44th Parl. 1st Sess.
December 7, 2022 02:00PM
- Dec/7/22 2:22:29 p.m.
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Mr. Speaker, Canadians were hit with yet another interest rate hike today. The Bank of Canada imposed that hike, but it had to do so because of this government's inflationary deficits. Even the Governor of the Bank of Canada indicated that the deficits are increasing inflation, which in turn leads to higher interest rates.
For a family that bought an average house with an average mortgage, that is $7,000 more in interest a year. That is impossible. The more the government spends, the more Canadians pay.
When will the Liberals stop making Canadians pay?
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- Dec/7/22 2:23:13 p.m.
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Mr. Speaker, the member opposite knows very well that the Bank of Canada is an independent institution.
It is true that this is a difficult time for Canadians. It is not true that the investments that we made in Canadians have caused inflation. One need only look at the report of the former governor of the Bank of Canada, Stephen Poloz, which indicates that our investments prevented a period of deflation.
Within the hour, the Leader of the Opposition will have the opportunity to help Canadians by supporting Bill C-32 to implement the support measures set out in the the fall economic statement.
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- Dec/7/22 2:23:50 p.m.
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Mr. Speaker, Canadians were hit with another interest rate uppercut today as inflationary deficits by the Liberal government are driving up inflation and interest rates. The Governor of the Bank of Canada has even said these deficits are driving the higher cost. One mother told the CBC that she signed into a 1.9%, variable rate mortgage because she believed the government when it said that the rates would be low for long. She now says, “I should punch myself on that decision. Why did I listen to all these people?”
How is this mother going to pay the extra $1,000 a month in mortgage payments they are putting on her back?
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- Dec/7/22 2:24:31 p.m.
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Mr. Speaker, I would be careful if I were the member opposite. He asked people to listen to his advice, when his idea to hedge on inflation was to go buy crypto. Shame on that advice. It is irresponsible and not appropriate.
We are going to eliminate interest on student loans and apprentice loans. We are going to make it more affordable to buy a house. We are going to get workers the money they need faster. In one hour, the Conservative chorus can sing with us and support Canadians, or it can do what it has always done and vote against it.
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- Dec/7/22 2:32:00 p.m.
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Mr. Speaker, the Bank of Canada announced another interest rate increase today, and it is going to mean a lot of pain for Canadian families. With the increase in interest rates, we know that many families are going to see an increase in their mortgage payments of over $1,000. That is not something most Canadian families can afford to pay in addition to the budgets they are dealing with right now.
So far, the approach to inflation has been to put more pressure on the backs of Canadians. When will the Prime Minister find a way to tackle inflation that does not create pain for workers but actually provides them the support and respect they need?
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- Dec/7/22 2:33:22 p.m.
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Mr. Speaker, the job of the Bank of Canada should not be to create more pain for Canadians, and the government should find a way to reduce that pain and step up for them.
Consumer debt is up 8% over last year. These are tough times. Consumer debt is quite high because of interest rates and the rising cost of living. Workers are bearing the brunt of all this pressure.
When is this government going to deal with inflation in a way that no longer puts pressure on workers?
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- Dec/7/22 2:34:03 p.m.
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Mr. Speaker, we greatly respect the efforts that working men and women are making to build a prosperous Canada. We know that Canadians are going through a difficult time during this global inflationary cycle. That is why, here in Canada, the Bank of Canada is independent. Its role is to reduce inflation to a 2% target rate. As the government, we take action to put money in the pockets of Canadians who need it, when they need it.
That is why it is essential that every member of the House vote in favour of supports for Canadians and help us by voting for Bill C‑32.
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- Dec/7/22 2:35:48 p.m.
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Mr. Speaker, everybody in the House agrees that COVID supports were necessary. We are talking about wasteful spending. This is about the abject failure of the government to manage COVID supports and ensure that the people who needed them received them. Instead, the Liberals sent cheques to dead people and to people in prison.
The government has wasted and mismanaged billions of dollars. Now Canadians are footing the bill with inflation and are worried about how they are going to survive.
When will the Liberal government give Canadians a break?
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- Dec/7/22 3:08:13 p.m.
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Mr. Speaker, we have seen $52 billion in new inflationary spending and $500 billion in deficits in just two years. Yesterday the Auditor General reported that $32 billion in overpayments and suspicious payments just went out the door. The Governor of the Bank of Canada said that if Liberal spending had been less, inflation would have been lower, and today interest rates went up by another half a per cent.
