Mr. M. J. COLDWELL (Rosetown-Biggar):
Mr. Speaker, I rise to a question of privilege. I wish to ask the indulgence of the house, as a matter of privilege, while I correct an error I made yesterday in my speech on the budget. At page 2807 of Hansard I am reported to have said:
The total reduction in personal income tax is about $70 million, but the reduction in the excess profits tax which will come into effect at the end of this current year is $279 million, or nearly four times as much.
And then I added. "I took the figures from the minister's own budget". I am sorry I made an error in calculation and I should like to correct it. I stated that the reduction in the excess profits tax which will come into effect at the end of the year was $279 million. This is not correct. This reduction is not the one which will come into effect at the end of this year but is the anticipated reduction made by the previous Minister of Finance in his last budget.
The minister stated that the total tax reductions in the current year would be $160 million. Reductions in personal income and gasoline taxes total, according to the minister, $150 million, of which $40 million is gasoline tax. Therefore the figure of $70 million which I gave is incorrect; it should be $110 million. This means then that the reduction in the excess profits tax from December 31, 1947- when it will end-to March 31, 1948 will be $10 million. The result is that the total excess profits tax for the fiscal year ending March 31, 1948, is estimated at $160 million as against $449 million for the fiscal year ending March 31, 1947. But while I am correct in saying that there will be a reduction of $289 million, not $279 million, the present Minister of Finance is responsible for only $10 million in this financial year. Therefore my statement yesterday was to that extent in error and I am pleased that the house has allowed me to make this correction.
Subtopic: MR. COLDWELL-CORRECTION OF STATEMENT MADE IN BUDGET DEBATE