44th Parl. 1st Sess.
November 14, 2022 11:00AM
- 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 2:35:29 p.m.
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Mr. Speaker, the hon. member knows that eight out of 10 families will be better off under our price on pollution and the climate action incentive. The hon. opposition never talks about the costs of climate change. There are many members from British Columbia on the other side. There has been a $9-billion impact from the floods, fires and droughts experienced last year, and 600 people died under the heat dome.
We have a moral imperative and an economic imperative to do something about climate change. The hon. members of the opposition have no plan. They never did, and they never will.
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- Nov/14/22 2:36:41 p.m.
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Mr. Speaker, let me tell the House what is really out of touch. It is an economic plan which would eviscerate the EI system, endanger seniors' pensions, make pollution free again, claw back climate cheques from Canadian families, leave Canadian children without dental care and deprive low-income renters of the support they urgently need.
Our plan is responsible and compassionate. The Conservative approach is neither.
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- Nov/14/22 3:02:58 p.m.
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Mr. Speaker, on November 3, the Government of Canada announced its 2022 fall economic statement. This update outlines the government's plan to continue to help Canadians with the cost of living and to build a Canada where nobody gets left behind.
At a time when people are asking for help, can the Minister for Economic Development for the Regions of Quebec explain how the new measures will have a political impact on the lives of Canadians?
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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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- Nov/14/22 3:08:31 p.m.
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Mr. Speaker, I would like to thank the hon. member for the work he does for his constituents every day, which I have seen first-hand. It is very impressive.
In the fall economic statement, we introduced tax credits to encourage investment in clean technology and clean hydrogen. We advanced the Canada growth fund to attract private capital to fund the green transition. We invested in Canada's most valuable asset, our people, by moving the Canada workers benefit to an advance payment, and 4.2 million Canadians will get this important top-up.
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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, 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 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, I wish I could say that it is with great enthusiasm that I rise today, but for me to be truly enthusiastic, I would have had to see something new in the economic update. There really was not much there. As my colleague from La Prairie said earlier, it merely dusts off and updates some old legislation. It is an implementation act and a very long document, but there is not much in terms of real content.
There is one new aspect, though. Once again, as my colleague mentioned earlier, we are doing something we did not do last March when the budget was presented. We are talking about inflation more than anything else. The word “inflation” appears in the document roughly 110 times and is referred to ad nauseam. There is also the prospect of a recession now and, for the first time, the document includes an official forecast of a slowdown for two consecutive quarters. This is an extremely important observation. We are talking about inflation and we are anticipating a recession.
As my colleague from La Prairie said, the situation is such that we are being told that inflation is very serious, and the Prime Minister is doing what he likes to do when he goes on a trip to India: He dresses up as a sorcerer, a magician or whatever, and thinks that repeating it 10, 20, 50, 100 or 120 times will make the problem disappear. However, the people struggling with inflation every day in their homes do realize that 80% of all the money announced and spent in this budget update had already been announced either in Bill C-30 or Bill C-31, or still in the last budget or one-off announcements. That is why there is almost nothing in there.
Part of what is new is that it provides for workers to access certain benefits, to which they are already entitled, a bit sooner. People in Saint-Colomban, Saint-Joseph-du-Lac or Sainte-Anne-des-Plaines who are facing inflation and are afraid of losing their jobs will look at this and surely see that it is largely a rehash.
What should have been proposed? The last election campaign was my first. One of the highlights of the campaign was when the Liberal Party went to the public for ideas. The Liberals called the election even though they did not know what to do. They did not even have a platform. They went door to door and had nothing to say. One suggestion in their suggestion box could have been to fulfill the promise they made seven years ago, which was to make major reforms to the employment insurance system.
Workers are sometimes overcome by life's misfortunes. They may have to go through a recession and face COVID-19 while paying for groceries that now cost 10% more. Currently, not even one in two workers qualifies for EI even though they have paid into the system every paycheque, and their employer has paid into the system every paycheque. The government must reform the system. However, we know that a Liberal promise is basically only good for being torn up and thrown away, much like the motions we vote on in the House.