The Prime Minister's big spending is now hurting Canadians. Will he stop the spending, stop the waste and get inflation under control finally?
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- Dec/7/22 3:08:49 p.m.
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Mr. Speaker, I would direct my hon. colleague to a Scotiabank report that says very clearly how our investments in the pandemic had no effect on inflation.
In fact, let us look at the Auditor General's report, which said this:
We found that the COVID-19 programs achieved their objective to help Canada avoid a more severe contraction of the economy and the social consequences of...a significant increase in poverty. This financial support allowed the economy to rebound and return to its pre-pandemic level.
That is the job of a government. That is what we did. The Conservatives do not like it, but Canadians sure do.
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Mr. Speaker, I want to remind the House that we are debating the fall economic statement. I always notice, and I mean this in the nicest way, that the Liberal speakers know very little about the economy when we are debating economic matters like the economic statement.
I listened to the member across the way, with intent, because he did bring up some historical context here about inflation. I wonder if he knows that the rate of inflation and how it is measured in Canada is historically lower than it is in the United States because of the way we measure owners' equivalent rent.
Most Canadians are asking, “How come it is always lower in Canada than it is in the United States?"
Since he referenced some history about one time when it was actually higher in Canada, according to his interpretation, I will ask him this. Did that measurement change during those years, or did that measurement change to manipulate the inflation rate that we are showing right now?
It is an open question. I actually do not know the answer.
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Mr. Speaker, the stats I got were from the U.S.A., which indicated 2014-15, the last two years of Stephen Harper. The actual inflation rate in the United States was lower than in Canada. The member is right. Often, the Canadian rate is lower, as it has been here for the last number of years and continues to be, even today when the Conservatives voice their concerns about the inflation rate.
It does not mean that we should not be sensitive to those grocery costs and other expenses at the local level. We need to do more. That is why we brought forward the legislation to support Canadians, even during this difficult time. I encourage all members to recognize that Canada is doing reasonably well on a worldwide basis.
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Mr. Speaker, it is my pleasure to rise today during the third reading debate to support Bill C-32. I am one of the final speakers on this important legislation that would implement some of the key measures from our government’s fall economic statement and bring needed help to Canadians who need it the most, including in my riding of Scarborough Centre.
I have spoken several times in the House about inflation and the impact it is having on families in my riding. It seems like everything is more expensive. For families in Scarborough, which is one of those communities where people are working hard to join the middle class, it is not like it was easy for many families to make ends meet already.
The lack of affordable and suitable housing is a long-standing issue. Rising interest rates are not helping. Add in the higher cost of groceries and seemingly everything else, and it leaves many families having to make very difficult choices every month. With housing, transportation, groceries, school outings and clothes for children, paycheques never seem to go far enough. For too many families, it is harder than ever to get ahead.
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In the spring, we were all focused on the high price of gas. It is still not cheap, but it is down substantially from its peak of over two dollars per litre. Groceries and other necessities remain more expensive than usual, and this trend is forecast to continue into the coming year.
While my friends across the way may say otherwise, inflation is not a made-in-Canada phenomenon. Groceries are not more expensive because our government stepped up during the pandemic to stop people from losing their homes and businesses from declaring bankruptcy.
In fact, our pandemic supports for Canadians, which I recall all members in the House working on together to deliver them to Canadians expeditiously, saw Canada emerge stronger from the pandemic. We were there for Canadians and we always will be.
Inflation is a global phenomenon driven by the zero-COVID policy in China, ongoing supply chain disruptions, climate change impacting the harvest of vital crops and the war in Ukraine. Canada is not immune to these global pressures.
We have done better than many of our peers. According to a report last month from CTV, Canada had the third-lowest inflation rate in the G7 at 6.9%, which is higher than only France and Japan, and faring much better than the United Kingdom, Germany, Italy and even the United States.
That said, the challenges being faced by many Canadians are very real, and Canadians expect their government to be there to help those who need it the most. You and I do not need help, Mr. Speaker. We can tighten our belts and weather the storm until it passes.
However, those families already on the edge, the seniors on a fixed income and the single mother trying to support her kids on a minimum-wage job are the people who need targeted assistance. It is those Canadians we are seeking to help with Bill C-32.
I would like to focus on a few of the ways we are already helping constituents in my riding who need help the most.
