QUESTION PERIOD — Small Business and Export Promotion
Clean Technology Venture Capital Funds
June 18, 2019
Honourable senators, my question is for the government leader in the Senate. It has to do with the management of taxpayers’ funds, or in this particular case the mismanagement of taxpayers’ funds.
Earlier this month, the Trudeau government’s Minister of Small Business and Export Promotion announced a total of $50 million for three clean technology venture capital funds. In interviews with The Globe and Mail, two of the three firms which received this money, a substantial amount of money, said they did not need the funds.
Government leader, for example, the managing partner of one of the firms was asked whether they needed the money from the federal government and he replied to The Globe and Mail, “No, but it’s great to have it.”
Senator Harder, my question is simple: How does your government justify taking money from hard-working Canadian taxpayers only to give it to firms that claim they don’t need it?
I thank the honourable senator for his question. The Government of Canada is committed to accelerating the growth of funds available for clean technologies. That is why the minister made the announcement to which the honourable senator refers. This is all in an effort to accelerate the pace of accommodation and transition to a less carbon-intense economy.
Government leader, I suspect the minister made the announcement because the government wants to fill gaps where there are gaps and help achieve a certain goal, which clearly is not the case in this particular instance.
Senator Harder, about two and a half years ago, your government gave $373 million to Bombardier, absent hardly any details as to how or why this considerable amount of money was to be spent. Earlier this year, your government gave Loblaw $12 million from taxpayers to help the supermarket chain pay for new refrigerators — not a chain that’s struggling in this country either. Now we see your government giving $50 million to some venture capital funds that say they don’t really need it.
Senator Harder, it is evident that the Trudeau government has its priorities all messed up. You’ve made questionable corporate investments, all while burdening hard-working families with higher taxes. The Canadian government’s mission is to serve its citizens and to fill gaps in industry. Why have the needs of average taxpayers never been top of mind for this Trudeau government?
Let me first thank the honourable senator for his question but remind him that one of the first acts of this Parliament was to reduce taxes on the middle class and, yes, impose a higher burden on the upper class, upper-income taxpayers, and that the honourable senator voted against it.