The Star asked some of Canada’s top business leaders what they want to hear from the candidates vying to be the country’s next prime minister.
In the second installment of this ongoing series, three business luminaries posed questions to the leaders of the five major federal political parties. The Star received responses from the leaders of the Liberal, Conservative and New Democratic parties.
In her own words, here are questions from Zita Cobb, businesswoman and social entrepreneur who launched Shorefast with her siblings and is an innkeeper at Fogo Island Inn; Ed Sonshine, founder and CEO of RioCan Real Estate Investment Trust; and Prem Watsa, founder, president and CEO of Fairfax Financial Holdings.
(The questions and answers have been edited for further length.)
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Question from Zita Cobb:
Canada has a tyranny of assets and wealth. We are fortunate that our finance and trade centers have strong economies, thus attracting people from elsewhere and receiving a large share of immigration. However, there are thousands of other communities outside of these financial centers that have not yet been mobilized as economic engines for the benefit of their residents and for the benefit of the national economy.
What policies would you put in place to facilitate the creation of strong local community economies where we live? How would you ensure that all communities have high-speed internet, access to capital, and support for local entrepreneurship?
Liberal leader Justin Trudeau’s response:
Our approach to economic development takes into account the spirit and uniqueness of our regions, towns and cities.
We will help almost 160,000 small and medium-sized businesses to adopt new technologies, digitize their offerings and create jobs for almost 30,000 young people.
We have invested more than $ 8 billion to accelerate the delivery of high-speed Internet and wireless services throughout Canada. This year alone, more than 400,000 more Canadians will have high-speed Internet access.
Finally, we are adding $ 450 million to expand access to venture capital; add new regional development supports to help growing businesses; provide 100 percent write-offs for small businesses that invest in new equipment, software, or machinery; and expand access to up to $ 500,000 in low-interest lines of credit for small businesses.
Conservative leader Erin O’Toole’s response:
High speed internet is essential for Canadians to learn, work and compete. With rising inflation, families and businesses are struggling to make ends meet. There are still communities that do not have access to high speed internet because Justin Trudeau has been slow to bring high speed to most of the country.
Conservatives in Canada will end the endless delays and become a true partner of the provinces, offering broadband from coast to coast. We will build rural broadband over the next four years and take real action to reduce how much Canadians pay for this essential part of our lives by promoting investment and market competition, holding large telecommunications companies accountable, and ensuring Canadians have reliable Internet access. regardless of where they live.
Response from NDP leader Jagmeet Singh:
Communities in Canada have been left without services like high-speed internet and intercommunity transit. With more people working from home, rural communities are attracting more people. The need to support families in these communities will increase. I will deliver.
With a new public company, we will provide affordable, quality telecommunications to all communities and ensure public transportation services that connect rural areas. We will help graduates stay and work in rural and northern communities and provide them with stable long-term funding to help build and protect rural communities. Our universal pharmacy, dental, long-term care, and child care programs will ensure a standard level of service in all communities.
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Question from Ed Sonshine:
Affordable housing has been a big problem for many years. Are any of the leaders willing to acknowledge that the government itself is the biggest obstacle to falling prices? The barriers range from the difficulty and time required to obtain approvals (municipal and provincial jurisdiction), to the various fees, contributions and levies imposed on all new construction, again, mainly municipal and provincial, to the point that around the 25 percent of the cost of a newly built unit is made up of these various charges. Where the federal government has a control measure, the HST (this is a 13 percent tax in Ontario) applies to all newly built rental housing, including affordable housing.
While we hear promises to produce a massive number of affordable housing units, how will each party actually achieve those goals?
Trudeau:
Every Canadian deserves a place to call home. And for many, particularly the young, the dream of owning their own home feels like it’s getting out of hand. The Liberal Party has the most aggressive and ambitious plan to build and revitalize more homes that are an affordable and safe place to live.
The plan will speed up new construction, make it more affordable and viable for first-time home buyers, and make the home buying process more fair and transparent.
One of the key innovations is a new $ 4 billion housing accelerator fund, which will increase the annual supply of homes in the nation’s largest cities each year, creating a goal of 100,000 new middle-class homes by 2024-25. This application-based fund will support municipalities that increase housing supply faster than their historical average; increase densification; speed up approval times; address NIMBYism and establish inclusive zoning statutes; and promote development oriented to public transport.
O’Toole:
There is a housing crisis in Canada. We are not building enough homes to keep up with our growing population, and homes are increasingly difficult for Canadians to afford. The situation worsens when foreign investors stay in their investments and leave their houses empty.
Conservatives in Canada have a plan to bring public transportation to where people buy houses and increase density near public transportation infrastructure. We will free up at least 15 percent of the 37,000 government-owned buildings for housing, and we will ensure that Canadians have a path to homeownership by making it easier for families to obtain a mortgage. Finally, Conservatives in Canada will never tax capital gains on the sale of a primary residence.
Singh:
As part of making sure there are 1.7 million new and updated homes that people can afford, we will build 500,000 new homes.
By giving the CRA more resources, we will fight money laundering in real estate, drive out large foreign investors with a new federal tax on speculators, and help first-time home buyers and renters to get families off the ground. every day they can look for houses on equal terms. We will waive federal taxes on the construction of affordable rental units, work in partnership with the provinces and municipalities to establish quick start funds for the community, cooperatives and affordable housing providers.
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Question from Prem Watsa:
As a poor immigrant to Canada 48 years ago, I couldn’t believe the opportunity in Canada. Having built Fairfax for the past 35 years and been fortunate enough to travel the world, I found that business-friendly countries have done well, while business-hostile countries have done poorly. My feeling, when studying the economic history of Canada, is that we are a G7 country primarily because of our business success.
Do you agree with this statement and what have you done or will do to make Canada more business friendly?
Trudeau:
We want to lay the foundation on which Canadians and Canadian businesses can grow and prosper while providing support in difficult times. That has been evident throughout the pandemic with the corporate wage and rental subsidy programs and the Canada Emergency Response Benefit (CERB) and Canada Recovery Benefit for millions of Canadians.
Thanks to that rapid and unprecedented action, our labor market recovered faster and stronger than the United States, and we have avoided many new bankruptcies.
Moving forward, we will launch a $ 1 billion COVID-19 vaccination trial fund to support provinces and territories that implement a vaccine credential proof requirement, allowing businesses to reopen safely.
Before the pandemic, Canada had the lowest small business tax rate in the G7 and was one of the most desirable places to live, with a rapidly growing population thanks to smart immigration policy. Those advantages remain true today, and as we emerge from COVID-19, we are in a unique position to rebuild better and stronger.
O’Toole:
During the course of the pandemic, millions of Canadians lost their jobs, and women accounted for more than half of the job losses year after year. To get our economy back on track, the Canada Recovery Plan will regain one million jobs and get so many people back to work in good jobs, in all parts of Canada, in all sectors, as quickly as possible. We will support the hardest hit hospitality and tourism sectors with our Dine and Discover program, and help small businesses recover with our Rebuild Main Street tax credit.
Singh:
Canada cannot be an economic success if the workers do not share in the prosperity. When the pandemic started, companies had to close down.
The NDP lobbied liberals to increase CERB to keep money in workers’ pockets and create the wage subsidy to allow companies to keep workers on the payroll. Without these and other supports, many Canadians and businesses would have defaulted on their loans, would not have paid their rent, and would not have been able to make ends meet.
Our planned expansions to Canadian healthcare services will also attract more companies and make it easier and less expensive for them to attract and hire workers.
Compiled by Christine Dobby, Toronto-based business reporter for The Star.
Reference-www.thestar.com