44th Parl. 1st Sess.
May 7, 2024 10:00AM
- May/7/24 10:19:25 a.m.
- Watch
Mr. Speaker, I appreciate the opportunity to speak in the House today.
On April 16, the government introduced a new budget. I would like to take this opportunity to thank the Minister of Finance for bringing forward a document that reflects where this country is today and aims to tackle some of the big challenges we face, but that also looks for ways to seize the opportunity to help build a better tomorrow.
I have always viewed the budget as a road map a government puts forward to ensure that we can navigate barriers and help us position ourselves as a country to get to where we need to be. It lays out the necessary supports and programs that will assist the citizens of this great country to pursue their future, and it provides a glimpse into the potential of tomorrow. I believe that budget 2024 moves our country in the right direction, and it is very aligned with the people of Don Valley East, who are also committed to building a better country.
Today I want to talk about the budget, and I want to talk specifically about how it impacts young people, children and youth, in our country, but also I want to talk a little about the investments, specifically the investments into AI, we are making into the future to help support our economy.
First I would like to revisit a couple of points I made in the fall economic statement about our job here in the House. We are sent here on behalf of our constituents to make decisions. We have choices. Last year I said that we come into the House, are presented with a bunch of decision points and have the opportunity to vote yes or no. The Conservatives and all members of the House will have the opportunity to either support these programs or not support these programs.
This is a massive responsibility as an MP, one that cannot be taken lightly. We have a responsibility to do what is right for our community. This year's budget builds on a continued approach that puts people first and seizes opportunities. It builds on years of commitment toward supporting Canadians of all ages and all walks of life in all regions of this country.
I want to mention I will be sharing my time with the member for Winnipeg North today.
The budget builds on what has made Canada successful over all these years. It is why Canada continues to rank among the top countries in the world when it comes to economic development, safety, quality of life, cultural diversity, natural beauty, education and our health care system, but also our political stability. We can see these rankings every single day. A ranking a few days ago said that Canada was the safest country in the world to travel in. However, despite all of the accomplishments this country has, there are some members of the House who do not acknowledge the success of this country. I still believe Canada remains the best place on the entire planet to be.
There is constant rhetoric in the House from the Leader of the Opposition and other Conservatives that portrays this country as broken. It portrays an image that we, as a country, have a dim future. I understand that is part of a larger strategy, to downplay the country, but when we speak poorly of our country, what it actually does is that it destroys the dreams and aspirations of its citizens. It is our job as members of Parliament to build opportunity and to build up hope by putting in place the right types of programs and supports to make sure we elevate opportunity in this country.
I would like to take this opportunity to talk about the budget and what the Conservatives will be voting against, specifically around programs and supports when it comes to children and young people, but also the artificial intelligence investments we will be making. I am committed to helping all people in my community, but today I want to talk about children. I want to talk about what we are doing to prepare them for the future and I want to talk about some of the services we are putting in place and continue to support as a government. I want to talk about how we are going to invest into the future and invest into opportunity.
I am not sure whether the Speaker knows this, but I was a school board trustee. I served at the Toronto District School Board for eight years, and it was perhaps one of the most rewarding opportunities I had as a young politician. While I was there, we worked on student nutrition programs. My area, ward 33, was one of the first places in the city that had breakfast programs in every single school, and I was quite proud of that.
It was through the advocacy of people in my community, parents and also student advocates, that we were able to do that. One of the things I noticed is that our country, Canada, was the only country in the G7 that did not have a national food program. I am happy that, many years later, here I am in the House of Commons as part of a government that is investing in young people and creating a school nutrition program for this country.
We know that when a young person is not getting the right types of nutrients, this impacts their behaviour, their learning and their memory. We know that if we make the right investments into young people at an early age when it comes to getting the right type of nutrition, we are going to produce better students and therefore better Canadians.
