44th Parl. 1st Sess.
November 15, 2022 10:00AM
Madam Speaker, as always, it is a great pleasure for me to rise in the House to talk about the work that the government is doing and the impact it is having in our ridings.
Let me share with the House the importance of the fall economic statement. It follows the budget and brings us to the fall. It will look at some of the measures that we passed lately that will help affordability for Canadians, but it will also share some key investments as we move forward, which are so essential.
Let us not forget that we went through two difficult years with COVID, and we were able to help Canadians because we were in a strong and positive position financially. We were able to help Canadians individually, as well as families and businesses. We were there and we had their backs.
Once again, we are faced with affordability challenges for Canadians, like at the pumps and at grocery stores, and we need to be there for Canadians. We need to be more focused on targeted supports for Canadians so that we can help those who are having the greatest difficulty.
Let us look at our accomplishments. When COVID hit, we lost over three million jobs overnight. Since coming out of COVID, by building back better, we recaptured millions of jobs that were lost, but we also added, as of today, 400,000 jobs to the economy, which is a direct indication of some of the successes of our government in building back better. We are in great shape this time around with the strongest economic growth in the G7. We still have a strong AAA credit rating and the lowest debt-to-GDP ratio in the G7, which puts us in great shape to move forward.
Let us talk about some of the things we have done in the last few months with the help of the House and the other parties. We are doubling, for six months, the GST credit for people who receive it. How many people are we helping? We are helping over 11 million families with that investment, which is really important. We are also helping seniors with an average of $225 more over the six-month period. It is a big investment to help people with low incomes with the GST credit.
The second thing we are doing is the top-up for housing for individuals who are struggling. This is a one-time, tax-free payment to make sure that it does not affect their income as we saw with some of the investments during COVID. We were able to make the adjustments beforehand to help 1.8 million Canadians, which is so important.
We also passed a very important tax-free payment for dental care. It is for families with kids under 12 years old, and that is essential. Every member of Parliament has coverage for dental care, but these individuals and these families do not. Families making $90,000 or less will be able to benefit from this investment. This will help over 500,000 children across this great country.
I will mention some of the new initiatives that are so important to Canadians and low-income individuals. Single individuals are asking what kinds of supports are available for single Canadians in the country. Our expansion of the Canada workers benefit will help over three million people with low incomes, people making minimum wage or just above minimum wage who are working extremely hard. Our government recognizes that they too need some supports.
These supports have been put in place through budget initiatives. However, this time with this investment, we are going to be able to advance the payments quarterly so that these individuals can receive these monies, rather than waiting a whole year to get the tax credit. This will be a very big change that will help many Canadians and it will take place in July 2023. It is not that far away. I have spoken to many people in my constituency about this as well.
With respect to the elimination of interest on student loans, as the House knows, I am a former teacher. I know the investment and cost to families and individuals for education, whether it be for university, community college or whatnot. Having to pay interest is one thing, but having to pay it when the interest rate is climbing very quickly makes it that much more difficult. Many of these individuals will save up to $3,000 in interest over the life of their loan. That is a big support for those individuals.
The Canadian Alliance of Student Associations has stated that there is big news for students right across the country. Starting on April 1, 2023, the Government of Canada has removed the interest on Canada student loans, and this investment is welcomed by past, current and future students who borrow money for their education.
Housing is also a big initiative. This government is the first government to bring forward the national housing strategy, which has various features to support Canadians in many ways with respect to housing. One of the initiatives we are bringing forward is the tax-free first home savings account, where individuals can put away up to $40,000. There is no tax going in or coming out, which is very similar to the TFSA that has helped many Canadians. Also, there is support of up to $1,500 for closing costs when one is purchasing a home.
The other initiative that is very important is the multi-generational home renovation tax credit. I have heard many families talk about having a second suite for a parent, a senior or people with disabilities. A constituent called me to ask if she would be able to renovate her garage into an apartment for her child who has some challenges, barriers and disabilities. Yes, with this investment, people can receive up to 15% of their investment. Therefore, if someone invested $50,000 to make the transformation, they would be able to receive $7,500 on their tax return. Those are big, focused and targeted areas to support Canadians.
