Finance committee  I wish I had an answer. The 2017 private corporation debacle was a prime example of thinking that SMEs are some kind of evil rich people who can withstand complex legislation. The tax on split income regime is the perfect example. If any of you members can make sense of the tax on split income regime, I want to hire you.

Finance committee  No. The only exception to that would be the compliment I gave in my opening remarks, which was a bit of a surprise, for the immediate expensing of certain capital assets. That was unexpected and welcome, but outside of that, no.

Finance committee  Frankly, it doesn't. That's the blunt answer. If anybody doesn't believe me, why don't you hang out in my office in my hometown of Calgary and see the hollowing out of the oil and gas sector? Although the media reports 30%, the real effective downtown vacancy rate is close to 50%.

Finance committee  Thank you, Mr. Falk. The short answer is no. I personally have not. I spend all of my time in tax stuff and tax policy more than in inflation and economics. I leave that to my economist friends. I think common sense dictates that it's not going to take much of a rate increase in order to have a huge economic shock.

Finance committee  It's foundationally unfair. I don't share the enthusiasm of some of the witnesses and members of the committee with respect to the deployment of a national child care program, notwithstanding the fact that ideally we would have one. I'm concerned about the cost. I'm concerned about the inequities.

Finance committee  I said it in my opening remarks, and I'll say it until it happens, which might ultimately not be until I die or sometime after I die: the lack of a comprehensive tax review and reform. That has not happened in this country since 1962, with the Royal Commission on Taxation. This committee recommended a comprehensive review and reform, and so did the Senate finance committee.

Finance committee  I don't think I ever said in my testimony today or previously that there wasn't a need to spend. I never did. Frankly, I've been complimentary to the government for its quick rollout of spending. Where I disagree with Mr. Milligan, with you and with a whole bunch of other economists and people who think that what is coming out of the tap is endless is with regard to where that “endless” stops and where it get restrained.

Finance committee  I presume you mean the budget.

Finance committee  I saw it briefly. As you know, Mr. Fast, I'm not an economist, so I don't fuss on that as much as I do on tax policy. Certainly the ratios I saw in the document frighten me and concern me. Even as an average Canadian, I really have no idea how we're going to get out of this hole.

Finance committee  The short answer is that I don't believe it is. Certainly the economist friends I have don't believe it is. If there is, I'd like to see it. Frankly, I'm a little frightened by the fact that this, presumably, is a plan.

Finance committee  Not that I've seen, no. As a matter of fact, I see red ink for many years to come. Again, that frightens me as a plan.

Finance committee  “Transitory” is an interesting word, isn't it? My understanding of the definition of “transitory” is temporary or not permanent. I guess I'd respond to that and use my own life as an example. When I go to the grocery store, do I see my groceries more expensive today? Yes. Do I see toys that are more expensive?

Finance committee  It's $3,700, and guess how long it takes for me to get it? Twelve months. By any definition that's inflation. Do I consider that transitory? I don't consider that transitory. It might be transitory for certain other items, but for the average thing, when I go to the grocery store, buy my wife a bike or even other toys, maybe some real estate, everything that I touch these days is more expensive.

Finance committee  Frankly, it's a lot of common sense. Talking to my economist friends, like the esteemed Jack Mintz and others.... Some economists don't like it when I use a simple example, because apparently households are different from governments. Clearly they are, but I think the basics are the same: revenues and expenses.

Finance committee  How much time do I have?