44th Parl. 1st Sess.
February 1, 2024 10:00AM
Madam Speaker, I am, as always, proud to rise on behalf of the amazing people in North Island—Powell River.
Today, we are here talking about a private member's bill from the member for Bay of Quinte, Bill C-365. This is a very interesting bill. It is about consumer-led banking systems and Canadians. Happily, I have had some constituents come and visit me about this very issue, from the Coastal Community credit union in my riding. They talked about some of the really significant issues, especially for people living in rural and remote communities.
People may not have access to a bank at all in their community, or it may be a long distance to go to a bank. They may also be in a situation in which they have only one banking institution in their community and they want to go to a different one but cannot, because sharing that information can be incredibly complex. This is really key in this issue. It is making sure that people's personal banking information is accessible, so that if they find another bank that is going to meet the needs they have, they will be able to get that information sent in a way that is more transparent for themselves and for the banking system.
This PMB asks the Minister of Finance to table a plan for the implementation of open banking within 30 days of this act's coming into force. I think it is really important for us to all understand that in 2018, which is a while ago, the finance minister did create an advisory committee to look into this. In 2021 it delivered a report that included a plan for implementing consumer-led banking in Canada as early as 2023. Here we are in 2024, and it is still not happening. Again, it really is about making this more accessible.
I have heard from some of my constituents, and this is a particularly concerning area for me, who have apps that allow them to take multiple banks they are using and look at the information in a way that is comparable. The problem with these apps, of course, is that individuals are sharing all their banking information and all of their passwords and hoping that the app does not take that information or get hacked by somebody who might use it in a very negative way. This is very concerning, and it is something my constituents have been very concerned about.
This is the other part of this bill: If the minister cannot produce a bill within the associated timeline, within the first six months of the act's coming into force, the minister must table a report. That is so there is transparency and we understand what the holdup is and what the problem is.
We need to see these things done. When it comes down to it, I think what we have to assess very clearly is that competition is the key here. I have to thank my friend, the member for Windsor West, who has been doing a lot of work on competition. On our cellphones, some of the highest rates on the whole planet are here. Why is that? It is partially because we do not have appropriate competition. It is the same thing that we are seeing in our grocery stores. The gouging that is happening in our grocery stores correlates very clearly with the fact that big, wealthy CEOs are making huge profits and getting huge bonuses, and their shareholders are walking away with a lot of money.
At the same time as that is happening, everyday Canadians are struggling to feed their families. People who work in those grocery stores are often not being paid well enough to afford the food in the store they work in. I think Canadians know instinctively that it is just not a fair system anymore. What we are seeing in our system is more and more gouging. We are seeing it with the oil and gas industry, which is seeing record profits like it has not seen in years at the same time as people are trying to figure out how they are going to fill up their tanks.
I come from a rural riding. Some of our communities are extremely isolated, and it is not just putting gas into cars. It is putting fuel into boats to get to the places we need to get to for grocery shopping and for the basic necessities of life.
I really appreciate and see a lot more people in my riding buying electric cars. There are plug-ins, and I have seen them working in places like Wasa, which is a very small community but already has a plug-in station. People are using that, which is fantastic, but we still have a long way to go.
When people are suffering, we know that competition is at the very core of the issue. This is something that we actually start to take steps on, moving forward, to address the issue. When I think about competition, I have to think about basic human rights and the fact that some people are unable to afford the basic things. However, I have to say that, at this point, without a cellphone, a person might be able to get away with it if they are retired and in their 80s, but for most people today, it really leaves them unable to access things.
I work with a lot of seniors in my riding who are still figuring out how to use computers, and they are certainly not interested in any way in going to the public library to do their taxes. Therefore, we do things to help and support them. However, young people today know how to use everything. They know that, if they want to sign up for anything, make an appointment with a doctor or any of those basic things, they must have access. If it is too expensive, and if we have less and less competition, then the consumer pays, and that is a big problem in Canada.
Whether it be banking, grocery shopping or buying gas, it is all about the fact that we have let the ultrawealthy, with wealth that most Canadians can never even consider, walk away with lots of cash in their pockets as we are struggling. That is why the NDP continues to do the work that it does to make sure that there is more fairness.
Yesterday, I was left with a lot of fear and anger in my heart. I think that, when things happen to our country, as parliamentarians, we should always stand up in this place and talk about them. What is making me afraid and very angry is the fact that, in Alberta, the premier is now putting forward legislation to say that children who want to identify as who they are in school have to get permission from their parents. I think that is a horrifying reality of attacking the basic human rights of people.
