44th Parl. 1st Sess.
November 14, 2022 11:00AM
- Nov/14/22 2:01:51 p.m.
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Madam Speaker, this past week I had the pleasure of meeting with representatives from the Prairie Sky, Rosetown and Humboldt chambers of commerce. While our conversations covered a wide range of topics, a common theme was how difficult the past two and a half years have been for local businesses, especially independent retailers. Lockdowns drove customers to larger retailers and online shopping sites like Amazon.
The impact of inflation was top of mind for most, whether they were business owners or municipal representatives. With rising prices, not only is inflation cutting into the bottom line of their customers; it is also increasing costs for businesses and making it difficult for them to survive, let alone thrive. Additionally, one mayor told me that inflation is causing municipal projects to run 25% to 40% over budget, forcing municipalities to make cuts and raise taxes.
Small and medium-sized business owners need a Conservative government that will put an end to the Prime Minister's—
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- Nov/14/22 2:06:25 p.m.
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Mr. Speaker, it is report card time for the Liberals. Let us have a look.
Lowering taxes and controlling inflation: fail.
Ensuring housing affordability and jobs: fail.
Stopping foreign interference and being tough on crime: fail.
Fixing our airports and borders: fail.
Safeguarding access to children's Tylenol: fail.
Providing basic government services: fail.
Right across the board, everything feels broken; everyone is worse off, and no one gets ahead. Instead of providing solutions, the Liberals' fall economic statement confirmed that they are out of ideas and out of money.
The Liberal government has been in power for seven years. Ask anybody on the street and they will say they were a lot better off seven years ago than they are today. Most Canadians look around and see what our country has become. The only real change is that there is no change left in Canadians' pockets.
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- Nov/14/22 2:22:44 p.m.
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Mr. Speaker, the Governor of the Bank of Canada has said that inflation here is domestically generated, not imported from the rest of the world. He agrees with our friend and the future leader of the Liberal Party, Mark Carney, who says that inflation is coming from Canada. However, interestingly, the governor says that the solution is to cap wages and cut jobs. He says that the only way to stop inflation is to drive up unemployment.
Does the government agree that it needs to kill jobs to fight the inflation that it has caused?
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- Nov/14/22 2:23:22 p.m.
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Mr. Speaker, what our government believes in is an economic approach that is both compassionate and fiscally responsible. In fact, here is what the Globe and Mail, which as a rule does not agree with our government's policies, had to say about the fall economic statement. It said, “It is, broadly speaking, the right approach” and that Canada has “the slimmest government shortfall in the G7. In inflation-fighting terms, that has Liberal fiscal policy looking pretty good, especially graded on a curve.”
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- Nov/14/22 2:24:02 p.m.
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Mr. Speaker, what is not looking pretty good is the cost of diesel. In New Brunswick, it is over three dollars a litre. Diesel is not a luxury; it is a necessity when one lives in the country and drives a big truck. It is a necessity for the truckers to bring us our goods to our grocery stores. No wonder we have 11% food price inflation. and home heating bills are not looking any better. They are going to double this winter and families in oil-heated communities will have to spend thousands of dollars. Cutting their subscription to Disney will save them $13, which is not enough to pay the bill, but what would help is that Liberals cancelled the plan to triple the tax. Will they?
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- Nov/14/22 2:33:42 p.m.
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Mr. Speaker, what a delusional response from the minister of Netflix. Maybe, instead of advising Canadians to cancel their $14.99 Disney+ subscriptions, the minister could do the right thing and cancel the government's greed.
Their government told us the whole point of the carbon tax was to lower emissions. They have spent over $100 billion since 2015 on the environment, and despite what the Prime Minister says, emissions are up and Canadians are out of money. Why will the Liberals not give Canadians some relief and cancel their inflation tax?
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- Nov/14/22 2:46:29 p.m.
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Mr. Speaker, for Denise's sake, I really hope she did not follow the Conservative leader's advice to invest in crypto as a way to avoid inflation. If she had done that, at best she would have lost 65% of her savings. She may well have been entirely wiped out had she listened to the Conservatives and invested in a crypto platform. It is time for the Conservative leader to take responsibility for this reckless advice and apologize.