We are also going to continue to invest in child care, $10-a-day child care. We know that this will have a significant impact in our communities. It also impacts our workforce because it frees up more women and more men to go into the workforce rather than staying home, because it becomes affordable. I am very happy to support in the House that program and its expansion. Again, people listening should know that this program and the student nutrition program are other programs that the Conservatives will be voting against.
With respect to dental care, oral health is imperative for the success of young people. Young people were among the first to receive dental care. I am proud, again, to be part of a government that puts young people first. We are going to build off that. We are working on having all seniors, people living with disabilities and low-income Canadians at the forefront of the program so we can ensure that people get the right type of health care they need. Again, folks watching should know that this is another program that the Conservatives will be voting against.
The next thing I want to talk about is the investments into artificial intelligence. We know that AI is going to change the world around us. In fact, just minutes ago, I introduced a report for the HUMA committee that spoke to the workforce of the future and what it will look like. I am proud of the work we did on the committee to look into how AI will impact the workforce.
The government is investing $2 billion into artificial intelligence to better position companies, researchers and start-ups in this country so we can have a better handle on how AI is going to interact with our economy. This is about building a better Canada for the young people I mentioned earlier. These are the investments we are making as a government, as anyone who supports the budget will be, to support young people in this country.
Over the last two years that I have been here, I have noticed that the government has been bold over the last decade in putting forward new national programs that are changing the trajectory of this country. There were programs established, when we were a very ambitious country, in the 1960s and 1970s, like health care and old age security, programs that connected to all provinces, right across the country, such as our pension plan.
For the first time in many decades, there is a government that is investing in new national programs like child care, dental care, pharmacare and a student nutrition program. These are programs that should not be taken lightly. These are game-changers. I am proud to be part of a government that is investing into these types of programs.
Going back to my first point, we have choices as MPs in the House to decide which direction we want our country to go in. In the budget, and specifically speaking to investing in our future through our investments in AI and, even more importantly, our investment in the next generation of learners, the next generation of people within our workforce and the next generation of good citizens in our country, there are the types of investments we should be making to ensure that we as a country continue to remain the best country on the planet.
1535 words
- Hear!
- Rabble!
- add
- star_border
- share
- May/7/24 11:19:58 a.m.
- Watch
Mr. Speaker, I will start by saying I will be sharing my time with the member for Yukon.
Today, I am very proud to be able to make a speech on implementing the provisions of the budget. Before investing in something, it is extremely important to make sure there is a solid foundation. When I say foundation, I am of course talking about the economy. We have put in place certain things that ensure we can continue to invest.
I would first like to say that inflation has fallen from 8.2% to approximately 3% and is now in the range where banks seek to reduce interest rates. On that front, things are going well.
In addition, Canada is one of two G7 countries that has a AAA credit rating. That also shows that it is in good shape in that regard. The unemployment rate is between 5.5% and 5.6%, which is a historically low rate. According to the International Monetary Fund, Canada’s net debt-to-GDP-ratio is the lowest in the G7. Furthermore, the Organisation for Economic Co-operation and Development and the International Monetary Fund anticipate that Canada will have the highest economic growth in the G7 in 2025. It is very important to note that. Already, this shows why we are well placed to make investments for Canadians.
Yes, there is a housing crisis. We recognize that. It must be said that a large part of this crisis is due to the fact that the Conservative government, in the past, did not deem it had the obligation, the responsibility, to invest in housing. In contrast, our government works in close collaboration with the provinces, territories and municipalities to make investments. That is very important.
In this budget we are continuing to invest in the rapid construction of new housing and in the housing accelerator fund. The investments added to this program will make it possible to continue building new homes. Eliminating the GST will enable developers to build housing much faster and cheaper, of course. For a $10-million building, the developer will save $1.5 million. Modular home innovations will also help us make a lot more progress in this area. This is very important.
On top of that, we are employing a new strategy. We will transfer public lands owned by the government for leasing or as part of other approaches to help build housing. That could amount to as many as 250,000 homes. We will work in close co-operation with universities so that they can invest in student residences. This may allow students to leave condos and apartments and move back into residences. This too will be a great help.