If we look at our system in Canada, there are no things known legally as “parents' rights”. There are parents' responsibilities, and there certainly are children's rights. I hate to see any step in this country that will put children in a place where they are not safe. We know from statistics that children who come from the queer community are not always safe at home. They cannot always be honest with the people they love about who they are. If we do not give them a place where they can identify as they want to identify, we risk their very lives. I think all Canadians have to stand up against this.
In closing, last year, I read a beautiful Canadian book titled Falling Back in Love with Being Human, by Kai Cheng Thom. She is an amazing, powerful trans writer who does a beautiful job of articulating the power and fierceness of the trans community, as well as amazing beauty, strength and solidarity. I hope that, as we face this challenge, we remember that not only are these children and young people vulnerable, but they are also powerful and strong, and they are going to be pushing back really hard. As they push back, we must do our duty and make sure that they are not damaged. I hope all people in the House consider the safety of children.
I will conclude by reading Kai Cheng Thom, who wrote: “To build a better future, we need to learn how to transform in response to one another. We can't build a better world by getting rid of people; we can only build a better world by bringing them in.”
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- Feb/1/24 7:14:23 p.m.
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Madam Speaker, let me begin by thanking my good friend, the member for Bay of Quinte, for bringing this private member's bill forward that is going to help Canadians.
The fast and furious finance minister speeds through the streets of Alberta but is as slow as a snail when it comes to legislation that actually matters. I thank my good friend from the Bay of Quinte for waking up the Liberals and hopefully waking up the finance minister to pass this legislation to help many Canadians and hopefully get our economy back on track.
Canada has a problem. Our country is getting poorer and so are our people. Since September 2022, the GDP per person has been declining. In fact, the real GDP per person was lower in the third quarter of 2023 than it was in the second quarter of 2018. That means five years of Canadians' wealth has been completely wiped out and the economy is less productive. Why is this important to the debate this evening? Because, fundamentally, getting GDP per person back on track relies on getting Liberal red tape and regulations out of the way and making the economy more competitive.
Philip Cross, the former chief economic analyst of Statistics Canada, has raised concerns about Canada's lagging productivity growth, pointing out that Canada's GDP per person growth rate is the worst since the Great Depression. In the past decade, productivity has only grown 4.3%, as opposed to the U.S., which saw a 47.4% growth rate. In fact, according to the OECD, Canada is last among developed countries for GDP per person growth, a statistic that the Liberal government even included in budget 2022.
William Robson, CEO of the C.D. Howe Institute said just this past December that business investment in Canada has not been this bad since the Great Depression. He pointed out that since 2015, capital per worker has been dropping while our population continues to climb, a situation that will lead to an even less productive and less wealthy economy.
Compared to the U.S., from 2014 to 2021, the Fraser Institute found that business investment per worker in Canada declined by 20%, while in the same period, U.S. investment per worker increased almost 15%. This context is important to this debate because it once again highlights the desperate need Canada has for more competition in all sectors of the economy.
According to the competition commissioner, Canada's already concentrated industries, such as banking, airlines, railways, telecommunications and groceries are only getting more concentrated. He noted that the barriers to entry are too high and too expensive. The red tape, the gatekeepers and Liberal anti-competition, anti-innovation, anti-modernization policies have shut down companies from around the world coming to Canada and from the private sector restarting growth in the economy.
Ninety-three per cent of all banking assets in Canada are controlled by the six biggest banks: RBC, TD, BMO, Scotiabank, CIBC and National Bank, as well as HSBC, which is being bought out by RBC. This has resulted in cookie-cutter services being offered at virtually the same price at all major financial institutions. Businesses and people want financial services that are tailor-made to their needs and that are accessible, easy to use and affordable.
The Canadian Federation of Independent Business recently published a study that shows that overall satisfaction by businesses in banks varies by size. Smaller businesses tend to trust credit unions and smaller financial institutions more as there is better customer services and more connection to their own communities, while medium and bigger businesses rely on larger financial institutions for access to larger amounts of financing. The options that these businesses have in finding the right institutions with the best services are shrinking.
Compared to the U.S., Canada has 34 domestic banks versus roughly 4,844 domestic American banks. That means there are roughly 121,000 Canadians for every bank, compared to just 66,000 Americans for every bank in the U.S.. In the U.S., there are almost 4,800 credit unions, while in Canada there are only 200.
Competition in any sector is vital to lowering the cost of the goods we buy and the services we use as consumers. More importantly, it also leads to innovation and modernization that will allow Canada's industries to compete globally. That is why consumer-led banking is key to the success of innovation in Canada's financial sector and for bringing home affordable banking solutions for all Canadians.