By doubling the GST tax credit for six months, we are directly helping lower-income seniors and families. Everyone below a certain income threshold is eligible for the GST tax credit, and this increased rebate is already putting money back into the pockets of Canadians who need help the most.
A single person with no dependent children can receive up to $234, and a couple with no children can receive up to $306. This goes all the way up to $628 for a couple with four children.
We are also topping up the Canada housing benefit with a $500, one-time payment. Everyone, from young people living on their own for the first time to families and seniors on a fixed income, is eligible based on their income and how much of their income they pay toward rent.
In short, whether it is a family with a net income under $35,000 or it is a single person earning under $20,000 and paying 30% or more of their income on rent, then they can qualify for this payment, but they need to apply for it. Applications open December 12, and if someone is eligible, I strongly encourage them to go online to apply.
We have also launched the Canada dental benefit for low-income families with children under the age of 12. It can provide up to $1,300 over two years to help with dental costs for eligible families. We expect this program to expand to lower-income seniors next year. I know it will make a difference for many seniors on a fixed income.
If people take care of their teeth, their teeth will take care of them. This program means that lower-income families without employer coverage do not need to neglect their oral health needs. We are also working toward a national dental care plan for all Canadians.
These are all targeted programs that are putting more money back into the pockets of lower-income families and seniors. We are building on these initiatives with Bill C-32.
To address housing affordability, we are taking a number of steps, including an anti-flipping rule to discourage people from rapidly flipping homes for profit in a short time, which is driving up housing prices. Houses should be a home, not a business. We would make it easier to save for a down payment with the new tax-free first home savings account.
We would change the rules around the tax on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused. Also, we would double the first-time homebuyer's tax credit amount from $5,000 to $10,000.
I also have a lot of multi-generational households in my riding, and the multi-generational home renovation tax credit would help families make their homes more suitable to their needs.
I am particularly excited about the elimination of interest on federal Canada student loans and Canada apprentice loans, combined with no requirement for repayment at all until a graduate is making at least $40,000 per year. This would be a significant benefit for our young Canadians.
I meet with student groups every year and with individual students all the time in my community. They have long told me about the burden of graduating with major student debt that weighs them down for years. In real dollars, tuition and other expenses are so much more than when we were in school. Even working full time, it can be hard to keep up.
The elimination of federal student loan interest has been welcomed by many stakeholders. For example, the Canadian Alliance of Student Associations, which I met with last week, said:
Big news for students across Canada!
Starting on April 1, 2023, the Government of Canada will remove the interest on Canada Student Loans. This investment is welcomed by past, current, and future student loan borrowers.
The Public Service Alliance of Canada said:
We're pleased to see help to Canada's most vulnerable in today's economic update, including eliminating student loan interest payments for thousands of our members and increased funding for the services our members deliver to Canadians every day.
By eliminating interest and delaying repayments, we would make it easier for young graduates just entering the workforce to begin a family, to begin saving and to enter the housing market. Without the burden of crushing debt payments and compounding interest, they could more easily realize their career goals and contribute to society, which would enrich us all. This measure would save the average graduate more than $400 every year, and that would be a real benefit for young families saving for their first homes.
I could go on, but the sooner we pass this legislation, the sooner more help will begin to flow to Canadians who need help the most. I urge my colleagues to join me in supporting Canadians, and let us pass this bill.
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Mr. Speaker, one of the things the member pointed out is that the Liberals have created a special and extra benefit for seniors over 75. While I would not at all dispute that seniors over 75 face extra costs in terms of their lives, somehow it seems to imply that those between 65 and 75 are okay, when we all know they are suffering from those same effects of inflation and those same inabilities to make ends meet when it comes to housing and associated medical costs.
I wonder if the hon. member would support the idea that the increase that went to those over 75 should have gone to all seniors.
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Mr. Speaker, I rise here today to speak to the government's economic update. On weekends, I spend time in my riding to talk to the folks who I represent. The topic front of mind for all is the state of the economy.
As the Deputy Prime Minister gave her update in the House, I, like many others, listened intently. I heard her warn Canadians that things are going to be tough this winter, and that inflation is high and likely to get higher. Boy, how her tone has changed from the message of sunny days and sunny ways.
A few months ago, we heard that very same minister stand in the House and tell us that we are not so bad off and that we should be happy because the rest of the world is worse. In March, she accused us Conservatives of talking down the Canadian economy. Perhaps the minister could now admit that it was not talking down the economy, but rather it was, and continues to be, a warning to this Liberal-NDP coalition of the harmful consequences on real Canadians that their failed economic policies are producing.
