44th Parl. 1st Sess.
May 1, 2024 02:00PM
- May/1/24 3:07:04 p.m.
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Mr. Speaker, we know full well that the Conservative leader's plan is one of austerity that includes cuts to programs and services that Canadians need.
On this side of the House, we recognize that Canada has one of the best fiscal situations in the G7 and the world. We have the lowest deficit in the G7. We have the best debt-to-GDP ratio. We have the third-largest economy in the world that is rated AAA by the rating agencies.
We are here to invest responsibly, because a confident country invests in its people and its future.
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- May/1/24 5:21:54 p.m.
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Mr. Speaker, I am thankful for the opportunity to speak on behalf of my constituents of Sackville—Preston—Chezzetcook on this very important budget.
The thing I want people to concentrate on is that this budget is a fairness to every generation, and it is a focused one. Before one can put a strong budget in place, one needs to have a strong economy. That is what it is all about. Right now, the economy in Canada is doing much better than most economies across the world.
First of all, our inflation rate is down to about 3%, which is in the target range of the Bank of Canada, which is very important. We have dropped that from 8.2% down to 3%.
Also very important is that we have the AAA rating, and we are one of two countries in the G7 to have that. That is another solid ground footing we have.
We also have an unemployment rate ranging around 5.4% or 5.5%, which is among the lowest ever in the history of Canada. That is, again, very impressive.
The International Monetary Fund is also indicating that Canada's net debt-to-GDP ratio remains among the lowest in the G7.
Those make up the main foundation of why we can have a budget that would be fair to every generation. It is also why we are able to invest in a transformative enhancement of our social safety net, which is really important, and it is something I really care about, making sure the gap is tighter for Canadians. It is also why we are attracting the highest per capita foreign direct investment in the G7, and we are third in the world. These are very impressive numbers.
Let us talk about homes. Yes, we do have a crisis with homes, and every level of government has some responsibility behind that. The former Conservative government said that it did not have any responsibility for that, but it does. It is a partnership, and we need to work together. I am proud that there is going to be almost four million, believe it or not, homes built by 2031. When I say four million, I am not talking about four million people; I am talking about four million families, which is really what is important.
Some of the initiatives we started are going to be topped up and expanded. Let us talk about the rapid housing, the accelerator fund, the removal of the GST and the innovative modular homes. Those are key. We are also now looking at Canada Lands to make sure that we can access those lands and that some contractors or investors can lease the lands, so we can get more homes built. We are talking about 250,000 more homes, as we move forward, by 2031.
We are also looking at investing with universities, with student residences, which would allow us to get students from apartments and condos into residences. That would help us with the housing challenge.
Also, there is our investment in various organizations on the ground, working to prevent and to reduce homelessness and encampments. This is a co-shared investment with all levels of government, where we will see renovations and see more shelters and transition homes being built.
Those are some key issues under housing that are so important.
I also want to talk about our focus on youth. First-time homebuyers would have access to 30-year amortizations, which would be very helpful. Also, we know already that 750,000 young people have opened a tax-free account for first-time homebuyers. That is very impressive.
Kevin Lee, CEO of the Canadian Home Builders' Association, stated, “The Canadian Home Builders’ Association (CHBA) and our members are very pleased to see the federal budget measures that will help the sector respond to the government’s goal of doubling housing starts to overcome the housing [crisis].”
I am confident that, in the very near future, we are going to see vacancies as we move forward.
The third piece of my speech, which is so important, is a stronger social safety net and closing the gap. I am proud of that, and I will share some of the key items I am very proud of. One, in 2023, we added $200 billion to the health accord, but now we are talking about a new disability benefit, with up to $6.1 billion over three years that is going to help over 600,000 Canadians with disabilities.
Also very important is pharmacare. We are initiating the first phase of pharmacare, and we are going to see big support for women and people living with diabetes. When I go to the pharmacist, she often tells me, “You have to help people with diabetes, because it is costing them too much money.” Well, we are coming forward on that one today.
On the dental care plan, nine million Canadians will have access to it. It is very important. We have it for seniors now, and we are running it for people with disabilities and young people 18 and under.
There is also the expansion of spaces in day cares. We have dropped the cost of day care. My daughters were paying $1,800 a month, and it is going to be down to $10 a day very soon in Nova Scotia. This is helping with affordability, which is really important as well.
The final one, which I am very proud of as a former educator, is that we are launching the new national school food program, which will help over 400,000 young Canadians.
Under safer and healthier communities, there are two areas I want to touch on. One is recognizing the volunteer firefighters and search and rescue individuals by doubling the tax credit. These individuals are doing exceptional and dangerous work. They are supporting Canadians every day. We need to recognize them, and this is the first step. Also, for rural health and social services workers, we are looking at making amendments, which is very important to attract more people into rural communities. How are we going to do that? We are going look at adapting and adjusting the Canada student loan forgiveness program, which will attract key people in key areas, for example dentists, pharmacists, midwives, teachers, social workers and psychologists. I could go on and on. This will bring positive change.
How are we helping the small and medium-sized businesses? Again, we are helping them in many ways. The Canadian entrepreneurs’ incentive will have a combined exemption of at least $3.25 million when selling all or part of a business, which is very much a supportive investment for small businesses. We will also have the lifetime capital gains exemption increased from $1 million to $1.25 million, which is tax-free for the sale of small business shares and farming and fishing property. These are key areas in supporting small businesses. We are also boosting government procurement for small and medium-sized businesses, which will have access to those contracts that are so important.
To conclude, this is a balanced budget and a balanced approach. We are investing in Canadians and also ensuring that we are not overspending.
I will finish with something from Deloitte, which speaks about this budget. It reads:
Budget 2024 attempts to navigate a fine line: invest enough to have an impact on key priorities, from housing, social programs, and affordability to growth and good jobs, while maintaining sufficient fiscal discipline to adhere to fiscal guardrails and support the continued easing of inflation.
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Madam Speaker, we are talking about budget 2024. The Liberal government claims that its ongoing investments are making life more affordable for Canadians and improving access to housing. That claim is straight out of the budget report. I was very surprised to hear that, because what I have heard from people in my home community, as well as from Canadians right across the country, is exactly the opposite: that the government's mismanagement of the economy is leading to making life less affordable for Canadians.
Think of the two million people who now regularly go to food banks. Food banks are even turning away people because there is so much demand. Those people do not think that life is becoming easier or more affordable.
How about improving access to housing? Housing is now twice as expensive as it was when the Liberal government first took office.
Munir is from my community. Together with his brother and his parents, they bought a house two years ago. With a low interest rate, their mortgage payments were $4,000 a month. Just last month, they had to renew their mortgage for $8,200 a month. They do not think that life is becoming more affordable.
Common-sense Conservatives have three demands to fix the budget and bring Canadians the relief that they desperately need. First, we say to axe the carbon tax on farmers and food by immediately passing Bill C-234 in its original and unamended form. Second, we need to build homes, not bureaucracy, by requiring cities to permit 15% more homebuilding each year as a condition of receiving federal infrastructure dollars. Third, we are demanding a cap on spending with a dollar-for-dollar rule to bring down interest rates and inflation.
The Liberals chose not to take our advice on that. Therefore, we cannot support this budget. There will be a non-confidence vote coming up, and we will vote non-confidence because we do not have confidence in the government.
We want an election. We are ready for it.
An hon. member: Canadians want an election.
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