44th Parl. 1st Sess.
November 24, 2022 10:00AM
- Nov/24/22 5:40:36 p.m.
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Madam Speaker, the Canada Infrastructure Bank was established to ensure Canadians benefit from modern and sustainable infrastructure through partnerships with governments and the private sector. The bank helps public dollars go further by investing in revenue-generating infrastructure projects in the public interest and by developing innovative financial tools.
With regard to the Lake Erie connector, which was the subject of much of my friend opposite's speech. It is our understanding from the bank that discussions on the Lake Erie connector project led by ITC Holdings were suspended at this time. The project itself was planned to improve the reliability and security of Ontario's energy grid and allow access to the largest electricity market in North America.
The 117-kilometre underwater transmission line was projected to cost $1.7 billion, with the Infrastructure Bank contributing $655 million. No funding has been provided, but regular and minor administrative costs would have been incurred during the due diligence period. I hope that answers my friend opposite's question.
While this project is not proceeding at this time, it is these kinds of ambitious projects that the Infrastructure Bank is pursuing across the country, literally transforming how infrastructure is planned, funded and delivered in Canada. To date, the bank has advanced over 40 signature projects, committing $8.3 billion in capital from the bank, while attracting $7.8 billion in private and institutional investment. The bank is connecting Canadians, creating good jobs and advancing complex and transformative projects.
By focusing on key priority sectors, such as public transit, green infrastructure, broadband, clean power and trade and transportation, the bank is supporting a recovery that is greener, more resilient and more inclusive. It is doing all of this while empowering private partners to envision quality, high-value projects for Canadians, while reducing the financial burden on taxpayers.
Budget 2022 reaffirmed the government's support for this innovative financing model, broadening the bank's vital role by including investment in private sector-led infrastructure projects that will accelerate Canada's transition to a low-carbon economy.
The bank is also helping to close the indigenous infrastructure gap through its indigenous community infrastructure initiative, which provides low-cost and long-term debt financing for indigenous, community-based projects, including the first indigenous-owned and -operated railway in Canada.
The Government of Canada, together with its partners, is building a better future for Canadians. The Canada Infrastructure Bank is playing a key role in that effort, delivering vital infrastructure to Canadians, while creating good-paying jobs and growing our economy.
I look forward to working with my friend opposite so that we can identify and deliver more innovative and transformative infrastructure projects for Canadians.
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- Nov/24/22 5:44:26 p.m.
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Madam Speaker, the Canada Infrastructure Bank is making significant progress in advancing its goals of attracting private and institutional investments to projects, while using innovative financing tools to get more infrastructure built for Canadians.
To date, the bank has advanced over 40 signature projects, committing $8.3 billion in capital, while attracting $7.8 billion in private and institutional investment. The bank is working with all orders of government to deliver more infrastructure for Canadians, while reducing the overall financial burden on taxpayers.
We are helping to expand Canada's economy while meeting our net-zero emission goals through investments in zero-emission buses, energy-efficient building retrofits and clean power transmission, generation and storage. We are doing this alongside our public, private and indigenous partners.
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Madam Speaker, I take a lot of time writing my notes, but to get off that for a second, at the request of my colleague, there was in fact a carbon price seven years ago, just not in his home province of Alberta. In my home province of B.C., there absolutely was a price on carbon, and guess what. During that period, British Columbia had the fastest-growing economy in the country at the same time as we had a carbon price. That is just some food for thought before I get into my extensive notes.
Our government understands that many Canadians are worried about our country's economy and that we are facing a global slowdown due to global challenges of high inflation and higher interest rates. However, it is important to remember that inflation is in fact a global phenomenon. Indeed, it is a lingering result of the COVID pandemic, Putin's illegal war on Ukraine and the snarled supply chains that are affecting so many people and businesses right around the world. The good news, though, is that no country is better placed than Canada to weather the coming global economic slowdown and thrive in the years ahead.
Canada's inflation rate is less severe, at 6.9%, than those of our peers, like the United States, at 7.7%, the United Kingdom, at 11.1% and Germany, at 10.4%. We rely on Stats Canada to do those calculations. Also, our country has a AAA credit rating and has had the strongest economic growth in the G7 so far this year. That is alongside the lowest deficit- and net debt-to-GDP ratios in the G7. In fact, we have strengthened that advantage over the course of the pandemic. Our unemployment rate is also near its record low, and 500,000 more Canadians are working today than before the pandemic.
We do appreciate, though, that this is a difficult time for families, friends and of course our neighbours. That is why we are now moving forward with targeted measures, including new ones introduced in the fall economic statement. For example, Bill C-32 would make the federal portion of all Canada student loans and Canada apprentice loans permanently interest-free, including those currently being repaid.
We are also continuing to implement our government's affordability plan, which includes targeted measures worth $12.1 billion. For example, with Bill C-31 having recently received royal assent, we are moving forward with the creation of the Canada dental benefit for children under 12 in families with annual incomes of less than $90,000 who do not have access to a private dental plan. Also, individuals and families receiving the GST credit started receiving an additional $2.5 billion in support earlier this month, and I thank my friend opposite for supporting that measure.
These are targeted measures that help make life more affordable for Canadians who need it the most, while being careful not to add fuel to the inflationary fire.
