44th Parl. 1st Sess.
November 4, 2022 10:00AM
- Nov/4/22 11:23:22 a.m.
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Madam Speaker, the fall economic statement shows that we are continuing to chart a fiscally responsible course. Canada has the lowest net debt and the lowest deficit-to-GDP ratios in the G7. Since the previous budget, we have decreased our deficit by $16 billion, and there are 500,000 more Canadians working today than before the pandemic, making Canada's economic growth the strongest in the G7. Investing in Canada, investing in Canadian workers, is exactly the right decision, and that is what we are doing.
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- Nov/4/22 11:24:32 a.m.
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Madam Speaker, I am happy to talk about the fall economic statement, because it puts forward a plan that grows our fiscal advantage by continuing to reduce our debt-to-GDP ratio, creating new and sustainable jobs through the Canada growth fund, reducing credit card transaction fees for small businesses, accelerating Canada clean's transition, commercializing Canada's world-class research and development, investing in youth employment and cutting taxes for small businesses. We are making life more affordable. We are growing an economy that works for everyone.
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- Nov/4/22 11:25:34 a.m.
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Madam Speaker, I thank my hon. colleague for his question. It is a pleasure to rise and speak about our economic update.
Today is actually the day that 11 million Canadian households will see the the goods and services tax credit deposited in their bank accounts. I find it astounding that the Conservative members are talking about tax hikes. I am talking about tax credits, the doubling of a tax credit for 11 million Canadians. That is real money in the pockets of those who need it.
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- Nov/4/22 11:26:54 a.m.
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Madam Speaker, we know that eight out of 10 families are receiving more money through the credit than what they pay as part of the price on pollution. I think the Conservatives did not read our economic update yesterday.
In fact, we are helping more than 500,000 workers in Quebec with our new Canada workers benefit. That is $1,200 for every single, hard-working Canadian. Why do the Conservatives not want to help Canadian workers?
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- Nov/4/22 11:35:15 a.m.
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Madam Speaker, I will not get into the various ways that the member has her information wrong. I would rather talk about the fall economic statement from yesterday, which will help Canadian workers, help students with the elimination of the interest on their loans, and help families who are having difficulty buying groceries as they are seeing the cost of things rise due to the global inflation that Canada is not sheltered from. We have a real plan to support Canadians.
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- Nov/4/22 11:36:57 a.m.
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Madam Speaker, the Liberals' economic update does not deal with the cost of living crisis.
We certainly warned the government that a $500‑billion deficit, $205 billion of which is unjustifiable, would have a direct impact on Canadians. This is cause and effect. The Prime Minister did not listen to us, and as a result, we are seeing the worst inflation in 40 years.
Will he listen to us this time and guarantee no new spending or tax hikes?
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- Nov/4/22 11:37:27 a.m.
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Madam Speaker, I can talk about the deficit all day long if that is what the Conservatives want.
Our deficit is the lowest in the G7. According to yesterday's economic update, the deficit is at about 1.3%. We also have the lowest debt in the G7 and the strongest economic growth.
I think the Conservatives should look at the numbers.
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- Nov/4/22 11:38:01 a.m.
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Madam Speaker, no matter what my colleague says, this does not address inflation, which is the highest it has been in 40 years. It is no wonder that 1.5 million Canadians turned to food banks in one month alone.
The Prime Minister tried to make up for it yesterday with the economic update. The problem, however, is that it does not address the cost of living crisis.
Can the Liberals fix their economic statement and assure us that there will be no new spending or tax increases?
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- Nov/4/22 11:38:34 a.m.
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Madam Speaker, our economic update contains measures that will put money directly into the pockets of Canadians.
In contrast, what the Conservatives are proposing is to rob our seniors of their pensions and to attack our EI system at a time when we are facing global economic instability. That is irresponsible.
We are there for Canadians.
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- Nov/4/22 11:41:56 a.m.
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Madam Speaker, the fall economic statement puts forward a plan that leverages our strong fiscal position while lowering our deficit by $16 billion. It also modernizes Canada's research facilities, strengthens Canada's anti-avoidance tax measures and makes life and housing more affordable, while eliminating inefficient fossil fuel subsidies.
Instead, we are investing in clean, sustainable jobs of the future that Canadian workers are going to help us all make happen. This is what it means to have a strong environment and a strong economy working hand in hand, and that is exactly what we are doing.
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- Nov/4/22 11:53:12 a.m.
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Madam Speaker, I am pleased to continue answering questions about yesterday's economic update, but I would also like to share with the House some other figures from Statistics Canada. Canadians created over 100,000 jobs in October. Canadians' wages also increased by 5.6%, and this is the fifth consecutive month that wages have increased.
We are making sure that Canadians have good, well-paying jobs.
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- Nov/4/22 11:57:32 a.m.
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Madam Speaker, government revenues have increased by $40.1 billion this year. This is not economic growth; this is more taxes for Canadians on top of the increasing cost for essentials such as gas, groceries and home heating.
Why will the Liberals not give Canadians some relief and cancel their plan to triple taxes on gas, groceries and home heating?
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- Nov/4/22 12:01:12 p.m.
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Madam Speaker, the Deputy Prime Minister and Minister of Finance presented the fall economic statement yesterday, outlining our plan to continue investing to grow our economy, make life more affordable for Canadians and build a Canada where no one is left behind.
As members know, Canada faces real challenges, but also real opportunities.
Can the hon. Parliamentary Secretary to the Minister of Tourism tell us about the concrete measures the government is taking—
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- Nov/4/22 12:04:45 p.m.
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Madam Speaker, the economic update released by this costly coalition only features more of the same reckless spending policies that have driven up inflation on Canadians. Now people are worried and wondering how they are going to be able to fill their gas tanks, heat their homes this winter or put food on the table.
When will the Liberals finally stop their spending and cancel their plan to triple the taxes on gas, groceries and home heating?
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- Nov/4/22 12:06:12 p.m.
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Madam Speaker, the investments that we have made and continue to make through the fall economic statement will grow the Canadian economy. We are drawing investors through the Canada growth fund, and we are upscaling and training workers toward a low-carbon economy through a sustainable jobs plan.
The economic future for southern Ontario is solid. It will be inclusive, diversified and enable Canadians to reach their full potential. This is an economy that works for all Canadians.
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