Let us also talk about jobs, growth and the economy, which are so important. We are making investments into skills for a net-zero economy. We need to be better prepared to put forward the necessary skills to meet the needs in the labour market to achieve our transition goal. This investment into a sustainable jobs training centre is extremely important, and departments will come together to help in that area.
Jobs for youth are very important. One investment is the youth employment strategy. For people across Canada facing barriers there is Ready, Willing and Able. In Nova Scotia, this has increased participation in the workforce for people with disabilities. We have been able to establish 265 jobs, many of which are with Air Canada, Costco and Shoppers Drug Mart.
With respect to Canada summer jobs, we have seen over 70,000 jobs. Those are key for young people who not only want to attend university or community college, but also want to achieve success by learning new skills and getting out into the workforce to meet with many entrepreneurs, which will help them get various jobs in the future.
Immigration is a strategic keystone for our government. We need to bring more people into the country. We know we have a shortage of workers for over one million jobs, so we need to find ways to fill those. People forget that just over 60% of people who immigrate to Canada have the skills to meet the needs of our country. That is extremely important. We are also bringing some programs forward that will help the regional and rural communities, and we are doing extra in that area.
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Madam Speaker, our role in this place, and something New Democrats have been fighting for, is to distinguish between the needs and wants of Canadians.
It is important that Canadians, especially right now when they are feeling the cost of living pinch, see our economy get better. Part of that is ensuring that we actually tax those that have been disproportionately benefiting from this crisis, like Loblaws, which has benefited $1 million a day.
I was pleased to see the Canada recovery dividend in the member's speech. I was also pleased to see that the government was going to act on this. That is a 15% tax on banks and life insurers. We have also seen incredible greed from not just food companies but also the oil sector.
Why would the government not expand this tax and tax those that are making disgusting profits?
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Madam Speaker, it is indeed a great honour to rise today to speak to the government's bill, Bill C-32, which is an act to implement some of the measures announced in the fall economic statement just a few weeks ago before we were all home for the week of Remembrance Day in our respective ridings.
Many of my colleague from all parties have spoken about this, but this comes at a time of great struggle for constituents in Cowichan—Malahat—Langford. Overwhelmingly, the correspondence I get in my office regards the high cost of living and the fact that their wages are not keeping up.
We know that the increase in food prices is forcing families to make very difficult decisions at the grocery store. For that reason I am very glad to have won the unanimous support of the agriculture committee to commence a study into that and to have also had a unanimous vote here in the House of Commons acknowledging that this is a very real problem and supporting our committee's work in the weeks ahead. I, for one, am looking forward to hearing representatives of large grocery stores speak to what their companies are prepared to do to address this issue.
There is, of course, the high cost of fuel. The war in Ukraine has sent shockwaves through the energy world. We know this because Russia is a major exporter of oil and gas. Through their geopolitical manoeuvring and attempts to punish countries that are supporting the Ukrainian people in their fight for freedom and in their fight to halt Russian aggression, we have a situation where fuel prices for all sorts of fuels have spiked dramatically.
We have a very real problem of private companies involved in those industries engaging in what I would, frankly, call war profiteering. They are taking advantage of geopolitical tensions to rake in billions of dollars of profit, at a rate that we have never seen in this country before.
As for our health care system, and I think that this is the big sleeper issue in Canada that is only just now starting to get the attention it deserves, it has gotten so bad in my riding that, while it falls largely under provincial jurisdiction, constituents are now coming to me as a federal member of Parliament and pleading with me to do something.
We need to have a nationally focused amount of attention on this crisis. We need to have a Canada where people can be assured that they can have access to primary care when and where they need it. We need to find innovative solutions to help this crisis and address it. I am disappointed that the recent meeting between provincial ministers and the federal minister has yet to result in anything concrete to address the crisis.
