe in fair taxation and people should be expected to pay their fair share of taxes.
For example, in the budget, we brought in the temporary Canada recovery dividend, which applied to banks and insurance companies, that will generate several billions of additional dollars from excess profits. We are looking at caps regarding emissions, oil and so forth. I just do not know the details to the degree that I can confidently comment on it.
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