QUESTION PERIOD — Finance
Tax Rates
November 30, 2022
Government leader, according to statistics released by the Office of the Superintendent of Bankruptcy, a total of 25,809 consumers filed for insolvency, up 2.3% from the previous three months. Consumer insolvency filings have jumped nearly 25% in the third quarter of this year compared to the same time last year. With the rising costs of food, fuel and taxes, it’s clear Canadians are reaching the breaking point. Canadians need certainty, and they need relief now.
Senator Gold, when will the government provide the assurances Canadians need by cancelling their planned tax hikes?
Thank you. The problems that Canadians are feeling, whether it’s expressed in insolvency, regrettable as it is, or in increased costs of living and housing, are a serious preoccupation of this government. Indeed, all governments — provincial, territorial and municipal — are addressing them to the fullest extent possible.
Canada has put in place a fiscal policy which includes both tax measures, incentive measures and benefits. It is a balanced and prudent one, and it is helping Canadians each and every day, and it’s helping our economy generally progress forward.
Government leader, not everyone has an inflation-proof job. The number of Canadian families seeking debt relief is increasing. In September alone, the number of insolvencies rose by 3.1% — and they are not alone.
In the third quarter, the total number of Canadian business insolvencies increased by 48.5% compared to last year: almost 50%. Increased borrowing costs, inflation, production and labour issues, as well as a government that won’t cap its own spending have created the perfect storm. Leader, when will the government cap their spending and cancel their planned tax hikes?
The government has no plans to “cancel their planned tax hikes.” The measures in place are responsible and prudent.
The government is also investing in Canadians, both in people and in our infrastructure, and in the future of our economy in a responsible and sustainable way.