Of course, while Canadians are struggling, they see a situation in which it was reported that we collected $31 billion less in corporate taxes than we should have last year. At a time when Canadians are struggling with costs to make their own family budgets work and are seeing more and more of the burden falling on their shoulders, they see Canada's largest and most profitable corporations getting away with it, through innovative tax schemes and hiding their wealth offshore to escape the burden of paying their fair share in this country. That is an issue that we absolutely must pay attention to.
In response to these big issues, my friends in the Conservative Party have focused a lot of their attention on the carbon tax. Yesterday, at the agriculture committee, I agreed with my Conservative colleagues in taking a small step to address some of the challenges that our agricultural producers are facing. We will be reporting Bill C-234 back to the House.
However, on the larger issue, I think that what is ignored by my Conservative friends is the fact that the federal carbon tax does not apply in all provinces. What they are advocating for will have no effect on residents in my province of B.C. because we, as a province, have chosen not to have an Ottawa-knows-best approach on pricing pollution.
We, as a province, have preferred to retain autonomy, so our policy is determined in the B.C. legislature in Victoria under the good and sound guidance of the B.C. NDP government. It allows our province to basically take that revenue and distribute it in ways that it sees fit because we, as a province, do not think that Ottawa should have control over that policy, so we, as a province, have decided to retain autonomy.
The Conservatives' fixation on the carbon tax does not take into account the fact that the inflationary pressures we see in the world are the result of things that are largely beyond the control of Canada as a country. In the United Kingdom, the Labour opposition is blaming a Conservative government for the same thing Conservatives in Canada are blaming a Liberal government for. This is a problem we see in many of the G7 countries. It is not limited to one side of the political spectrum or the other.
Again, if one is going to talk about inflationary pressures and completely ignore the massive profits oil and gas companies are making, one is doing a disservice to one's constituents. One is not addressing the elephant in the room here, which is that corporations are using inflation to hide and to pad the massive profits they are making. We need to have a serious conversation about that.
If we truly want to help Canadians with the unexpected costs that come with heating their homes and fuelling their vehicles, we need to develop policies to get them off fossil fuels. It has always been a volatile energy source. If we go back to the 1970s when OPEC, as a cartel, decided to cut production, we see what that did to North America. It has always been volatile, and as long as we remain dependent on it as an energy source, no matter what the tax policy is, we are going to suffer from that volatility. If we want to truly help Canadians, we need to encourage things such as home retrofits, and encourage programs that get them on different sources of energy.
In the meantime, if we want a policy that is effectively going to help Canadians no matter what province they live in, why do we not go with the NDP policy of removing the GST on home heating fuels? That, in fact, would benefit residents in British Columbia, unlike singly focusing on a federal carbon tax.
When I look at Bill C-32, there are certainly a few good things. I appreciate that the Liberals are starting to see things such as a Canada recovery dividend are necessary. They are limiting it to the large financial institutions. We would like to see such a model be not only not temporary but also extended to oil and gas companies and to the big box stores. This is about putting fairness into the system because right now the free market, the so-called free market, is largely failing Canadians. The free market is trying its best, but the wages are not keeping up with rising costs.
One thing members have not yet mentioned either is that there is a critical mineral exploration tax credit in Bill C-32. Canada has a very troubled history with mining, and any projects that go forward need to absolutely be done in conjunction and in consultation with first nations. If we are truly going to transform our economy into the renewable energy powerhouse it should be, those critical minerals that Canada has an abundance of are going to be key to developing that kind of technology.
What I have often found with the Liberals over my seven years of being in this place is that there are a lot of good ideas but they are not fully fleshed out. They do not go as far as they could have potentially gone to make the full impact we wish they would have done.
There is a lot in Bill C-32 for the committee to consider, and I hope it takes a lot of feedback from a wide variety of witnesses. There are measures here that are building on what we, as new Democrats, have been able to force the government to do, such as doubling the GST credit, providing an interim benefit for dental care and making sure there is help for renters.
I am proud that a caucus with less than 10% of the seats in the House of Commons has been able to achieve these things. This is what I came to Ottawa to do. I came to deliver for my constituents and bring tangible results that make a difference in their lives. Through this and other measures, I will continue to do that, to make sure they are getting the full benefits and assistance they need to weather these tough times so they can come out even more prosperous on the other end.