In this budget we are proposing to invest in organizations working on the ground with the homeless or those living in encampments. We will work in close co-operation with organizations on the ground that have a great deal of experience combatting homelessness, with a view to identifying how we can address this issue. We will work in close co-operation with the provinces and territories to invest in refurbishing and building more shelters and transition houses. This is very important.
One thing I want to touch on is the government's transformative investments since 2015. We know that it has been the Liberal government that has been there from the start. I think back to medicare in 1968, which was a very important initiative that all Canadians are very proud of today.
Let me share some of the investments we are making to close the gap between those who have and those who do not have, those who are experiencing challenges and those who are experiencing fewer challenges.
Last year, in the 2023 budget, we made an investment of over $200 billion in health care for more doctors, nurses and frontline workers. We also made major investments today that I am extremely proud of. The first one is the new Canada disability benefit, which is $6.1 billion over six years. We know that most people living with disabilities are living in poverty. We need to come forward. It is not as much as we would have liked, but it is an important step forward that will help over 600,000 Canadians.
We are also bringing in, as I spoke about yesterday in my speech, pharmacare. It is a first step, phase one, if you will, which will help many women but also help about four million people living with diabetes. When I go to the pharmacy, my pharmacist reminds me each time I go that we have to do something to help people with diabetes. They need help. It costs them thousands of dollars and we need to be there for them. The government is moving forward on that, which I am extremely proud of.
There is dental care for nine million Canadians. We can say there are all kinds of insurance and programs, and everybody has access to this, that and the other thing. Let us be real here: There are nine million Canadians who do not have dental care and we are going to help them. We are now completing the seniors category in registration. We are also doing this for young people 18 and under and people with disabilities. I am very proud of that investment as well.
Continuing with those proud investments, there is early learning and day care. This budget supports investments in creating more spaces and more renovations, so we can offer great programming. Finally, I want to touch on the national school food program that we have been talking about for years. It is a must and it is going to help at least 400,000 Canadians.
Those are very important investments in the social net of our country, and this is why many people want to come to live in Canada, because we walk with people and support them.
I will now say a few words about safer and healthier communities, which is to say places where we will invest to help improve the situation on the ground.
Tourism was certainly an industry that suffered terribly during the COVID-19 pandemic—which is why we are continuing to invest in this sector. The budget also contains investments for volunteer firefighters. We are doubling the tax credits for the volunteer work they are doing to help communities. Another very significant investment is being made to attract health workers and social service workers to rural regions. I am talking about certain professionals like dentists, teachers, social workers, physiotherapists and so on. Many of the investments are concentrated in sectors where there are essential needs. To encourage this, we will be amending the legislation pertaining to the Canada student loan forgiveness program.
Since I know I only have a minute left, I will jump straight to the conclusion. I do not have a monopoly on sharing all this good news. Deloitte, an independent firm, had this to say:
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.
1214 words
- Hear!
- Rabble!
- add
- star_border
- share
- May/7/24 1:04:08 p.m.
- Watch
Madam Speaker, I will start where he finished. I do not think I used those words in my speech at all. However, I am a little offended. The member should know I write my own speeches. That was a speech, and he can come check on my computer, that was, word for word, written by me.
In effect, the Liberal government has destroyed the economy. Let us take a look at what he has put out as stats. There is no investment coming into this country without government assistance, which is in my speech. The government will give billions of dollars if one sets up a plant in Canada. How good is that for the Canadian economy? It replaces what used to be private sector money investing in Canada. That is now going elsewhere.
The Minister of Finance misled Canadians and misled this member when she said that Canada is attracting the most investment from around the world. Yes, some is coming in. Much more is leaving. On a net basis, we are doing very badly. I hope the member will look at that.
184 words
- Hear!
- Rabble!
- add
- star_border
- share
- May/7/24 1:18:55 p.m.
