44th Parl. 1st Sess.
April 27, 2023 10:00AM
- Apr/27/23 4:17:41 p.m.
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Madam Speaker, I am pleased to speak this afternoon to the budget implementation act. At the outset, let me acknowledge that we are gathered here on the traditional, unceded lands of the Algonquin people.
While talking about the budget, I want to preface it by outlining the current economic state of our country. After coming through the pandemic, Canada, while facing a number of headwinds, is in a very strong position. First and foremost, we continue to have the lowest debt-to-GDP ratio in the G7. We continue to have one of the lowest levels of unemployment in the G7, but also in Canadian history. We continue to lead in building a green economy that responds to the needs of the day, including addressing the existential threat of climate change.
In many ways, the pandemic taught us that the government can be there to support Canadians of all stripes, whether it be through supporting organizations that work on the front lines or supporting businesses through wage subsidies or emergency loans, which, in many ways, were lifelines for our businesses. On an individual level, the Canada emergency response benefit, or CERB, supported so many Canadians in getting to the other side of the pandemic.
As we look forward, we realize that the issues around inflation and increasing interest rates are a threat to our economy and, as a government, we have been addressing these issues head-on. We have one of the lowest rates of inflation among developed countries. Also, our rate of inflation has gone down to new lows, and we are confident that we will reach the 3% mark by the summer and be well into the 2% mark by next year. That should give us some confidence.
As a steward of this economy, we have looked at our economy in a very different way than it has traditionally been viewed. We have made sure that our economy is very much linked to our environment. We do not decouple the issue. We believe that they are fundamentally related and we cannot, under any circumstances, decouple it. If we look at modern accounting practices, we will note that many companies are now reporting their environmental liability. As we go forward and as we see the impacts of climate change, whether it is floods or wildfires, we know that the environment plays a critical role in our long-term sustainability, directly linked to our economy.
In this budget, the Minister of Finance and her team worked very hard to put together some measures that will give individuals real support during the pandemic. As we know, in the fall economic statement we had very important measures that supported Canadians on affordability. First and foremost was the GST credit, and the second one was the $500 housing rebate for those in the lowest income brackets. Those were crucial in ensuring that affordability was maintained for the most vulnerable Canadians.
As we look forward, we are looking at a number of targeted initiatives, the critical one being the one-time grocery rebate, which will support 11 million Canadians in making ends meet. While we know that it is not a permanent fix, we do realize that in these most difficult times, we need to get Canadians to the other side of these economic threats. I believe this is a very smart way of addressing this issue.
With respect to predatory lending, when I was in my first year of law school, a professor by the name of Iain Ramsay was my contracts prof, and he was a highly respected professor at Osgoode. During our contracts class, his singular focus was on predatory lending. He did an enormous amount of research on the impacts of predatory lending on low-income Canadians, the cycle of debt that it brings individuals and, subsequently, young families into, and the systemic challenges of getting out of this debt. As a result, I learned a great deal about those who are dependent on payday loans, which can only be described as predatory.
I realize that this was over 20 years ago, so I am actually quite heartened and also somewhat disappointed that it took Canada this many years to get to the point where we are actually addressing this issue head-on, redefining the notion of criminal interest rates and ensuring that those who are dependent on payday loans, our most vulnerable, are supported. It is something that I believe is fundamentally important to the economy but also to those who may be struggling right now. In addition, we are cracking down on junk fees to ensure that businesses are transparent with the prices they are set to pay.
We are also looking to implement automatic tax filing for low-income Canadians. Every year, and I know my colleagues here will probably relate to this as well, we have a volunteer who, since I was elected in 2015, comes every February and offers up her time to do tax returns. In fact, even if we do not call her, she calls us. Every year, that service is full. She really does it as a service to her community, to those who are struggling and to those for whom the tax return is so critical to their income, whether it be the Canada child benefit, old age security, the guaranteed income supplement or other government entitlements. She is very diligent in getting this done, and there are literally thousands of tax preparers who do this out of the kindness of their hearts, to make sure they support other Canadians.
Automatic tax filing, in many ways, will ensure that those who are left outside of the ability to prepare their taxes or get the type of help that is provided by my office, and I am sure many of my colleagues' offices, are supported. I am very glad to confirm that automatic tax filing will be coming and is included in the budget implementation act.
We know that students have had a particularly difficult time. I interviewed for the summer leadership program that we have, and I am pleased to say that we have two students who are starting next week. As a government, we have over 150 students, with over 4,000 applications from students who have applied to our program. This is, I believe, our seventh year running this program. It is so good to see the quality of candidates who are coming forward, but when I speak to students, I know they are struggling. Whether it is through the youth constituency advisory council that I have or through the University of Toronto's Scarborough campus, which is located in my riding, or Centennial College, I hear from students about the issue of affordability. Oftentimes, it is the ability to pay the tuition or to make ends meet.
I believe there are many measures in here, including increased grants, that will enable students to ensure that their education is affordable. I often say that in our society education is our ultimate equalizer and the measures that we have in place will support students in attaining an education.
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- Apr/27/23 4:28:27 p.m.
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Madam Speaker, let me say at the outset that the expenditures we are talking about are investments in our community, individuals and businesses. Just last week, the Prime Minister was in St. Thomas announcing a record investment in the auto sector with Volkswagen coming to Canada. It is the first European carmaker to set up shop here, which we believe is transformational. While we have some challenges with respect to the economy today, we are poised for long-term sustainable growth because of the investments we are making in individuals and businesses.
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- Apr/27/23 4:29:53 p.m.
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Madam Speaker, I do not think it is a bad thing for decisions regarding funding to be made by independent actors. I believe Parliament has a very important role in setting the agenda and terms of reference, and appointing custodians and managers to ensure the funds are managed. However, I believe that processes that are meant to adjudicate and allow funding to go to individuals and businesses ought to be managed independently of government and that it is wise for us to continue to do that. We have a civil service that does it. Oftentimes, we Crown corporations that do that. I believe that is probably a more prudent way to achieve the goals we are mutually trying to achieve.
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- Apr/27/23 4:31:39 p.m.
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Madam Speaker, of course the issue of employment insurance is so critical to Canada, and to anyone who depends on a paycheque, which is the vast majority of Canadians. We know that any one of us could, at some point over the years, face the difficult challenge of applying for employment insurance.
During the pandemic, we were there for Canadians through the Canada employment response benefit. I recognize the member's concern with respect to the additional obligations under EI for the CERB shortfall, but we are confident we will ensure we will have a system that protects the most vulnerable, especially those who may be out of a job or temporarily see themselves seeking employment insurance because of seasonal employment and the like.
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