There are examples globally of this modernization actually working to bring home lower bank fees, better services and more economic growth. The prime example is the model of the U.K., where since 2017, the growth of consumer-led banking has been exceptional and, in fact, has saved businesses and individuals over 18 billion pounds, thanks to lower or no banking fees whatsoever.
The British government brought in consumer-led banking as a market-based fix for an overly uncompetitive financial sector, and between 2018 and 2023, the number of fintechs in the consumer-led banking space jumped from four to 295. There are more than seven million users of consumer-led banking in the U.K. and, as of 2022, they had made 68.2 million payments using this technology. For those users, banking and transaction fees are zero. This modernization has added billions of pounds to the U.K. economy, created thousands of jobs and created real competition in the financial sector.
Globally, the consumer-led banking market has grown to $128 billion as the U.K., most of the EU, Norway, India, Australia, South Korea, the Philippines, Brazil and Mexico bring consumer-led banking online. The U.S., Turkey, Israel, Saudi Arabia, Thailand, Malaysia, Indonesia, New Zealand, Japan and Taiwan are joining Canada in reviewing or setting up a consumer-led banking system. The success that the U.K. has had with this modernization, and the fact that major economies and trading partners with Canada are bringing consumer-led banking online, should be an indication that Canada needs to get the ball rolling.
However, more importantly than that, we see the benefits that consumer-led banking can have for people and businesses: the savings, the access to financial services and the freedom of choice. Fintechs in Canada are already building up the customer base, the technology and the services that will be important to making a modern banking system work. Questrade, Wealthsimple, Neo Financial, EQ Bank, Borrowell, Intuit and others are already building the components to offer competition, choice, and low-fee, tailor-made banking options to all Canadians.
In fact, credit unions are wanting to partner with fintechs to offer better services and products to their customers, but fintechs and credit unions need the government to get out of the way and let consumer-led banking go ahead. There are more companies that want to come to Canada, like KOHO, which just applied to the Office of the Superintendent of Bankruptcy to be considered a schedule 1 domestic bank and have access to the Canadian market.
After the Liberal-NDP government rammed through the RBC-HSBC merger without actually thinking of the Canadians who would be impacted by the decision, it is good to see that there are still fintechs and financial companies out there that want to do business in Canada. As common-sense Conservatives look to the future without the Liberal government and the fast and furious finance minister, our side is working with Canadians and businesses to develop real solutions that will bring home competition and productivity growth.
We need to focus on these common-sense solutions for Canadians and all newcomers. It benefits not only the people living here but also the many who will come here looking for a better future. When they come here, they get hit with Liberal-NDP high inflation, high taxes and a high cost of living. At least we can do this for them so they will have the freedom to move around their data and have more competition, which would lead to better products in the future.
It is clear; the common-sense Conservative team is going to axe the tax, build the homes, fix the budget and stop the crime. Let us bring it home.
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- Feb/1/24 7:23:51 p.m.
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It being 7:24 p.m., the time provided for the consideration of Private Members' Business has now expired and the order is dropped to the bottom of the order of precedence on the Order Paper.
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- Feb/1/24 7:24:39 p.m.
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Madam Speaker, I am pleased to rise tonight in Adjournment Proceedings to pursue a question that I asked in question period back in October 2023.
On October 6, I asked about the delays on the Trans Mountain pipeline and the decision of our Crown corporation, us, our government and all Canadians to violate a sacred commitment that we had made to the first nations at the Stk’emlúpsemc te Secwépemc Nation. It often goes by the initials SSN. It is near Kamloops, and the people have a sacred area of their territory that they call “Pípsell”. I know this area well because I worked with that first nation when it conducted its own independent environmental assessment of a proposed open mine called the Ajax mine that was to be raised. The reason the first nation turned down the Ajax mine was that it would violate the sacred nature of the Pípsell, and it must be protected.
When that same first nation negotiated with our Crown corporation, Trans Mountain expansion, TMX, about bringing a pipeline through its territory, the members of the first nation agreed but on a strong condition that if, and only if, the Pípsell was protected. TMX operators said they had engineers. They could do microtunnelling. They could drill around the Pípsell. They would not disturb the Pípsell. That was just up until this fall when TMX discovered its engineering was not so good.