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Madam Speaker, there were a few things in my colleague's speech that I would question him on.
He talked about war profiteering in Canada, resources and the taxes that our natural resources industries paid. They have paid $30 billion more in taxes over the last six months than in the previous year. There has been a rise in commodities across the board. However, in Canada, let us acknowledge our price for oil and gas. For oil, it is $30 less than it is in the U.S., and at times this summer our natural gas price was actually negative.
The member is right in some respects, when he says the free market is failing Canadians, but that is because there is no free market, as the government has held up all kinds of infrastructure, which is, no doubt, one of the things we should be focusing on.
I do want to focus on one thing he talked about, which is the carbon tax. He said that Ottawa should not have control over this part of the economy, and that is something I completely agree with him on. Would he suggest that Alberta was the first province in Canada to have an industrial cost on carbon over 20 years ago? Is he suggesting that maybe this should be the way it is? Would the member side with the Conservative Party here in saying we should get the federal government out of its ridiculous carbon tax regime, which is not working?
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Madam Speaker, I will be sharing my time with the member for Davenport.
I am thankful for the opportunity to take part in today's debate on Bill C-32, which introduces measures in the 2022 fall economic statement and key initiatives from budget 2022. The 2022 fall economic statement includes a series of new targeted measures that would help Canada weather the coming global economic slowdown and thrive in the years ahead. They are measures that would deliver good-paying jobs by seizing the opportunities of the net-zero economy, by attracting new private investment and by providing key resources to the world.
The next few years offer a historic opportunity for Canada. It is a time when we can continue building an economy that works for everyone and create the good middle-class jobs that Canadians will count on for generations to come. However, if we are to capitalize on the opportunities before us in the years to come, we need to step up and make more smart investments today.
Today, I would like to speak to a measure in the 2022 fall economic statement and Bill C-32 that would grow Canada's economy, create opportunities for workers and continue to address Canada's challenge with investment and productivity that has stretched back for decades.
Our government knows we are at a pivotal moment. The climate crisis is more urgent than ever. Canada is already experiencing an increase in heat waves, wildfires and heavy storms. These impacts and the economic and health repercussions that come with them will continue to accelerate if we do not act now.
We know that climate change is real and the path forward is clear. To protect our planet and build a stronger economy, we must do even more on climate action. Over the past six years, the federal government has taken important steps to position Canada at the forefront of the fight against climate change while also working to seize the economic opportunities provided by the global transition to net zero.
Canada's commitment to putting a price on pollution has provided an incentive for businesses and households to pollute less, conserve energy and invest in low-carbon technologies and services. However, it is clear that Canada will need to do even more to secure our competitive advantage and continue creating opportunities for Canadian workers. This challenge has become even more pressing with the recent passage in the United States of the Inflation Reduction Act, the IRA.
Since 2015, the government has been making foundational investments in clean technology, which the U.S. is doing now with the IRA. We welcome the U.S. legislation as it will play an important, pivotal role in the global fight against climate change and will further accelerate the building of sustainable North American supply chains. More importantly, the IRA's build North American policy for critical minerals and electric vehicle tax credits are also good news for Canadian workers and Canadian companies.
While the IRA will undoubtedly accelerate the ongoing transition to a net-zero North American economy, it also offers enormous financial supports to firms that locate their production in the United States, from electric vehicle battery production, to hydrogen, to biofuels and beyond. Without new measures to keep pace with the IRA, Canada risks being left behind.
As a first step in Canada's response, the government is launching the Canada growth fund, which will help to attract billions of dollars in new private capital to create good-paying jobs and support Canada's economic transformation, as well as bringing forward two new measures to support the adoption of clean technology across Canada. Today's legislation would authorize the Minister of Finance to requisition up to $2 billion from the consolidated revenue fund in order to provide an initial capitalization to the Canada growth fund. The legislation would enable the minister to purchase non-voting shares in the corporation in exchange for capital.