This government does not know how to listen. Even when it takes a step forward, it fails to implement its very own measures. The Bloc Québécois asked for 50 weeks of benefits for people with serious illnesses, such as cancer, who need treatment for long periods of time. If people are undergoing chemo and not applying for jobs, I think it is fair to say they are not trying to rob the system. The Liberals thought 26 weeks of benefits was fair. That measure was voted on in the House and is ready to roll out, but to this day, workers are not getting even one extra week because cabinet has not passed the order in council. It has been 18 months and still no order in council. That is the very definition of a lack of political will, a lack of empathy for people, a lack of respect for Parliament, a lack of consideration for members of the public, for Quebeckers, for Canadians, for workers and for sick people. The Liberals' appalling failure to take action on employment insurance is a manifestation of all those things.
I had hoped there would be something in the statement about climate change, at least. The energy transition is an opportunity to transform our economy, an opportunity to invest, innovate and export. We have to unlock that potential.
The Prime Minister could not even be bothered to go to COP27. He is known for his judgment, so he surely had something less important to do. He did not go to COP27. We said to ourselves that at least the Minister of Environment, who is a reasonable guy, would go to COP27. Since the Prime Minister was not going with him, the minister was lonely and said he would invite some friends. He called the Royal Bank of Canada, one of the largest financial backers of oil projects, western Canadians and oil people. It seems that there was partying going on in Egypt at the Canada pavilion. Oil spill shots were served, people were standing on tables at midnight or 1 a.m. and they sang O Canada after 3 a.m. It seems that the oil people and the environment minister were really partying.
Now, the minister is saying that it was very important to invite them because they have a role to play in the transition. My colleague from La Prairie would say that it is like inviting Dracula to a blood bank. Those are his words.
My grandfather, who was a very wise man, used to say, “Tell me what company you keep and I will tell you who you are”. Today, we know who the Liberals are, and it is reflected in the budget update. The Liberals tell us that they are supposedly going to eliminate subsidies to oil companies, which is not the case, because they are only eliminating some of them. One positive aspect, though, is flow-through shares.
However, the government is subsidising small modular nuclear reactors. These reactors are only being sent to Alberta and the north to be used at oil sands processing facilities to produce more oil.
Does anyone know of any person, city or street in Canada that needs a small nuclear power plant on a skateboard on a street corner? Does anyone think they are for domestic use? No, these are oil subsidies. That is what the government is shamelessly doing. I wonder how the Liberals wake up in the morning feeling good about themselves when they say one thing and do the opposite. I would have a hard time with that and would struggle to look in the mirror every morning even just to shave. Maybe that is why the environment minister has a beard. Perhaps he struggles to look in the mirror to shave.
There is nothing for health care. As the Minister of Health said, this is a futile debate, and the money is not important. He wants to pay his doctors with love and sunshine. I hope he has good genes. He says that funding is not important, because the provinces have money. This is the new strategy. The provinces have been helping people with inflation by sending cheques, so that means they have money.
We look at the budget statement, in which the Liberals claim that they will reduce the federal debt to GDP ratio from 45% to 37% in a few years. They tell us that they have the money.
The week when the Liberals told us that the provinces have too much money, they announce in their statement cheques to reimburse the goods and services tax. They announce measures, but the provinces do not have the right to do anything at all. Essentially, what the Liberals are telling us is not to spend any more money on education or child care, not to help our seniors any more, not to build any more roads, to give up on public transit and certainly not move into an energy transition because as soon as we spend one penny, we will be told that we should have invested in health. According to their argument, which is flawed and preposterous, we should close down schools to prove to them that we truly need money for health. It is plain to see how the federal government is part of the problem.
Ottawa has money to subsidize the oil companies. It has money for that. Today, it had money for a military intervention. It can give money to Asian countries to the tune of hundreds of millions of dollars, as announced today. There is money in Ottawa.
There is money to undermine our public dental plans for children. They have money for that. There is money for GST rebate cheques, to lower the second tax bracket for people who make $90,000, $100,000 and more. That is what they call the middle class because they assume that people cannot count. There is money for permanent facilities on Roxham Road for Liberal donor friends. They have money for that.
The Liberals need to stand up, show some backbone, meet with the health ministers and get the money out.
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Mr. Speaker, there are many aspects of the fall economic statement that I thought the Bloc would in fact support. We can talk, for example, of the Canada growth fund, an investment that, using our tax system, is going to ensure that we have a greener economy. I would think that is an aspect the Bloc would support.
I get it. There are some other aspects. Bloc members will say that sustainable development in their natural resources is not possible. The Conservatives will say we are not doing enough and we are neglecting the areas that the Bloc would argue we should neglect more.
Do Bloc members actually support the fall economic statement, or will they be voting against it?
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Mr. Speaker, would my colleague go so far as to say that this economic statement is futile?