The minister acknowledges that tough times are here, sunny days are behind us, and it is time to pay for Liberal overspending. The Liberals have run up the government's credit card to the limit, and it is now up to the taxpayers to pay the bill. The truth of the matter is, the ones who feel their mismanagement the most are the ones they claim to be standing up for.
We all know that socialists raise their fists in the air exclaiming, “Power for the people”, but what is the result? It is power over the people.
I have heard the minister say numerous times in the House that the government's plan is a compassionate plan. I beg to differ. Is it compassionate to triple the carbon tax on home heating? Is it compassionate to triple the tax on gas? Is it compassionate to triple the carbon tax on food production and delivery? I can answer that with a resounding “no”.
The people of Coast of Bays—Central—Notre Dame are not feeling any compassion from this government. They are contemplating how to stay warm and keep food on the table this winter. It is looking more like doing both may not be an option. People in my riding are facing a home heating bill that has nearly doubled since this time last year. Is that compassion?
Charlie from Gander, for example, is a hard-working family man who considers himself to be part of the middle class. He told me that he is scared that he will not be able to afford oil to heat his home this winter.
Food banks across the country are experiencing record high usage, yet what did this minister say to that? Well, she did not say, “Let them eat cake”, but she might as well have. She tried to relate to hard-working Canadians by telling of the hardship that her family is experiencing in making the huge sacrifice of cutting their Disney+ subscription. It would be funny if it were not so serious. This government is so out of touch with Canadians that it is completely tone deaf to their plight.
Last week, my colleague told the minister of a senior who is living in her car in Halifax, Nova Scotia, because, even though she has employment and CPP benefits, she is unable to afford housing. The minister's response was to advise the woman against spending her savings on cryptocurrency. Really? How tone deaf can she be to believe that a woman who is forced to live in her car because she cannot afford a house has $10,000 to invest in anything for that matter?
Maybe the minister is just as tone deaf in reading the situation as the Prime Minister is. He thought it would be a good idea to hold a concert in the lobby of a hotel where he had the taxpayers spend $6,000 a night for five nights for his room, which is almost double the average Canadians' earnings in a month. To justify his extravagant spending when questioned in the House, the Prime Minister thought he could distract taxpayers by reminding them of the extremely generous one-time $500 payment to low-income renters. Do the members of this government not see how disingenuous their words are?
The Conservative Party asked the government for a little relief on home heating this winter by removing the carbon tax from heating fuel. In Atlantic Canada, this would be a big relief and offer some peace of mind. What was this government's response? Well, the Liberal government decided to ignore their pleas, and the request of the Liberal premier of Newfoundland and Labrador, by forcing the carbon tax on three Atlantic provinces.
The MPs from our own province should be sympathetic, but no. The senior minister from Newfoundland and Labrador is sick and tired of people complaining about the cold winter. The Liberal-NDP coalition government is tone deaf and out of touch. The government's excuses for the rising inflation rate are anything and everyone other than its mismanagement and reckless overspending. It would like us all to believe that it is because of COVID, but as my colleagues have pointed out on several occasions and I feel is worth repeating, the Prime Minister added $100 billion of debt prior to the first case of COVID in Canada. That bears repeating so we can absorb the figure: $100 billion that is not COVID-related.
This week, the Auditor General confirmed that the members on this side of the House have been warning since 2020 that wasteful spending was resulting due to a lack of controls. With respect to Employment and Social Development Canada, the Auditor General identified at least $32 billion in overpayments and suspicious payments that require further investigation. In the Prime Minister's eyes, that is insignificant and he would like us to believe the rest of the spending was to support Canadians through the pandemic. That too is not completely correct. The Parliamentary Budget Officer discovered that 40% of all new spending measures had nothing to do with COVID. That is $200 billion in spending that is unrelated to COVID. That boggles my mind.
The spending that was done in the name of COVID was poorly managed, to say the least. We saw CERB cheques going to prisoners and there was a $44-million arrive scam app which did nothing and could have been developed for approximately $24,000 in someone's basement over a weekend. The list goes on and on. I am sure members are tired of me saying all this stuff.
What the Liberals do not seem to understand is that this money that they keep spending and giving away to their friends is not their money to give away. Hard-working, taxpaying Canadians deserve respect and real compassion. The Conservative Party is here to do just that. We will fight for those who leave their homes every day to work in the energy industry to provide heat for our homes and gas for our vehicles, for those who fish our waters and farm our land to provide food security for Canadians, and for those who look after our children in day care and who tend to our sick and our elderly. Conservatives have a plan that would work and not just pay lip service.