TMX operators discovered they could not do microtunnelling. They went back to the Canada Energy Regulator and said that they could not keep their word to the first nation; they would have to drill right through the Pípsell. The first nation went to the Canada Energy Regulator and made the case that it should not be allowed. The Canada Energy Regulator said that it was so sad, but if it did not violate its commitments to the first nation, in other words, if it did not violate the United Nations Declaration on the Rights of Indigenous Peoples that free, prior and informed consent means something, then the cost of the pipeline would go up again, and there would be further delays again and that the pipeline must be built. Why? It is now an article of faith for the Liberal government that the pipeline must be built. It does not need evidence, and there is not evidence in favour of building that pipeline. There has never been a cost-benefit analysis on building that pipeline, and I know because I went through the National Energy Board hearings at the initial process.
It gets worse because the Canada Energy Regulator gave TMX permission to proceed. As I pointed out in my question in October 2023, the Canada Energy Regulator did not give reasons for its decision, so the first nation was unable to put together a case to go to court to get an injunction against the construction, and TMX operators decided to start building on the very day that was the statutory holiday in Canada to mark reconciliation: the National Day for Truth and Reconciliation.
The answer I got from the parliamentary secretary at the time was that the decision was made by an independent regulator. I knew that. I did not ask the Government of Canada why it made the decision to ignore the sacred nature of the commitment. I asked why the government did not tell TMX, which we own, to stop construction until its operators gave the first nation the legal reasons on which they could base an appeal.
It has continued to get bad. Predictably, the pipeline is delayed again. The costs are now $35 billion. When will we stop the madness, and cancel the pipeline?
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- Feb/1/24 7:28:49 p.m.
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Madam Speaker, reconciliation with indigenous communities is a priority for our government. As part of our commitment to advancing reconciliation with indigenous peoples across Canada, Natural Resources Canada is developing a national benefits-sharing framework to ensure that indigenous communities benefit directly from major resource development projects. All Canadians deserve to share in Canada's economic prosperity.
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- Feb/1/24 7:29:20 p.m.
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The opportunity before us for a clean economy offers us new ways to move forward with economic reconciliation. Economic reconciliation, whether in engaging with our indigenous partners, creating good jobs in indigenous communities or ensuring that indigenous communities share in the prosperity of major projects, is a key aspect of the federal government's work to build a strong and sustainable economy.
The Government of Canada is making its contribution. In budget 2022, Natural Resources Canada received $103.4 million to advance economic reconciliation in the natural resources sector, including $3.4 million to develop a national benefits-sharing framework. The Government of Canada is committed to renewing its relationship with indigenous peoples based on the recognition of rights, respect, co-operation and partnership.
As we know, the world is facing the impact of climate change and we must invest in solutions to reduce emissions and foster prosperity. That is why we are investing in clean and renewable energy to reduce emissions and create jobs, including with our indigenous partners.
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- Feb/1/24 7:31:03 p.m.
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Madam Speaker, to say that was an inadequate response would be a massive understatement.
The parliamentary secretary just told us we have to reduce emissions while defending building a $35-billion pipeline that will increase emissions. It is a climate disaster. He completely ignored, as the government did before, that the pipeline violating the Pípsell is the equivalent, as I said on October 6, of a decision to destroy the Garden of Eden, if we knew where it was, for people from the Judeo-Christian tradition.
This is the origin story of the peoples of this territory, and there are not enough beads and trinkets to throw into the mix to make up for the violation and the absolute obscenity of doing it on the statutory holiday for reconciliation.
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- Feb/1/24 7:32:04 p.m.
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Madam Speaker, the Government of Canada has invested millions of dollars in partnership with first nations, Métis and Inuit communities.
I will give some examples. There is the Old Crow solar project in Yukon with the first nations of Vuntut Gwitchin.
There is also the Burchill Wind Farm in New Brunswick, with the Tobique First Nation.
The Oneida Energy Storage project, with the Six Nations in Ontario, is another example.
There is the Bekevar Wind project and the Awasis Solar Project with the Cowessess First Nation in Saskatchewan.
These are examples of investments we have made with first nations. I could name many more, but these projects are just some of the ways we are partnering with indigenous leaders to deliver energy security, clean power and emissions reductions.
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- Feb/1/24 7:32:59 p.m.
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Madam Speaker, I believe in Canada. It is nice to stand up here and talk about how I believe that Canada is greater than the sum of its parts.
One of its parts, my home province of Alberta, is such an important part of our Confederation. It provides so much food, not just to Canada but to the world. It provides energy, not just to Canada but to the world. Sometimes I feel like my province is forgotten in some of the discussions we have here.
One of the areas that is very near and dear to my heart but also very near and dear to the economy, not just of Alberta but to the entire country, is water. Right now, Alberta is looking at planning for a period of drought and trying to figure out how we provide that food and energy, contribute to Canada's economy, global food security and global energy security, and also deal with the potential of a very large water shortage.
