44th Parl. 1st Sess.
April 8, 2022 10:00AM
- Apr/8/22 11:32:05 a.m.
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Mr. Speaker, affordable housing is not just good social policy; it is a powerful economic policy as well. Our government will increase housing supply by doubling residential construction across Canada over the next 10 years. We will ensure that homes are treated as a place for families to live instead of as an investment vehicle. We will build new pathways for first-time homebuyers. In Canada, everyone deserves a place to call home, and budget 2022 is going to help make that a reality.
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- Apr/8/22 11:33:07 a.m.
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Mr. Speaker, Canada has the strongest labour market recovery in the G7, having recouped 115% of the jobs lost during the pandemic. This includes 73,000 jobs in March, which has pushed Canada's unemployment rate to 5.3%. That is the lowest unemployment rate that Canada has seen in more than 50 years. Budget 2022 builds on this success by unwinding Canada's pandemic deficits and continuing to reduce our debt-to-GDP ratio, while working to fight climate change and, yes, investing in housing affordability.
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- Apr/8/22 11:36:03 a.m.
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Mr. Speaker, the leader of the Conservative Party has already admitted that the extraordinary investments made over the course of the pandemic were necessary to protect Canadian families and Canadian workers. Our plan has worked. In fact, we have maintained the lowest net debt-to-GDP ratio in the G7, while growing the economy and recovering 115% of jobs lost due to COVID-19. Canada was able to do this because of our prudent fiscal management. It is now time to unwind the pandemic deficits and continue to grow our economy while reducing our debt-to-GDP ratio. This is what good fiscal managers do.
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- Apr/8/22 11:37:06 a.m.
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Mr. Speaker, before the pandemic, it took only two Conservative governments to accrue more than 70% of Canada's prepandemic debt. That is because their fiscal ideology is to cut taxes for the wealthy and cut services for everyone else. In stark contrast, our last Liberal government paid down our national debt significantly.
We have demonstrated that we can be good fiscal managers while investing in Canadians, growing the economy and continuing to fight poverty and climate change. Budget 2022 will lower our debt-to-GDP ratio and help build a Canada where no one is left behind.
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- Apr/8/22 11:40:47 a.m.
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Mr. Speaker, we understand that global inflation is having a significant impact on the household budgets of Canadian families. That is why we are focused on affordability in budget 2022.
Let me give three quick examples. We are providing dental care for Canadian families that have incomes of less than $90,000 per year. We will reduce child care costs by 50% this year and to $10 a day over time. We will introduce a suite of measures to address the cost of housing. This budget, like our government, is focused on making life more affordable.
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- Apr/8/22 11:43:16 a.m.
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Mr. Speaker, global inflation is having a significant impact on household budgets, so it is good news that affordability is referenced 119 times in budget 2022. We are increasing the federal minimum wage to $15.55 per hour. We are indexing important programs, like the Canada child benefit, OAS and GIS, to inflation. We are implementing an economic growth plan that creates jobs and grows our economy. We are doing all of this while lowering out debt-to-GDP ratio, because this is what a fiscally responsible government does.
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- Apr/8/22 11:44:33 a.m.
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Mr. Speaker, budget 2022 is entitled “A Plan to Grow Our Economy and Make Life More Affordable”. It is a plan that invests in people, and it is a plan that will help build a Canada where no one gets left behind.
The budget addresses some of Canada's greatest challenges, including housing affordability, climate change, economic growth and indigenous reconciliation. Everyone in the House has a duty to help fight for a country that is worth fighting for. That is what we have tried to do in our first seven years, and that is exactly what we are continuing to do with this budget.
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- Apr/8/22 11:45:52 a.m.
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Mr. Speaker, in addition to our middle-class tax cuts, budget 2022 proposes additional measures that would make Canada's tax system more fair while promoting economic growth. This includes a permanent 1.5% corporate tax increase on profits over $100 million for banks and life insurance companies, new measures to prevent the use of foreign corporations to avoid Canadian tax, and a tax cut for small businesses as they continue to grow and create new jobs for Canadians. That is responsible fiscal management. That is fair tax policy.
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