A Conservative government would impose conditions so that if cities want more federal infrastructure money, they would have to remove the gatekeepers. We would connect their infrastructure dollars to the number of homes that actually get built so that young people could find a place to live. We would also sell off 15% of the 37,000 federal buildings we have so they could be converted into housing and our young people could have affordable homes. We would bring in a pay-as-you-go law so that every time we spent a new dollar, we would have a new dollar of savings to pay for it. Conservatives would fund our programs with real money rather than printed cash, because we know there are no freebies in this world and we know that ultimately, taxpayers and consumers pay for everything.
We would reinstate the Bank of Canada's core mandate to make sure inflation stays at 2% as brought about by the Mulroney government, the last great government, or the second-last great government, after Prime Minister Harper's. We would audit the Bank of Canada through the Auditor General to show her that never again is there such a horrendous abuse of our money as we have seen over the last couple of years.
I cannot support this bill because it has $14 billion of spending that is ready to go, but we do not know what it is for. Is it tucked away to be wasted on another gun buyback? Will that $14 billion be wasted to confiscate the hunting tools that are used to harvest the 20,000 moose per year that are taken to put protein on the tables in my province? Will it be wasted to buy back the Plinkster rifles that young girls use to shoot targets with their daddies, as they learn the safety aspects of handling firearms?
Bill C-32 leaves me with more questions than answers. Therefore, my vote will be nay.
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Madam Speaker, this legislation would increase the corporate income tax rates of banks and life insurance groups by 1.5% on taxable income above $100 million. It would eliminate interest on the federal portion of student loans and apprentice loans. Finally, it would enact the framework agreement on the First Nations Land Management Act. All of those are positive steps that are worthy of support in this legislation.
While New Democrats are pleased to see advancement on these measures, we believe there is much more that the fall economic statement should have offered Canadians struggling with the rising cost of living. We know many Canadians are struggling to pay their bills. We also know many corporations are making record profits at the same time. We know inflation is crippling. The price of food, in particular, has skyrocketed across this country. The costs of utilities, insurance and fuels are all up, making it really tough for many Canadians in every corner of this country to make ends meet.
That is why New Democrats would have welcomed a windfall tax, like the one this legislation already applies to banks and life insurers, being expanded to other corporations that are making even higher profits than those sectors are, like food companies, including Loblaws, and like the oil and gas sector. The revenue the government could recoup from applying this tax to big box stores and oil and gas companies alone would total over $4 billion. That is money New Democrats believe would and should be used to help Canadians mitigate the rising costs they are facing, including the cost of heating their homes. New Democrats have long called for the elimination of the GST on home heating in times of struggle like this, particularly as we enter the winter season.
Eliminating the interest on the federal portion of student loans would offer loan holders an average of $4,000 of savings over the lifetime of their loan, and this is important. For years New Democrats have called for the elimination of interest on student debt. We should not be making money off the debt that students are incurring to get an education. Frankly, I have long believed that post-secondary education should be free, at least the first four years, whether it is an apprenticeship, community college or university, whatever it is, so that we encourage and facilitate our younger generation to become more educated. I believe higher-educated societies are more prosperous societies, and it is an investment. Just like public school is free until grade 12, there is no reason we should not extend that to 16 years of public education.
What is not in this legislation is what will have the largest impact on people. It has been estimated that the cost of home heating could go up by as much as 30% in some places in Canada, so eliminating the GST on that would be a simple way to offer Canadians respite in an immediate way.
Food bank usage has drastically increased as the grocery chains that supply Canadian consumers with the food they need to survive are recording profits of $1 million extra a day.
Health care systems across this country are in chaos. There is no new money and no progress after the recent meeting of health ministers for improving health care and ensuring that the federal government increases its share of spending to better approach the fair deal that historically is the underpinning of the Canadian health care system.
The economic policy being used in this legislation is a good start, but it is not broad enough. If we expanded some of these good concepts in a much more broad, targeted and intelligent manner, we could generate billions of dollars that could be used for these very valuable social and economic development programs.
Once again, when we educate our young people, it is not merely good for them. These are people who will generate the ideas, economic activities and professional skills that will generate income into the future, so it is an important economic basis as well.
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