House of Commons photoLost his last election, in 2015, with 43% of the vote.
Business of Supply May 25th, 2015
Mr. Chair, it is of course very traditional for taxes to be imposed only when the profit is realized. To tax people on the receipt of shares before they are realized would, of course, in many cases, require them to sell the stock immediately. This is what is done in the United States and other countries in the world. It is a very standard tax practice.
Business of Supply May 25th, 2015
Mr. Chair, I do not have that specific number at hand, but I will be pleased to provide it to the hon. member.
Business of Supply May 25th, 2015
Mr. Chair, the tax integrity measures will modernize a group of existing anti-avoidance rules and dividend rental arrangement rules. Taxpayers have found ways to get around those rules. This measure will ensure that the dividend rental arrangement rules apply to certain operations in which equity derivatives, called synthetic equity arrangements, are used. It will prevent creative taxpayers from claiming significant recognized tax losses on some of these operations.
Business of Supply May 25th, 2015
Mr. Chair, I have to say that while New Democrats are focused on this issue, they continue to demand reckless spending and want to impose higher taxes. We want to stay the course with sound fiscal management and balanced budgets.
We will continue with our low-tax plan. We will, of course, also continue to make sure that companies in Canada, operating in Canada and around the world, pay their fair share.
Business of Supply May 25th, 2015
Mr. Chair, the government is taking strong action in order to ensure the integrity of the tax system and protect Canada's revenue base. Since 2006, the government has introduced more than 90 measures to eliminate tax loopholes, clarify tax rules, reduce aggressive international tax avoidance and improve the integrity of the tax system.
Business of Supply May 25th, 2015
Mr. Chair, our government is committed to working with its international partners to improve compliance and address cross-border tax evasion. Canada is one of more than 90 jurisdictions that intend to implement the OECD's G20 common reporting standards in the automatic exchange of financial account information.
It is proposed that this standard be implemented in Canada as of July 2017, allowing for the first exchange of information in 2018. I have been in meetings with the G20, where we discussed this issue.
Business of Supply May 25th, 2015
Mr. Chair, economic action plan 2015 announced an additional $200 million over five years to further strengthen the Canada Revenue Agency's ability to combat the underground economy, international tax evasion and aggressive tax avoidance. That includes $118 million over five years to expand the agency's underground economy specialist teams and $25 million over five years to allow the agency to expand its activities to combat international tax evasion and aggressive tax avoidance.
Business of Supply May 25th, 2015
Mr. Chair, our economic action plan takes steps in two areas when it comes to closing tax loopholes: it increases funding for Canada Revenue Agency programs that target the underground economy, offshore non-compliance and aggressive tax avoidance by large complex entities; and it also proposes a number of measures to improve the fairness and integrity of the tax system.
Business of Supply May 25th, 2015
Mr. Chair, we have major policies to address the problem of tax system fairness, to ensure that everyone pays their fair share of taxes, to keep taxes low for Canadian businesses and families and to help maintain public confidence in the tax system. That is why our government is committed to strengthening tax compliance and closing tax loopholes that enable some businesses and individuals to avoid paying their fair share.
Business of Supply May 25th, 2015
Mr. Chair, I thank the member for Chatham-Kent—Essex for his question and for his great service to his constituency.
Our government's top priority has always been to create jobs and growth. As a result of our actions, over 1.2 million more Canadians are working now than at the end of the recession in June 2009. This represents one of the strongest job creation records in the G7 over this period. The majority of these net new jobs have been full-time positions in high wage, private sector industries.
When it comes to jobs, our government understands that small businesses are the lifeblood of the economy. They account for 99% of all businesses in Canada and employ half of the working men and women in the Canadian private sector.
Our government believes that small businesses should spend their time growing their businesses, creating jobs and hiring Canadians, not choking on high taxes and red tape. That is why we have repeatedly cut taxes significantly for small businesses and their owners.
Building on our record, budget 2015 proposes to reduce the small business tax rate to 9% by 2019, the largest tax rate cut for small businesses in more than 25 years. When the proposed reduction in the small business tax rate takes effect in 2019, combined with previous actions taken by our government, the amount of federal corporate income tax paid by a small business with $500,000 of taxable income would be 46% lower than in 2006. This means an annual tax reduction of up to $38,600. That money could be reinvested in the business to create new jobs for Canadians. These changes, among others, would help enhance the ability of small businesses across Canada to retain their earnings, to grow their businesses and create jobs.
However, we are also building on our efforts to connect Canadians with the areas that need help. Increasingly, a number of jobs are going unfilled due to a lack of people with the matching skills. That is why we have enhanced labour market information for Canadians, which would efficiently help match Canadian workers with available jobs, reforming the skills training program and encouraging journey persons to start or expand their own business.
These are but a few of the ways we are creating new jobs and filling demands that the private sector is yearning for.
Furthermore, economic action plan 2015 would bring tax relief to manufacturers. We believe that manufacturing will continue to play a major role in Canada's economic success. For our government, the words “made in Canada” continue to fuel pride, not to mention jobs.
That said, we must give manufacturers the tools they need to create the products and the jobs of the future. That is why we are announcing a 10-year tax incentive to encourage investment in machinery and equipment used in manufacturing and processing. When Canadian companies invest in state-of-the-art equipment and structures, they increase their productivity and competitiveness.
I see that my time is nearly up. I could continue for hours on why job creation is our government's main focus. However, as long as there are middle-class Canadians looking for work, our job is not yet done.
Economic action plan 2015 is the next part of our long-term plan to ensure we get Canadians back to work and continue Canada's economic growth and prosperity.