- Watch
Madam Speaker, I do agree with one thing my colleague said at the end of his speech, which is that Canada's best years are ahead of it. Unfortunately, it has to wait almost two years before it actually gets to that stage when we are going to get a better government and a better country going forward.
However, I will challenge the member, because he talks about how robust the economy is in Canada. CMHC, the government's housing agency, along with the Royal Bank of Canada, has said that less housing is going to be developed next year than this past year and the year before that. In effect, there will be less houses built since 2021-22. The number one problem in Canada right now is getting housing for Canadians, and yet we are not building them.
Could the member tell me why? Despite the fact that the government is shovelling money into the housing sector, we are still not building housing; there are no results. Does the member have any answer for that when he talks about the economy?
183 words
- Hear!
- Rabble!
- add
- star_border
- share
Mr. Speaker, it is a great privilege to lend my voice today in support of Bill C-69, the budget implementation act, 2024. This budget is about what kind of country we want to live in and what kind of country we want to build together.
For generations, Canada has been a place where everyone could secure a better future for themselves and their children, and where a growing economy created opportunities for everyone to succeed. However, to ensure every Canadian succeeds in the 21st century, we know that we must grow our economy to make it more innovative, productive and sustainable. We must build an economy where every Canadian can reach their full potential, where every entrepreneur has the tools needed to grow their business and where hard work pays off.
Building the economy of the future is about creating jobs in the knowledge economy, in manufacturing, in mining and forestry, in the trades, in clean energy and across the economy in all regions of the country. To do this, our government's economic plan is investing in the technologies, incentives and supports critical to increasing productivity, fostering innovation and attracting more private investment to Canada. This is how we will build an economy that unlocks new pathways for every generation to earn their fair share. Bill C-69 is a crucial step in opening up these new pathways.
Bill C-69 takes us forward on the understanding that, in the 21st century, a competitive economy is a clean economy. There is no greater proof than the 2.4 trillion dollars' worth of investment made around the world last year alone in the transition to net-zero economies. Experts say we are at a global inflection point, with clean energy investments surpassing investments in conventional energy, with the cost of renewable technology dropping significantly, including wind, solar and heat pumps, as technology advancements are made and deployed at scale, and with companies that outperform their peers in decarbonizing more competitive and yielding higher returns for stakeholders.
As the big anchor investment decisions around the globe are being made to secure the global supply chains for the emerging clean economy, we need to ensure Canada is best positioned to compete and lead the way by seizing the massive opportunities to attract investment and generate economic growth that will bring decades of prosperity. That is why our government is putting Canada at the forefront of the global race to attract investment and seize the opportunities of the clean economy with a net-zero economic plan that will invest over $160 billion to maintain and extend our lead in this global race.
The cornerstone of our plan is an unprecedented suite of major economic investment tax credits, which will help attract investment through $93 billion in incentives by the year 2034-35. That includes carbon capture, utilization and storage, the clean technology investment tax credit, the clean hydrogen investment tax credit, the clean technology manufacturing investment tax credit, clean electricity and, added in budget 2024, an EV supply chain investment tax credit. These investment tax credits will provide businesses and other investors with the certainty they need to invest and build here in Canada. They are already attracting major job-creating projects, ensuring we remain globally competitive.
For example, just a couple of weeks ago, I attended the announcement in Alliston, Ontario, where Honda made the largest investment in Canadian automotive history, investing over $15 billion. This is a huge vote of confidence in our economy. Out of all the countries in the world, Honda chose Canada to build its comprehensive, end-to-end EV supply chain, which will mean thousands of good-paying jobs for decades to come. The federal investment tax credits were essential in remaining competitive and securing that generational investment. From new clean electricity projects that will provide clean and affordable energy to Canadian homes and businesses to carbon capture projects that will decarbonize heavy industry, our major economic investment tax credits are moving Canada forward on its track to achieve a net-zero economy by 2050.
