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Vance Badawey

Member of Parliament
Parliamentary Secretary to the Minister of Transport
Liberal

Niagara Centre
Ontario
Voting Attendance: 68%
Expenses Last Quarter: $88,875.84

Government Page

Context: House Hansard - 320 - May/29/24

Mr. Vance Badawey (Parliamentary Secretary to the Minister of Transport, Lib.)

May/29/24 7:44:16 p.m.
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Mr. Speaker, I am very pleased to take part in tonight's debate on this very important topic. The member is correct in that we must act on transitioning Canadian industry towards a sustainable green economy as well as make sure that those who pollute pay their fair share. This is generational: ensuring that we build the economy of the future, both with investments in key transitional sectors of the economy, as well as developing a fair tax base so that we are able to make these key investments in a fiscally responsible way. Last month, the Deputy Prime Minister and Minister of Finance announced bold actions in budget 2024 to build a fairer future. We firmly believe that, at a time when middle-class Canadians are struggling to get ahead, when their hard work is not paying off, it is necessary for the government to improve the fairness of Canada's tax system. This means asking the wealthiest Canadians to contribute a bit more so that we can make investments to ensure a fair chance for every generation. Since taking office, we have reduced taxes for the middle class while implementing measures to ensure that the wealthiest individuals and corporations are contributing their fair share. One way we propose to do that is by increasing the inclusion rate on capital gains realized annually above $250,000 by individuals and all capital gains realized by corporations and trusts from one-half to two-thirds effective June 25, 2024. Of course, principal residences will continue to be exempt from capital gains. It is expected that this new measure will generate more than $19 billion in new revenues over the next five years. This is new money that will be available to help fund the green transition. We have also permanently increased the corporate income tax rate by 1.5% on bank and insurance company groups in Canada and introduced a one-time Canada recovery dividend of 15% on the largest bank and insurance company groups. In addition, we have introduced a 2% tax that applies on the net value of share buybacks by public corporations throughout the country, and we have implemented a luxury tax on private jets and luxury cars priced over $100,000 and boats priced over $250,000. To further increase fairness, our government proposed to modernize the alternative minimum tax to ensure that the wealthiest Canadians do not avoid paying their fair share through the significant use of deductions, credits and other tax preferences. This is just a small part of our plan. Tax fairness is being coupled with creating an investment environment that will attract foreign investment in key sectors, which will help Canada grow into the next sustainable economy of the future. Canada is at the forefront of the global race to attract investment and seize the opportunities that the global transition to net zero presents. I hope the member opposite saw the announcement our government made with Honda. The $15-billion investment in Canada was made possible, not only by Honda, but in partnership and in line with our government's investment in the clean economy.

522 words

Context: House Hansard - 185 - Apr/26/23

Mr. Vance Badawey (Niagara Centre, Lib.)

Apr/26/23 2:05:49 p.m.
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Mr. Speaker, Niagara is on the cusp of an accomplishment. With vision that builds on our strengths, determination and partnerships, our vision can be realized. I am pleased to say that, today, it is becoming a reality. With the water of the Welland Canal carrying goods from lake to lake as its lifeblood, and with our strategic location, the Niagara ports trade corridor is becoming the catalyst for prosperity that we envisioned. New industry and businesses are locating along the banks of the Welland Canal, prompting others to recognize what is possible in moving goods from and into Canada through Niagara, strengthening our collective, binational and international trade performance. The Welland Canal, short and mainline rail, air and a highway network through the heart of Niagara, which is a catalyst, have all combined to position Niagara as one of the most internationally recognized trade corridors in the country, providing the bedrock of Niagara's future economy and Canada's internationally integrated supply chains.

163 words