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- Nov/14/22 2:47:10 p.m.
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Mr. Speaker, in the last year, Canadian family wages rose less than half as fast as inflation, yet the Liberals recently had the gall to say that higher wage pressures are causing inflation, all while major grocery chains make huge profits and pay millions of dollars in compensation to their shareholders and CEOs. Just like the Conservative leader, the Deputy Prime Minister refuses to acknowledge the full extent to which corporate greed and profit-seeking are driving inflationary pressure on Canadian household budgets.
My question is simple. When are the Liberals going to stop blaming workers and tackle the real causes of inflation by forcing CEOs and their corporations to pay their fair share?
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- Nov/14/22 2:59:01 p.m.
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Mr. Speaker, with our new leader, Conservatives have a plan to curtail the 40-year-high inflation that is crippling Canadians. It is very simple really: Curb reckless spending and stop tax increases. As long as the government is in power, the reckless spending continues. After all, the Liberal motto is “don't just stand there; spend something.” Tax increases, however, can be stopped.
Why will the Liberals not give Canadians a break and finally stop their plan to triple the tax increases on groceries, gas and home heating?
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- Nov/14/22 2:59:38 p.m.
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Mr. Speaker, the Conservative leader did have a very specific plan, which he recommended to Canadians, on how to opt out of inflation. It was to invest in crypto. If Canadians had followed that advice, at a minimum they would have lost 65% of what they invested. Many of them, had they chosen to invest in crypto platforms, would be totally wiped out. That is the Conservative inflation fighting plan. I have to say I prefer our compassionate response.
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- Nov/14/22 3:08:00 p.m.
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Mr. Speaker, one of Canada's great advantages as a country is a capable workforce and the strong economic relationships that we have with the United States.
When the U.S. passed the Inflation Reduction Act, we saw that Canada was successful in lobbying for a buy North America policy that protected our automotive sector.
Can the Deputy Prime Minister tell the House about how the fall economic statement represents the next steps in Canada's plan to seize economic opportunities of net-zero transition and maintain Canada's competitive advantage with the United States?
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moved that Bill C‑32, An Act to implement certain provisions of the fall economic statement tabled in Parliament on November 3, 2022 and certain provisions of the budget tabled in Parliament on April 7, 2022, be read the second time and referred to a committee.
He said: Mr. Speaker, I am pleased to begin debate on Bill C‑32, which seeks to implement certain provisions of the fall economic statement and budget 2022.
As in countries around the world, the Canadian economy is facing a period of slow economic growth. The global challenge of high inflation with higher interest rates and cost of living increases have left many Canadians worried. Some are worried about whether they can continue to pay their bills, and some are wondering whether Canada's future will be as prosperous as our past. Our message to Canadians is simple. We hear them, and we stand with them. We will get through this difficult period together, and we will come out the other side stronger, together.
The good news is that no country is better placed than Canada to weather the coming global economic slowdown. We have an unemployment rate near its record low, with 500,000 more Canadians working today than before the pandemic. We have the strongest economic growth in the G7 this year and the lowest net debt and deficit-to-GDP ratios in the G7. Less than two weeks ago, we saw our AAA credit rating reaffirmed. We have a talented and resilient workforce, and we are a country to which skilled workers around the world want to move. On top of that, we have key natural resources and innovative ideas that the global economy needs. These are the foundations of strength on which we will get through this difficult time.
However, in this period of uncertainty, it is important to exercise restraint and remain cautious budget-wise. That is why our government continues to pursue a tight fiscal policy to keep reducing the federal debt-to-GDP ratio.
Even as we face global headwinds, the investments we are making today will make Canada more sustainable and more prosperous for generations to come. We are working hard to make life more affordable for Canadians. Building on our affordability plan, which was announced this summer, we are putting money back into the pockets of those who need it the most.
With Bill C-32, we are moving forward with an important measure to make life more affordable for a group of Canadians heavily affected by rising prices: post-secondary graduates with student loans. With the passing of this bill, the federal portion of all Canada student loans and Canada apprenticeship loans would become permanently interest free, including those being repaid. This measure would provide financial relief to young Canadians across the country, helping them to make ends meet and ensuring that their investment in themselves and their education was the right decision to make.