In November 2023, our government introduced Bill C-59 to deliver the first two investment tax credits and provide businesses with the certainty they need to make investment decisions in Canada today. That bill also included labour requirements to ensure workers are paid prevailing union wages and apprentices have opportunities to gain experience and succeed in the workforce.
With Bill C-69, the budget implementation act, 2024, we would be making two more of these major economic investment tax credits a reality to attract more private investment, create more well-paying jobs and grow the economy.
First, it would implement the 30% clean technology manufacturing investment tax credit, which would be available as of January 1, 2024. This is a refundable investment tax credit for clean technology manufacturing and processing, and extraction and processing of key critical minerals equal to 30% of the capital cost of eligible property associated with eligible activities.
Investments by corporations in certain depreciable property that is used for eligible activities would qualify for the credit. Eligible property would generally include machinery and equipment used in manufacturing, processing or critical mineral extraction, as well as related control systems.
Eligible investments would cover activities that will be key to securing our future, including things like the manufacture of certain renewable energy equipment like solar, wind, water or geothermal. It would cover the manufacturing of nuclear energy equipment and electrical energy storage equipment used to provide grid-scale storage. It would cover the manufacturing of equipment for air and ground storage heat pump systems; the manufacturing of zero-emission vehicles, including the conversion of on-road vehicles; as well as the manufacturing of batteries, fuel cells, recharging systems and hydrogen refuelling stations for zero-emision vehicles, not to mention the manufacturing of equipment used to produce hydrogen from electrolysis. These are the technologies that will power our future.
Bill C-69's clean technology manufacturing investment tax credit would power the investment that is needed to build them today and build them here at home.
The bill would also make the clean hydrogen investment tax credit a reality, which would exclusively support investments in projects that produce clean hydrogen through eligible production pathways. This refundable tax credit would be available as of March 28, 2023, and could be claimed when eligible equipment becomes available for use at an applicable credit rate that is based on the carbon intensity of the hydrogen that is produced.
Eligible equipment could include, but is not limited to, the equipment required to produce hydrogen from electrolysis of water, including electrolyzers, rectifiers and other ancillary electrical equipment; water treatment and conditioning equipment; and certain equipment used for hydrogen compression and storage. Certain equipment required to produce hydrogen from natural gas or other eligible hydrocarbons, with emissions abated using carbon capture, utilization and storage, would also be eligible. Property that is required to convert clean hydrogen to clean ammonia may also be eligible for the credit, subject to certain conditions, at a credit rate of 15%.
It is important to realize that these clean economy investment tax credits work to incentivize investment and remain competitive but also do not stand alone. They are just part of the tool box that also includes legislation like the Canadian Net-Zero Emissions Accountability Act; the Canadian sustainable jobs act and amendments to CEPA, which is the Canadian Environmental Protection Act; regulations like the clean fuel regulations, the carbon pricing and oil and gas emissions cap; programs like the strategic innovation fund and many others; and the blended finance utilities that the government has launched, including the Canada growth fund and the Canada Infrastructure Bank. These all work together, and that is why we are seeing the results we are seeing.
Bill C-69's support for these investments comes at a pivotal moment when we can choose to renew and redouble our investments in the economy of the future, to build an economy that is more productive and more competitive, or risk leaving an entire generation behind.
With Bill C-69, we would not make that mistake. Our major economic investment tax credits are moving Canada forward on its track to achieve a net-zero economy by 2050. I could not be more proud of our work in this area.
1391 words
- Hear!
- Rabble!
- add
- star_border
- share
Mr. Speaker, I rise to participate in today's debate in support of Bill C-69, the budget implementation act.
Today, too many young Canadians feel as though the deck is stacked against them. They can get a good job and work hard, but far too often the reward of a middle-class life, a life that is secure, comfortable and prosperous, remains out of reach.
That is why we are taking action today to ensure fairness for every generation, and why we are stimulating the kind of economic growth that will allow every generation of Canadians to reach their full potential.