Canada's road to achieving our climate targets, creating and maintaining good-paying jobs and building a net-zero economy that works for everyone will require the transformation of our industrial base, specifically the commercialization and deployment of low-carbon technologies and resources and the continued growth of clean technology businesses across Canada.
We have an opportunity to lead the way on the road to net zero and ensure that Canadian workers can benefit from good jobs for decades to come. However, this will require investment on a scale that government alone cannot provide. There are trillions of dollars in private capital waiting to be spent on creating the good jobs and prosperity for workers that a net-zero economy will bring. Canada is competing with other countries to attract the private investment we need.
To succeed, Canada needs to address two challenges. First, we need to incentivize companies to take risks and invest in cutting-edge technology in Canada. Second, we need to keep pace with a growing list of jurisdictions that are using public financing to attract private capital and create the jobs and prosperity for workers that accompany it, from the United States to the European Union and beyond.
In budget 2022, we announced the government's intention to create a Canada growth fund that will help attract private capital to invest in building a thriving, sustainable Canadian economy with thousands of new, good-paying jobs. It will also help Canada keep pace with a growing list of jurisdictions that are using innovative public funding tools to attract the significant private capital required to accelerate the deployment of technologies required to decarbonize and grow their economies.
Since Canada's economic prosperity has traditionally been built on natural resources and other emissions-intensive industries, a substantial transformation of our industrial base will be required to meet our climate targets and ensure long-term prosperity for Canadians and the Canadian economy.
Canada needs to build the technology, infrastructure and businesses to reduce our carbon reliance, but this will not occur without rapidly increasing and then sustaining private investment in activities and sectors that will strengthen Canada's position as a leading low-carbon economy.
Today, while companies and investors are aware of opportunities to commercialize and deploy emissions-reduction technologies, they are often restrained due to investment risks that are frequently associated with these investment opportunities. That is why the fund is designed to invest in a manner that mitigates the risks that currently limit private investment and unlock the domestic and foreign capital that Canada needs now.
The 2022 fall economic statement outlines the design, operation and investment strategy of the growth fund. The mandate of the growth fund will be to make investments that attract substantial private sector investment in Canadian businesses and projects to help seize the opportunities provided by a net-zero economy.
This includes investments that will help reduce emissions and achieve Canada's climate targets; accelerate the deployment of key technologies, such as low-carbon hydrogen and carbon capture, utilization and storage; scale up companies that will create jobs, drive productivity and clean growth, and encourage the retention of intellectual property in Canada; and capitalize on Canada's abundance of natural resources and strengthen critical supply chains to secure Canada's future economic and environmental well-being.
In the challenging economic landscape that Canada and the world are contending with, there is no country better placed than Canada to weather the coming global economic slowdown. The measures in Bill C-32, such as the Canada growth fund, will build on actions the government has taken to make sure that Canadians and the Canadian economy come through this challenging economic period as quickly as possible, and that we are ready to thrive when we do.
I encourage all members of the House to support this legislation.
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Mr. Speaker, I listened to my colleague in the House and I sit in committee with the member as well. I often think he is reading off a page because so much of what he says is dissonant with reality.
He is now talking about a Canada growth fund on top of the Canada Infrastructure Bank. The financial incentive systems, which are built throughout the government to foster investment in Canada, throw money at a wall on some of these technologies that are not going anywhere. The Liberals continue to risk taxpayers' money.
In the time the government has been in power, hundreds of billions of dollars of foreign investment and Canadian investment has left the Canadian economy. The government is now trying to backfill it with more Canadian government money and it is putting a finger in the dike. The government has caused an investment climate that is destroying foreign investment and all investment in Canada.
Can he get to the root of the problem, undo some of the destructive policies and not throw more government money at a wall?
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Mr. Speaker, it is a true honour for me to rise in the House today to speak to the fall economic statement, Bill C-32, on behalf of the citizens of my riding of Davenport.