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Madam Speaker, I know the member opposite cannot believe it is not butter, but we know that this fall economic statement is not the real thing either.
The government is purposely engineering a famine by increasing the cost of fertilizer on farmers and the cost of fuel on farmers. It has manufactured a climate emergency and that is the rationale for the Liberals' tripling the carbon tax. No matter how much the costly coalition steps on the gas to accelerate to net zero, we are never going to get there because there simply are not the minerals available on the earth to make these batteries and all these things that they think are going to get us to net zero by 2050. I just wonder when this person is going to look at and take a hard read of the Finnish study that shows that net zero is an impossibility.
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Madam Speaker, I acknowledge that, in principle, Bill C‑32 is about implementing economic provisions. First of all, I want to say that my colleague's comments towards his opposition colleagues are mean, nasty and pure rhetoric.
The opposition members are clearly stating that the government is missing some good opportunities and avoiding big challenges that it could have attempted to address. I will give one example found in this statement, an example of a ridiculous measure that demonstrates it has failed to address major challenges. The statement indicates that the government will work on a Canada-U.S. agreement for compensation for government employees who go to the moon. What a fine and urgent priority.
Does my colleague believe that it is important and pertinent to work on an agreement on compensation for government employees who go to the moon?
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Madam Speaker, in this fall economic statement, I was looking for measures to support Canadian youth. In my riding of Don Valley North, we have Seneca College, and I have spoken to many young people. They have reasonable anxieties about getting through school, coming out and looking for a job, finding a place to live, having a family themselves and eventually owning a home.
Can he share with the House some of the measures in the fall economic statement that will help young people in Canada?
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Madam Speaker, I had a chance to have a round table with seniors in Guelph last week, and I wonder whether seniors in my colleague's riding are seeing some of the same things around grocery prices.
The cost of living is really hitting hard. One of the seniors said to me that one of the pricing set-ups in the grocery store is where one pays $4 to buy one item but if they buy two, they pay only $3. Grocers are making extra money on seniors, single people and students, people who do not need the two items but only one.
Could the hon. member talk about how the fall economic statement might be able to help some of the seniors in his riding?
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Madam Speaker, unfortunately I have bad news for the member. The fall economic statement is going to make things far worse for seniors in his riding and all of our ridings. The reason is that the government spent $500 billion in a very short period of time and printed a lot of that money it make it happen. That is the petri dish for triggering inflation.
Conservatives had two simple asks in the fall economic update. We wanted no new taxes and no new spending unless it was paid for by commensurate savings within existing budgets. The fall economic update did neither of those things. In fact, it went the opposite way and increased taxes and spending. Additional spending at this point on the order of $20 billion or more is going to trigger even more inflation and make it much harder for seniors across Canada to make ends meet.
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- Nov/14/22 6:39:36 p.m.
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Madam Speaker, I would like to start by complimenting the creativity of the member opposite. He can apply that comment to whichever part of his two speeches he likes.
While there are still some difficult days ahead for the global and Canadian economy, Canadians can count on us to continue supporting those who need it the most. Our affordability plan and the other measures announced in the fall economic statement are highly targeted and fiscally responsible.
We will continue to work hard to build an economy that works for everyone, to create good jobs and to make life more affordable for Canadians. We will continue to pursue policy that ensures Canada remains the best place in the world to live, work, thrive and raise a family.
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Mr. Speaker, I thank my hon. colleague for her insight. Of course, if this is a policy distortion, we will certainly take a look at it.
On the whole, we have to be mindful of the fact that the fall economic statement is in itself a very thin document. It is a prudent approach. We are paying down the deficit. We are focusing on growing the economy and helping Canadians who need it the most. Budget 2023 will be a whole other cycle. However, I take my hon. colleague's point and will definitely look into it.
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Mr. Speaker, I thank my colleague for his comments.
I believe that his motion indicates that this economic statement was a useless endeavour, that it should have been part of a plan in a budget, and that the government should have been able to predict inflation with the data we already had last spring. This economic statement would have been useful had it included at least three things. First, it should have increased seniors' benefits because they are the ones mainly affected and they are unable to earn additional income. Second, there should have been significant health transfers because that is where we have difficulties. Finally, there needs to be a complete overhaul of EI because inflation could be a sign of a coming recession and, as a result, job losses.
Given that six in 10 workers currently do not have access to employment insurance, would my colleague be prepared to include measures that would support the overhaul of EI?
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