Government Orders ·
Business of Supply
In response to a question from Elizabeth May
“We made changes to help business competition and lower prices, like giving our competition watchdog more legal power. We also gave tax breaks to small and medium businesses so they can quickly write off costs when they invest in new buildings, technology, and research to grow.”
“Mr. Chair, I can hear, from my colleague’s question, the depth of analysis that she has made. That is why it is always a pleasure to engage with her in this House. She is right on competition. We know that competition is key to providing more choices and better prices for consumers. That is why, when I was the industry minister, we put more tools in the tool box of the Competition Bureau. She will remember, for example, that I gave it subpoena power. At the time it was asking for information and people voluntarily could decide whether to give it. Now it has more enforcement power. When it comes to productivity and innovation, the member would see that the productivity superdeduction is one of the tools that we have made in order to allow small and medium-sized businesses to make more investment, because they can immediately expense their expenses. They have immediate expensing of what they invest in capital, R and D, buildings, innovation and AI. We wanted to help companies with tax measures to make sure that they could make these capital investments that would help them to grow their businesses. The member may have seen the publication from the OECD or the International Monetary Fund that identified the productivity superdeduction, one of the tools in the tool box, as one of the best practices in the G7. Canada has been very much incentivizing small and medium-sized businesses to make these capital investments to become more productive.”
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Mr. Chair, I can hear, from my colleague’s question, the depth of analysis that she has made. That is why it is always a pleasure to engage with her in this House. She is right on competition. We know that competition is key to providing more choices and better prices for consumers. That is why, when I was the industry minister, we put more tools in the tool box of the Competition Bureau. She will remember, for example, that I gave it subpoena power. At the time it was asking for information and people voluntarily could decide whether to give it. Now it has more enforcement power. When it comes to productivity and innovation, the member would see that the productivity superdeduction is one of the tools that we have made in order to allow small and medium-sized businesses to make more investment, because they can immediately expense their expenses. They have immediate expensing of what they invest in capital, R and D, buildings, innovation and AI. We wanted to help companies with tax measures to make sure that they could make these capital investments that would help them to grow their businesses. The member may have seen the publication from the OECD or the International Monetary Fund that identified the productivity superdeduction, one of the tools in the tool box, as one of the best practices in the G7. Canada has been very much incentivizing small and medium-sized businesses to make these capital investments to become more productive.