I am already looking forward to the effect this measure will have on young Canadians. There is no doubt that it will help many young people balance their budgets and invest in their future. It will also help give our businesses and business owners the skilled workers they need to continue to prosper.
Last week, I met with student apprentices, and they were delighted to hear about this move that we are making in their future.
Another area where I know Canadians are looking for support is the cost of housing. No one will be surprised if I say that our government believes that everyone should have a safe and affordable place to call home. Unfortunately, that goal is increasingly out of reach for far too many Canadians.
Housing prices have skyrocketed over the past few years and many people are concerned that rent will also go up because of the impact high interest rates will have on the mortgages of rental property owners.
We know that some Canadians need help. That is why, with Bill C‑32, the government is introducing an ambitious range of measures designed to build more houses and make housing more affordable across the country.
We are lowering taxes for new homebuyers so they can put their money in a place to call home. To help young Canadians afford a down payment faster, Bill C-32 would move forward with the new tax-free first-home savings account. This account would allow prospective first-time homebuyers to save up to $40,000 tax-free toward their first home. Bill C-32 would also double the first-time homebuyers tax credit to provide up to $1,500 in direct tax relief to homebuyers starting in 2022.
We would introduce a refundable, multi-generational home renovation tax credit. We are also moving forward in Bill C-32 with measures to crack down on house flipping. By doing so, we would ensure that investors who flip homes pay their fair share, which will play a role in lowering housing prices for Canadians. In short, we have a plan to make home ownership in this country more affordable, especially for young people.
As we continue to provide targeted support for Canadians, we are also hard at work to advance a robust industrial policy that will deliver stable, good-paying jobs. We have to seize opportunities in the net-zero economy, attract new private investment and provide the key resources the world needs.
Without a doubt, an investment in our country's future is also an investment in our workers. That is why the 2022 fall economic statement makes investments in workers to grow Canada's economy, create good-paying jobs and tackle Canada's investment and productivity challenges.
For example, we are proposing to expand the accelerated tax deductions for business investments in clean energy equipment. This will be important as our government moves forward with Canada's first critical mineral strategy. This strategy recognizes that critical minerals, including those found in my own home province of Alberta, are central to major global industries and clean technologies. To build on this, we would also introduce a new 30% critical mineral exploration tax credit for specified mineral exploration expenses incurred in Canada.
There is also a measure in Bill C-32 that I am particularly proud of, and that is the creation of the Canada growth fund. We first announced this fund in budget 2022, and we are now taking concrete actions to make it a reality with Bill C-32. With it, we could help attract billions of dollars in new private capital required to fight climate change and create good jobs at the same time. The $15 billion from us would attract in $45 billion, for a fund of $60 billion, and this growth fund would also help to attract scale-up companies that will create jobs, and drive productivity and clean growth. It would encourage the retention of intellectual property in Canada, while capitalizing on Canada's abundance of natural resources.
The fund will be launched by the end of this year, and the government will take steps to put in place a permanent, independent structure for the fund in the first half of 2023.
It is also important to continue supporting our small businesses, which create jobs across the country. That is why we are proposing through this bill to cut taxes for Canada's growing small businesses by phasing out access to the small business tax rate more gradually, with access to be fully phased out when taxable capital reaches $50 million rather than $15 million.
While we support our growing small businesses, we are also moving forward with the Canada recovery dividend to ensure large financial institutions that made significant profits during the pandemic help support Canada's broader recovery. With the passage of Bill C-32, we would impose a one-time 15% tax on taxable income above $1 billion for banks and life insurers' groups because it is important to ensure that large financial institutions pay their fair share.
In a time of great challenge and uncertainty in the global economy, it is important for Canada to have a clear plan for moving forward.
That is precisely what we have with the 2022 fall economic statement and Bill C-32. This bill includes great measures to build an economy that works for everyone, to create great jobs and make life more affordable for Canadians.
My call to all members of the House is to come together and support the positive, constructive and necessary measures in this bill, support tax relief for home owners, support financial relief for post-secondary graduates and support a strategy to grow our economy and maintain Canada's competitive advantage. Canadians are looking to us to put politics aside and ensure the quick passage of this important legislation.
