44th Parl. 1st Sess.
March 31, 2022 10:00AM
- Mar/31/22 3:40:05 p.m.
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Madam Speaker, we are talking about the Canadian economy, and we see today the Q1 gross domestic product report came out from Statistics Canada. Again, the Canadian economy is outperforming expectations. Again, Canadians, Canadian businesses and Canadian workers continue to have the confidence to move the economy forward as we recover from the pandemic. As we do our part as a nation based on shared democratic values fighting with Ukraine and making sure that Ukraine has the resources it needs, we are standing with the Ukrainian people.
I will just read from an article, which says:
Canada's economy is exceeding [Bank of Canada] expectations....
Canada's economy is growing...faster than the [Bank of Canada] forecast.
Despite restrictions, the economy still grew in January...
...and ripped in February.
Again, we are seeing the Canadian economy outperforming expectations. Again, we are seeing Canadian businesses and Canadian workers investing in Canada.
Our government understands that Canadians are being hit hard at gas pumps from coast to coast to coast as the prices of gasoline and diesel are reaching new records. While at first the idea of reducing taxes on gasoline and diesel may seem to be a good one, it is quite simply the wrong solution to a complex problem. This is simply not the right way to make life more affordable for Canadian families.
It is important to understand that the price of a variety of goods, including gas and diesel, is going up because of a global phenomenon driven by the unstable situation in Ukraine and the unprecedented challenges of rebooting the global economy after the COVID‑19 pandemic. Market forces are behind the price of gas and diesel, among other things. This means that even if our government were to cut prices in Canada by 5% today by eliminating the GST, the benefits to consumers could be completely cancelled out in the days to come. The point here is that prices are very often tied to events that are out of our control and that are happening thousands of kilometres away.
There are much better ways to continue to make life more affordable for middle-class Canadians dealing with high inflation and high gas prices. I will provide very concrete examples of the actions our government is taking to help Canadian families make ends meet.
This week, we signed a historic child care deal with the Province of Ontario in which the federal government will be investing $10.2 billion over the next five years to reduce child care fees, first on April 1 and again on December 1, getting it down within the period of time the agreement takes place by 50% and creating 86,000 news spaces for Ontario families much like my own. My daughter will be going to day care come this October, and we will be able to place her not only in excellent care, but also where she will be learning with her classmates at the same time and at a much lower rate. That is improving affordability for Canadian families. We have done that since 2015, since day one.
I would like to remind my hon. colleagues that our government understands that in order to ensure a strong economic recovery it is necessary to be prudent and responsible fiscal managers. Our economic recovery plan is working.
Canada has exceeded its goal of creating a million jobs well ahead of expectation and has the strongest job recovery in the G7. As of February, 112% of the jobs lost since the peak of the pandemic has been recouped in Canada. I say this to all sides of the House: That is due to our government's focus on investing in Canadians and having the backs of Canadians so our economy could come rip-roaringly back as we exit and continue to exit the COVID‑19 pandemic.
Furthermore, Canada's GDP has now returned to its prepandemic levels, and in spite of the unprecedented measures we had to take to combat COVID‑19, our net debt-to-GDP ratio continues to be the lowest in the G7 by far.
We do not want future generations to be saddled with pandemic-related debt. We also want to ensure that Canada keeps its debt levels low.
That is why we remain committed to the fiscal anchors we announced in the budget last spring.
In terms of Canada's pollution pricing system, we are placing a price on carbon, which is a negative externality, and if one studied economics they would know about Coase theorem. We put a price on negative externalities that are not borne directly by the producers.
We put a price on carbon. That is actually the best way to reduce greenhouse gas emissions and to do it in the most efficient manner, while transitioning to a low-carbon economy by adopting technologies that are done through innovation. We have seen that. We have seen the announcement down in Windsor, Ontario, where LG and Stellantis will be investing nearly $5 billion and creating 3,000 jobs in a sector of the future: batteries.