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 more money back into the pockets of most Canadians. Climate action is no longer a theoretical political debate; it is an economic necessity.
Earlier this month, the Parliamentary Budget Officer published an analysis showing climate change has negatively impacted and will continue to negatively impact the Canadian economy. The Conservatives regularly conflate the increased cost in global commodity prices with a price on pollution, but this is a fundamental error in practice. In B.C., for example, the carbon price has increased by only two cents per litre over the last three years while the price of gas has increased by over a dollar. That means the Conservatives are regularly ignoring 98% of the real problem. They also ignore the fact that the federal carbon price is revenue-neutral and that it actually makes life more affordable for eight out of 10 Canadian families through the climate action rebate.
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- Nov/24/22 5:53:59 p.m.
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Madam Speaker, he did not hear this, because I said it while he was speaking, but I take a lot of time writing these speeches. I hope he likes all the effort that goes into them.
Our government has continued to reduce our debt-to-GDP ratio and has created over 500,000 new jobs since the pandemic began. Our fiscally responsible plan has maintained our AAA credit rating and allows us to invest in Canadians while we fight global inflation. Those are independent ratings done by independent experts, and I will rely on those independent experts as opposed to some of the opinions by the member opposite, although I do respect his opinion.
We are going to continue to focus on making life more affordable and growing an economy that works for everyone. It is not just the right thing to do; it is the smart thing to do. It will ensure that Canadians remain in the best place in the world to live, to work and to thrive. We are going to make sure that we make life better for future generations while we grow the economy and fight climate change at the same time. In fact, it is crucial that we do both.
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- Nov/24/22 5:59:06 p.m.
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Madam Speaker, I am glad to be addressing a large variety of topics this evening.
Our government understands that the elevated global inflation we are experiencing is a major issue for all Canadians, including seniors, and that many are struggling to make ends meet. There are higher food and energy costs due to the Russian invasion in Ukraine, as well as longer lasting impacts from supply chain disruptions due to the pandemic.
That said, I am sure the member for Bruce—Grey—Owen Sound has noted that inflation is decelerating in Canada. It was 8.1% in June. It is now at 6.9%. This is lower than the United States at 7.7%, the United Kingdom at 11.1% and the euro area at 10.6%. Still, at 6.9%, inflation in Canada is high and we know that Canadians are experiencing higher costs of living when they go to the grocery store, when they fill their tanks and when they pay their rent.
This is why our government is supporting Canadians who are affected the most by inflation. For example, we doubled the GST credit for six months. I thank my friend opposite. He gave a speech supporting that particular measure.
This will deliver $2.5 billion in additional targeted support to roughly 11 million households and, interestingly enough, over 50% of our seniors in Canada, those who need it the most, will benefit from this particular measure.
I am certain that my friend opposite will agree with me when I say that Canada owes our seniors a great deal, which is why our government takes retirement security so seriously. It is also why I get nervous when the Conservative Party of Canada repeatedly asks for us to reduce the cost of government by shrinking the future pension benefits of seniors. This is simply not a responsible policy.
On the other hand, we think it is very important that the Canada pension plan, the old age security pension and the guaranteed income supplement continue to be indexed to the consumer price index. This means that seniors do not have to worry about the value of their benefits keeping pace with inflation because, as costs increase, so will their benefits. This is very helpful for seniors, especially if they are on a fixed income.
Small changes in income can make a big difference. That is why the Conservative plan to increase the age of eligibility for OAS and GIS from 65 to 67 was so harmful. It literally took thousands and thousands of dollars away from seniors right when they needed it the most. Fortunately, our government reversed these measures that were introduced by the Conservatives and Canadians can count on receiving their benefits at 65, as previously promised.
We also increased the maximum GIS benefit for single seniors aged 65 and up who needed extra help, and we permanently increased the old age security pensions by 10% for seniors aged 75 and older. That will be waiting there for all of us when we get to that age. This means increased benefits for more than three million seniors and more than $800 in new support for full pensioners over the first year. This is in addition to numerous programs that support seniors and our health care system right across the country.
While there is still more work to do, Canadians should know that there are 25% fewer seniors living in poverty today than when we took office in 2015. I think that is a trend that we can all support in the House and that every party can support.
I look forward to working with the member opposite to do even more to support our seniors and to further strengthen retirement security for future generations of Canadians.
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- Nov/24/22 6:03:41 p.m.
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Madam Speaker, I am happy to address those particular questions.
We are focused on making life more affordable, especially for our seniors. The point of talking about the GST benefit was pointing out the specific point that, while it is going to 11 million households, disproportionately, the seniors who need that benefit are getting it. In fact, over 50% of seniors in Canada are getting it.
I also talked about how OAS and GIS and other important benefits are all indexed to inflation. One gets that at whatever age one is when one is collecting that. As people are dealing with the price of gas going up and the price of food going up at the grocery store, they can trust that those benefits are, in fact, going up as well.
When it comes to CPP, if one is putting forward a policy that is reducing the benefits that are going into CPP, then one is putting at risk the future benefits that we worked so hard with premiers all across the country to put in place so that we can increase future pensions by up to almost 15%.
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