This should be an important part of Canada's environmental plan, yet the federal government has been not relatively silent but very silent on this very important issue. It is February. This is going to be a problem come summer. The time for the government to have a plan to deal with this and to partner with my province is now. There should not be any partisan politics to this. The federal government should be actively seeking to help my province and come up with a way to support and plan for what is clearly going to be a large problem that affects the entire country.
Now, in February, before we deal with the outcome of this issue, my question to the government is simple. What is it doing to assist the Province of Alberta, farmers, residents and industry in dealing with this drought situation?
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- Feb/1/24 7:35:11 p.m.
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Madam Speaker, it is really a pleasure to take part in the debate here tonight.
Late last fall, the Deputy Prime Minister and Minister of Finance presented the 2023 fall economic statement. With the fall economic statement, we are taking further action to support the middle class and to build more homes faster. I am proud to say that our economic plan to build a stronger economy is working for everyone, with more great jobs for Canadians that they can count on, and the plan is working. I will give a few facts.
Inflation is 3.4%, down from its peak of 8.1%, and wage growth has outpaced inflation for 11 months in a row. Also, the private sector economists now expect Canada to avoid the recession that many had predicted, and both the IMF and the OECD predict that Canada will have the strongest growth in the G7 in 2025. As well, Canada maintains both the lowest deficit-to-GDP and net debt-to-GDP rations in the G7. These are some facts.
Nevertheless, rapidly rising interest rates are having an impact everywhere in Canada, including here. Canadians are having a hard time making ends meet.
That is why our government is adopting better targeted measures to stabilize prices, make life more affordable and protect people with mortgages to pay.
Let me give a few examples. We are moving forward with the new Canadian mortgage charter, which details the relief that Canadians can expect from banks in these difficult times. Also, we see our government is moving forward with meaningful actions to make life in Canada more affordable.
With respect to the environment, we understand that climate change is a threat not only to Canadians' health and safety, but also to financial security and economic well-being. That is why we have to stay the course with the price on pollution, which experts say is one of the best ways to fight climate change.
However, we understand that it continues to be difficult for some low-income families to make ends meet, and that is why we made the decision to temporarily pause the application of the federal fuel charge on deliveries of heating oil. We do this, not because it is a source of home heating, but because heating oil is the most expensive form of home heating, and because home heating oil is more expensive, it means lower-income Canadians face particular hardship incurring these costs.
It is important to understand that many low-income earners and rural residents are currently trapped in a vicious cycle where they have to pay for the most expensive form of home heating, the cost of which actually prevents them from investing in cleaner, more affordable forms of home heating.
As we confirmed in this fall's economic statement, we are now looking to provide financial assistance to help Canadians switch from heating oil to better heating systems. Heat pumps are a cleaner heating option that offers long-term savings on energy bills. Reducing the use of highly polluting heating sources will help combat climate change, which will particularly benefit women, indigenous peoples and those living in targeted communities.
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- Feb/1/24 7:38:59 p.m.
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Madam Speaker, I did not get an answer to my question. This is the parliamentary secretary with responsibility for energy. Canadian energy production could be severely impacted by water restrictions and the drought in Alberta, so my colleague opposite should be able to provide some response to this.
It is not just energy, though. Average Albertans may be facing water restrictions several short months from now, and one of the most critical agricultural areas in the country may be facing severe water restrictions, so I will ask my colleague again whether the government is at least willing, as we do not have a lot of runway with only a bit of time, to immediately partner with the provincial government, farmers, energy producers and average Albertans to come up with a plan to help Alberta get through this time successfully. This would be not just for the benefit of Alberta, but for all of Canada.
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- Feb/1/24 7:40:02 p.m.
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Madam Speaker, the Conservatives are reverse Robin Hoods, as was said earlier today. They are trying to take hundreds of dollars in rebates away from Canadians. While Conservatives debate whether climate change is real or debate fighting pollution, we know that there have been disastrous impacts on Canadians, and this cannot be ignored.
That said, as the economic statement makes clear, our government is committed to making life more affordable in this country and helping Canadians make the transition to greener heating.
I would like to thank everyone who participated in today's debate. We will continue to work with farmers across the country, including in Alberta.
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- Feb/1/24 7:40:48 p.m.
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The motion to adjourn the House is deemed to have been adopted. Accordingly, the House stands adjourned until tomorrow at 10 a.m., pursuant to Standing Order 24(1).
(The House adjourned at 7:41 p.m.)
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