44th Parl. 1st Sess.
May 1, 2024 02:00PM
- May/1/24 3:15:22 p.m.
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Mr. Speaker, inflation and higher interest rates are the costs Canadians pay for the spending that the Prime Minister told them was free. It is not free. Nothing is free. Every dollar he spends comes out of the pockets of Canadians directly through taxes or indirectly through inflation and interest rates. Now he wants to do another $300 billion of binge borrowing.
Will he put aside that radical scheme and, instead, accept my common-sense plan to fix the budget with a dollar-for-dollar law so we can bring down interest rates and inflation for Canadians?
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- May/1/24 3:16:03 p.m.
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Mr. Speaker, we have been there to invest for Canadians responsibly. We still have one of the top AAA-rated economies in the world. Our fiscal plan is sustainable and responsible. However, the Conservative leader still wants to make cuts to programs, cuts to our military, cuts to the initiatives that are helping Canadians across the country.
The things that we are doing are helping Canadians grow for the future in a responsible way, and that is why we are seeing inflation come down, and interest rates will be coming down, I am sure, in the coming months.
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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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- May/1/24 5:39:17 p.m.
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Madam Speaker, the best support the government can give to Canadians is to make life more affordable again, bring interest rates down, bring inflation down. Munir and his family should not be paying $8,200 a month for their mortgage; $4,000 should be enough.
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- May/1/24 7:39:14 p.m.
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Madam Speaker, I do appreciate the opportunity to expand a bit more on a question I asked on February 8. I ended that opportunity with a request of the government to axe the carbon tax. Let me first set the context of the situation.
Food inflation at the time had been running higher than general inflation for quite some time. It has moderated a bit, but people sometimes confuse a lower inflation rate with dropping prices. A lower inflation rate means that food prices are rising more slowly, but they are still rising. Food bank visits at the time were at about two million per month. Dr. Sylvain Charlebois, who has testified numerous times at committee, predicted another one million new visitors to food banks in 2024. The last number I heard was that we are sitting at 2.3 million visits to the food banks per month. Dr. Charlebois also predicted that food prices for the average family of four would rise $701 this year.
The situation we are facing now is the same as when I asked the question. I stated in the premise of the question that both the amount and the type of food Canadians were buying were decreasing. What does that mean? It actually means that the carbon tax is working. The carbon tax is designed by nature to change people's behaviour. That is its purpose. I think about taxes on smoking and tobacco products and taxes on alcohol. They are designed to curb people's behaviour, and that is actually what makes the minister of ECCC's response so bizarre. I asked him to axe the tax, and he responded as follows:
Mr. Speaker, I would agree with the Conservative member for Regina—Lewvan, who recognized that there is absolutely no data to support any link between the price on pollution and higher grocery pricing. In fact, there is no pricing on pollution in the United States of America, and its grocery prices are the same as we have here in Canada.
He said that there is simply no link between pricing on pollution and higher grocery prices.
First of all, the minister completely mis-characterized the member for Regina—Lewvan's comments. I was in the committee room when the member stated them, and what he stated was in response to the fact that third party data has yet to come up with a single global number for the impact of carbon pricing on our food systems, because we have so many different food value chains that the carbon tax impacts differently.
My history is as a processed vegetable grower. There are many greenhouse growers in my riding. There are fresh vegetables and processed vegetables. Even those two simple systems, which are but small examples in our food value chain, have the carbon price impact their inputs differently. Therefore the statement is taken completely out of context.
The carbon price is so interwoven in our systems that it is hard to tease out one number, but make no mistake: The carbon tax is driving food prices higher. It is embedded in our grocery prices.
I will close with this point. The minister stated that there is no food price difference between Canada and the U.S. I live in Leamington, very near the Detroit-Windsor border. I have talked to colleagues who live between Niagara Falls and Buffalo, Sarnia and Port Huron, and all along the 49th parallel in western Canada. Canadians come back into Canada with American groceries. Americans are not buying groceries in Canada and taking them back to the U.S. I am not going to state that every single food price is cheaper in the U.S. than in Canada, but the majority are, and that is why Canadians are bringing groceries back.
The price on carbon has to go, especially on our food system.
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