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Mr. Speaker, I would like my colleague to explain something to me. The word “inflation” comes up 115 times in the document, but there is no mention of concrete measures. I am thinking about seniors, who keep taking hit after hit. There is nothing here for them. It never ends.
Why is that? What does that have to do with the inflation we are seeing now and the looming recession?
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Mr. Speaker, we are clearly in an inflationary cycle. That is no secret. It is happening here in Canada, and it is happening in Germany, in France, in the United States and in the United Kingdom. It is important to note, however, that inflation here in Canada is among the lowest in the world, as are our interest rates.
What we have done for seniors is make sure all the benefits and supports they get, such as old age security, are indexed. They get their payments quarterly, not annually. That means there is a quarterly adjustment for inflation.
We will work with our counterparts the world over to slow inflation. In the meantime, we will invest in Canadians who need it most where they need it most.
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Mr. Speaker, the economic update mentions inflation no fewer than 108 times. Inflation means financial hardship for most people given that wages do not keep up with rising consumer prices. Historically, high inflation has meant that a recession is on the way. One usually follows the other. A recession means that many people will lose their jobs. The economic update and the bill do absolutely nothing to improve employment insurance, which is outdated and discriminates against 60% of claimants.
I wonder if my colleague could comment on this oversight in both the bill and the economic update.
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Mr. Speaker, I do not believe that growing the size of the government is going to fix the inflation problem. I support the NDP opposition day motion, which called for a study on greedflation with respect to grocery stores. I hope we do not prejudge the end of that study. I am looking forward to that study being done, as well as the one by the Competition Bureau. It is very important work. Any companies that are price gouging should be held accountable, and we should be looking at other industries too. I would welcome the study of other industries before we start saying whether we would agree to additional taxes at this time.
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Mr. Speaker, there is a simple way to help recover the cost. It is getting out of the way of our world-leading energy sector, letting it unleash its potential and having more revenues come in.
Right now, what we are seeing is that the government's coffers are being filled up on the empty stomachs of Canadians. It is benefiting from inflation, and it is too bad that the NDP keeps propping it up and letting it do it.
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Mr. Speaker, it is interesting to hear the Bloc and the Conservatives talk about inflation. They cover their ears or close their eyes when it comes to what is happening in the world around us. It is almost as if the pandemic was not there or there was no war taking place in Europe. Do the leader of the Bloc, the Bloc party in general, the leader of the Conservatives or the Conservative Party in general not recognize that there are things happening around the world that have had an impact on inflation?
In Canada, we believe we can do more, and we have been providing supports for Canadians. We understand the cost of groceries and the hardships Canadians are facing, and that is why we bring forward legislation and budgetary measures to support Canadians.
Will he not at the very least acknowledge that when we make the comparison, we are better off than the U.S.A., England and many of the European countries? Could he provide his thoughts on that aspect of inflation?
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Mr. Speaker, I thank my colleague for his analogies about sports. It was so nice to hear him talk about that. It brings some excitement into the House.
The member talked a little about what this economic statement is, and it is really just a reannouncement of spending. It was interesting to hear the Liberals use the word “spending” today instead of the word “investments”. I also appreciate the member mentioning the word “inflation”, because I did not realize it was used only 115 times in the economic statement.
However, the members talked about a senior he had seen and looked straight in the face. I would like to hear more of how that senior responded to the inflationary cost of their home heating, which is anticipated to be coming this winter.
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Mr. Speaker, if we are talking about this person in particular, there is a very simple solution. We have been talking about it for years. The member for Shefford does great work trying to bring the government to its senses. It is not complicated. We do not need to draw a picture to make the government understand it.
The Liberals have created two classes of seniors. How did they come up with that idea? Are they going to get a Nobel prize for that sort of thing? They say that there are two classes of seniors, those aged 65 to 75 and those older than 75. Where does that come from?
Given that inflation affects seniors aged 65 to 75 as well as those over 75, why are they treating seniors differently?
We are trying to make them see sense and we may end up succeeding. That is why we are asking questions. Is there a government economist capable of understanding that?
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