We will see, in the days going forward, further investments, not only in the auto sector but across our economy. We are seeing it in the oil and gas sector as it transitions to produce those energy sources in a low-carbon manner. That is what we need to do. We need to see the electrification of our electrical grid and make sure that grid is producing low greenhouse gas emissions when it is in operation.
On jurisdiction, in 2022-23, payments for the climate action incentive will increase. A family of four in Ontario will receive $745, in Manitoba $832, in Saskatchewan $1,100 and in Alberta $1,079. In addition, rural and small communities are eligible to receive an extra 10%.
Our carbon pollution pricing system is innovative. It is groundbreaking. We know other jurisdictions and other countries are looking at it. We know the world needs to transition to a low-carbon economy. It is happening. It is happening quickly. We can look at Tesla and other companies. We can look at every auto company in the world. There is more than $515 billion globally being invested into the electrification of the global auto fleet.
That is something that the Conservative Party of Canada is not going to stop, so it should get on the train. It should get on board and it should move forward like the Liberal Party of Canada has. That is the right thing to do for our environment. It is the right thing to do for our economy. It is a win for workers and it is a win for our standard of living.
What is more is that the remaining fuel charge proceeds that we gather are used to support small businesses, farmers, indigenous groups and other organizations. Going forward, the federal carbon price will continue to be revenue-neutral for the Government of Canada. This is how we make life more affordable for everyone from coast to coast to coast, while also protecting the environment.
Since we were elected in 2015, one of the key priorities of our government was to reduce taxes for middle-class Canadians, while raising them on the wealthiest 1 %, something that the Conservative Party of Canada voted against. We lowered taxes twice for middle-class Canadians. Once was in the 2015 budget, and then we increased the basic personal amount, which will reach $15,000 for every working person in Canada on which they will not have to pay federal taxes. That is a winner. It is a multi-billion dollar tax cut, year in and year out, and it is something I am proud I championed.
I think it is fair to say that we have delivered on the commitment in real terms: promise made, promise kept. Our government has increased support for families and low-income workers through programs like the CCB and the Canada workers benefit, which have helped lift hundreds of thousands of children out of poverty since 2015.
We increased the basic personal amount that Canadians can earn before paying federal income tax to ensure that the middle class benefits from this support.
We will strengthen the middle class. We will continue to assist those working so hard to join the middle class.
The advantages of the increase are progressively eliminated for high-income taxpayers. When the measure is fully implemented next year, single people will pay $300 a year less in taxes and families will pay $60 a year less.
In addition, we have increased the guaranteed income supplement, the top-up benefit for low-income single seniors. I look forward to this July with a 10% increase to old-age security payments for over 3.3 million seniors, which is almost $800 a year for so many seniors in my riding.
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- Mar/31/22 5:04:27 p.m.
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Madam Speaker, I was very interested in listening to this speech. One of the things I kept hearing the member say is that we are not getting the votes of confidence from business here in Canada, but we see time and again that is not true. I believe only a couple of weeks ago we saw a $5-billion investment from LG and Stellantis, creating jobs in Windsor in our auto sector. That is a very significant investment based on the new future economy, a low-emissions economy. The other piece, thinking from Alberta's perspective, is that I believe Amazon chose to build a plant out in Alberta near a solar farm so it could make sure it had clean, renewable energy.
I wonder if the member could speak to the economic opportunities of making sure we have the economy people want for the things they are are going to need to build for the future.
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Madam Speaker, I spent my youngest days in Edmonton, where the Ukrainian community there was large and vital and heavily engaged. Those Ukrainian folks came over as farmers, and the prosperity that Alberta, Saskatchewan and Manitoba particularly enjoy is in no small measure thanks to their efforts over the years.
In bringing our Ukrainian refugees here, I think that the mechanism of visa-free travel is certainly one that could be used, but I understand that the process that has been put in place would actually work much more quickly and much more effectively to make sure that we are welcoming the best of the best here in Canada and those who really, truly need our protection for the next few years.
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