To ensure every Canadian succeeds in the 21st century, we must grow our economy to be more innovative and more productive. To do this, the government's economic plan is investing in the technologies, incentives and supports that are critical to increasing productivity, fostering innovation and attracting more private investments in Canada. This is how we will build an economy that unlocks new pathways for every generation to earn their fair share.
A competitive economy is a clean economy. What better proof could there be than the $2.4-trillion in net-zero investments made around the world last year? Canada is at the forefront of the global race to attract investment and seize the opportunities that come with a clean economy.
That is also why our government announced an economic plan to achieve net-zero emissions that includes investments of more than $160 billion. The plan includes an unprecedented package of investment tax credits to help attract investment with incentives totalling $93 billion by 2034-35.
In budget 2024, the government announced the next steps in its plan to attract major investment to Canada to create well-paying jobs and to develop and deploy clean energy and technology faster.
The important piece of legislation that I am here to discuss today delivers two investment tax credits: the clean hydrogen and the clean technology manufacturing investment tax credits. Passing these two tax credits into law will secure a cleaner, more prosperous future for Canadians today and tomorrow.
The clean hydrogen investment tax credit would support investments in projects that produce clean hydrogen through eligible production pathways. This refundable tax credit, which would be available as of March 28, 2023, could be claimed when eligible equipment becomes available for use, at a credit rate that is based on the carbon intensity of the hydrogen that is produced.
The clean technology manufacturing investment tax credit would be available as of January 1, 2024. This is a refundable investment tax credit equal to 30% of the cost of investments in machinery and equipment used to manufacture or process key clean technologies, and extract, process or recycle certain critical minerals essential to clean technology supply chains.
Now we are coming to one of my favourite subjects, which is the mineral exploration tax credit and critical minerals. Another piece of important legislation in this bill includes the one-year extension of the mineral exploration tax credit. The mineral exploration tax credit provides important support to junior mineral exploration companies working to unlock Canada's incredible mineral wealth, creating jobs and growing our economy. This extension is expected to provide $65 million to support mineral exploration investment.
Our country's abundant minerals and metals play a key role in the Canadian economy. Canada has the talented workforce, the infrastructure, the innovation and the environmental management capacity to develop these natural resources sustainably. As a result, Canada can create well-paying jobs that contribute to economic growth.
By investing in mining and exploration, the government, through its economic plan, is helping to promote sustainable resource development, create good jobs, grow the economy and foster indigenous economic participation.
We also plan on further advancing indigenous economic participation through the indigenous loan guarantee program. An economy that is fair for everyone is one where everyone is able to fully participate.
With budget 2024, we are taking action to ensure indigenous communities are able to share in Canada's prosperity and benefit from the new opportunities ahead. Bill C-69 would help launch the indigenous loan guarantee program, with up to $5 billion in loan guarantees to unlock the access to capital for indigenous communities, create economic opportunities and support their economic development priorities.
Under this program, successful applicants will be able to obtain loans from financial institutions at lower interest rates.
The budget also provides for an investment of $16.5 million over two years to Natural Resources Canada, including $3.5 million over two years to provide funding for capacity building in indigenous communities. This investment will help indigenous communities apply for the program and support its implementation.
Establishing the indigenous loan guarantee program is a very important step towards indigenous self-determination as well as reconciliation between Canada and indigenous peoples.
The measures I touched on today will support our efforts to attract investment, increase productivity, boost innovation and create good-paying, meaningful jobs.
We are at a pivotal moment: We can choose to renew and double down on our investment in the economy of the future, choose to develop a more productive and competitive economy, or risk leaving an entire generation behind.
Let us not take that risk. We owe it to our businesses, to our innovators and, most of all, to the upcoming generations of workers to make sure that the Canadian economy is positioned to thrive in a changing world.
I urge all members to support the speedy passage of this bill so we can implement these important measures to support Canadians. I am thankful for the opportunity to make this case today.
941 words
- Hear!
- Rabble!
- add
- star_border
- share
- menumenu
- notificationsnotifications
- home
- mailmail
- searchsearch