I would remind those who may be watching the speech that the fall economic statement provides insight into Canada's economic outlook and outlines the government's intentions moving forward. The fall economic statement also builds on the fiscal and economic work already under way in Canada to make life more affordable for Canadians, to build a stronger economy and to prepare for what lies ahead.
It is also always good to take stock of what the current context is. We have high inflation due to two and a half years of historic turmoil, including the after-effects of a pandemic, the current destabilizing geopolitical situation as a result of Russia's illegal invasion of Ukraine, the energy crisis and the impacts of climate change, to name just a few.
I am very proud of how the federal government stepped up to support Canadians during the pandemic. We were generous with our support. Some say it was too generous, but I feel very good about the decisions we made. I am also very supportive of the investments and additional supports to Canadians that we have been making over the last year. National child care is now in the process of being implemented, and my home province of Ontario and the city I live in, Toronto, will see child care costs reduced by 50% in December of this year, which is huge for families not only in Davenport but right across this country. We have seen an increase of 10% in the OAS for seniors over 75; and we have seen the doubling of the Canada student grant for post-secondary students, among many other targeted supportive measures.
More recently, as members will know, we have doubled the GST credit for the next six months, and 11 million Canadians received some additional funding this last Friday. We also have the dental care benefit and the housing benefit winding its way through the Senate. As well, we have announced that students who have Canada student loans will not need to start repaying their loans until they have earned $40,000, which is up from $25,000.
All these measures will go a long way toward helping Canadians who are struggling with the rising cost of living. I hear from Davenport residents every day, and they worry about the prices. They are appreciative of the support the federal government is giving, but they are also hoping the prices come down in the near future.
The fall economic statement puts forward a number of additional measures to support Canadians and to grow our economy, one that works for everyone. I wish I had more time, but I will be able to cover only two or three key measures, so I am going to cover immigration, business investment incentives and growing the clean, green energy economy in Canada.
A couple of weeks ago, the Minister of Immigration announced new immigration levels for Canada that would see us move to invite 500,000 new immigrants to Canada by 2025. This is going to help with the persistent labour shortages that we continue to have, especially in health care, construction and manufacturing. It will also help with ensuring that we continue to have a strong welfare system.
As was indicated to me, about 10 years ago we had one retiree for every seven workers in Canada, and now it is down to one retiree for every three workers. Therefore, if we want to continue to have a strong social welfare system, we have to make sure we are replacing our workforce.
The fall economic statement, more specifically, is going to increase the money to the immigration system, which will increase the capacity to ensure that applications are processed as quickly as possible and that backlogs are eliminated. It is also going to invest in the systems we need to help make sure we bring the talent and skills we need. The details are that the federal government has committed $1.6 billion over six years for the processing and settlement of new permanent residents, and then an additional $50 million in 2022-23 to address the ongoing application backlogs that I can assure members so many of our offices have. It is very frustrating to try to deal with them, but it is wonderful that we continue to put additional resources towards addressing this issue.
I would note as well that we are bringing in a historic number of immigrants and refugees. We should be very proud that over the last three years Canada has settled the highest number of refugees in the world. That's not the highest number per capita, but the highest number of refugees in the world for each of the last three years. It is something I am very proud of. We believe that diversity truly is a strength. We truly believe the increased diversity makes us a stronger and better country.
The next thing I want to talk about is something I worry a lot about. It is the lack of business investment by our businesses in Canada. I am sad to say that business investment in Canada is about half of what it is in the United States. I was reading a few reports online. C.D. Howe put out a report recently and I agree with a number of the things it says. One of the things it says is that business investment is so weak that the labour force is falling and the implications for incomes and competitiveness are ominous. Basically, it reaffirms the fact that business investment is very weak in Canada, which has huge implications for our competitiveness, both today and tomorrow.
Over the last 10 years, when we have had historically low interest rates, our businesses in general have not invested in research or innovation or in increasing wages. Therefore, the government needs to step in and take some action. One of the key things we are doing, which we are introducing in the fall economic statement, is to introduce a corporate-level 2% tax rate that would apply to all share buybacks by public corporations in Canada. This is a similar measure to the one that was introduced in the United States.
