44th Parl. 1st Sess.
November 14, 2022 11:00AM
- Nov/14/22 2:57:09 p.m.
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Mr. Speaker, we must work with everyone to have a fair transition towards a clean economy. The fact remains that every sector has a role to play in reducing pollution and achieving net zero, oil and gas in particular. Our government has not hesitated to say that the oil sector must do more.
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- Nov/14/22 2:58:22 p.m.
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Mr. Speaker, I think the hon. member would agree we need to work with everyone to achieve a just transition to a clean economy. Every sector has a role to play in cutting pollution, especially the oil and gas sector. We know the oil and gas sector must do more. That is why we are eliminating fossil fuel subsidies. That is why we are capping emissions. In these times of record profits, the oil and gas sector needs to put its shoulder to the wheel, invest in pollution prevention and build the clean economy of tomorrow.
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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 say to my hon. colleague that he can take a look at the numbers. We had an economy that was producing better than was even projected in budget 2022, and that is thanks to the hard work of Canadian businesses. Therefore, we took a prudent approach to paying down our deficit, which is much lower than predicted in the budget, and we invested money targeted to those Canadians who most need the supports at a time when they most need it.
We are investing in the economy so it will grow. We listened and responded to those Canadians who need it the most. We are making sure we have fiscal firepower for the future, and we are growing our economy so it works for everyone.
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Mr. Speaker, the whole point of the Canada growth fund is not only to crowd in private capital so we can actually green the economy, but also to make sure we are taking a smart approach to how we work with under-represented groups. It is not just the Canada growth fund. The investment tax credits that we are proposing on both clean hydrogen and green energy programs are focused and have a labour provision.
For example, in the clean hydrogen tax credit, 40% goes to those companies that are going to not only pay a good salary but also have apprenticeships. Across the board, we are focused on making sure indigenous peoples, people of colour and people who are under-represented in the workforce are part of these investments.
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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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Madam Speaker, as the Canadian economy faces a period of slower economic growth due to the global challenge of high inflation and higher interest rates, our government understands that many Canadians are worried. They are certainly not relieved by the speech they just heard, but it is important to remember that inflation is a global phenomenon. It is a lingering result of the COVID pandemic.
Despite the Conservative leader's continued attempts to minimize the effects of the war in Ukraine, inflation has been exacerbated by the war in Ukraine and by the supply chain challenges that are affecting people and businesses, frankly, right around the world. Fortunately, there is no country better placed than Canada to weather the coming global economic slowdown and thrive in the years ahead. Indeed, Canada has the strongest economic growth in the G7 so far this year, and we have maintained our position as the G7 country with the lowest net debt and deficit-to-GDP ratios. Our country has a AAA credit rating, a recognition of our strong fiscal position. Canada also has an unemployment rate near its record low, as 500,000 more Canadians are working today than were before the pandemic.
While Canada's inflation rate is less severe, at 6.9%, than that of many of our peers, like the United States, at 7.7%, the United Kingdom, at 10.1%, and Germany, at 10.4%, we appreciate that this will continue to be a difficult time for many Canadians. That is why we are moving forward with our affordability plan, which includes targeted measures worth $12.1 billion. It is already putting more money back into the pockets of the most vulnerable Canadians and those who need it the most. While the Conservatives continue to oppose these compassionate measures, we will continue to be there for Canadians with support that has been carefully designed to avoid making inflation worse.
For example, individuals and families receiving the GST credit started receiving an additional $2.5 billion in support earlier this month. Despite Conservative efforts to oppose and block our compassionate plan, with Bill C-31, we are proposing to create the Canada dental benefit for children under 12 and families with annual incomes under $90,000 who do not have access to a private dental plan. Following the fall economic statement, we are also moving forward with Bill C-32 to make the federal portion of all Canada student loans and Canada apprentice loans permanently interest free, including those currently being repaid.
Canadians can count on our government to continue running a tight fiscal ship. I would like to remind my hon. colleagues that all of these support measures are targeted, fiscally responsible and continue to reduce our debt-to-GDP ratio.
When it comes to pollution pricing, we know that a national price on pollution is the most effective and least costly way of reducing greenhouse gas emissions while putting money back into the pockets of most Canadians. I would like to remind my hon. colleagues that unfortunately climate action is no longer a theoretically political debate. It is an economic necessity.
Canadians all know that the Conservatives do not have a serious plan to tackle climate change, which means they also do not have a plan to grow the Canadian economy. Earlier this month, the Parliamentary Budget Officer published an analysis showing that climate change has negatively impacted and will continue to negatively impact the Canadian economy. Our plan makes life more affordable, grows the economy, fights climate change and puts Canada in a great position to benefit from the growing global opportunity that is clean growth and from the creation of hundreds of thousands of good-paying, sustainable jobs.
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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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