It is estimated that this measure would increase federal revenues by $2.1 billion over five years, while also encouraging corporations to reinvest their profits in workers, in innovation and in their own businesses in terms of growth. I believe this is a great first step. Far more needs to be done to ensure competitiveness in Canada, and there are a number of additional measures that we are looking at and considering as we run up to federal budget 2023. Our future economic prosperity depends on our getting this right.
The next thing I want to talk a bit about is climate change and growing—
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Mr. Speaker, I have lots more to say, but I know I only have less than three minutes left.
The next thing I want to point out in the fall economic statement is because the residents of Davenport are very passionate climate activists. They really feel very strongly that we need to move as aggressively and urgently as possible toward meeting our net zero by 2050 targets, so the fact that there are some measures in the fall economic statement that will accelerate decarbonizing our economy and meeting our climate change goals, I think, is welcome news to them.
We were all alarmed when we heard the Secretary-General of the UN, Antonio Guterres, say this:
And the clock is ticking.
We are in the fight of our lives.
And we are losing.
Greenhouse gas emissions keep growing.
Global temperatures keep rising.
And our planet is fast approaching tipping points that will make climate chaos irreversible.
It is incumbent on all of us to take as many measures as possible, so I am pleased to say that the fall economic statement proposes major investment tax credits for clean technology and clean hydrogen, which will make it more attractive for businesses in Canada to invest in technology and to produce the energy that will help to power a net-zero global economy.
The fall economic statement 2022 proposes a refundable tax credit equal to 30% of the capital cost of investments in the following: electricity generation systems, stationary electricity storage systems, low-carbon heat equipment, industrial zero-emission vehicles and related charging or refuelling equipment, among other things. I want to note that the Department of Finance is going to consult on additional eligible technologies. We, of course, are introducing these measures not only because we want to meet our net-zero target by 2050, but also in response to the adoption of the inflation reduction act in the United States, to ensure that we remain competitive in both the current and the future economy.
Given the fact that I have only less than a minute left, I will mention two other small measures, but I think they are significant ones that are going to be helpful to individuals, to all Canadians across the country.
The first is the elimination of interest on Canada student loans and Canada apprenticeship loans. Anything we can do to help students start their lives without debt or with as minimal debt as possible is going to be helpful.
The second is the new, quarterly Canada workers benefit, which is $4 billion over six years. We are going to be issuing that Canada workers benefit quarterly, which will be helpful and put money into the pockets of low-income Canadians sooner rather than later.
I am thankful for the opportunity to speak to the fall economic statement on behalf of the residents of Davenport. I would urge my colleagues on the other side to support this bill as expeditiously as possible.
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Mr. Speaker, I thank the member from Kamloops. It is a beautiful place in British Columbia, and I enjoy going there.
We absolutely understand that times are tough for so many Canadians today. Over the last couple of months, our government has put forward plans to provide a $500 top-up to the Canadian housing benefit, provide up to $1,300 through the Canada dental benefit for low-income kids under 12 and double the GST tax credit for six months.
As Canadians and the Canadian economy contend with global challenges, our fall economic statement builds on this responsible fiscal plan. It proposes new targeted measures to support Canadians, such as the ones he is talking about, who need it the most and grow the Canadian economy.
This includes permanently eliminating interest on federal student apprenticeship loans and the launching of the new Canada growth fund, which will help bring Canada billions of dollars in new private investment required to reduce our emissions, grow our economy and create good jobs.
We are creating a new quarterly Canada's workers benefit with automatic advanced payments and delivering on key pillars of the government's plan to make housing more affordable, including the creation of the new tax-free first home savings account and a doubling of the first-time home buyers' tax credit, ensuring that property—
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- Nov/15/22 3:06:44 p.m.
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Mr. Speaker, it is a fact that the Conservatives are wrong. Our economic plan is fiscally responsible.
The day that the economic statement was tabled, Moody's reaffirmed Canada's AAA credit rating. Canada has the lowest deficit in the G7. Canada has the lowest debt in the G7. Our economy is strong and our plan is fiscally responsible.
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