Mr. Speaker, what does the hon. member have to say to his constituents who, like mine, are struggling with high interest rates and mortgage rates?
Those who are renewing their five-year mortgages, or those who are on variable mortgages, are very much feeling the gut punch of the interest rate increases, which are the result of inflationary spending and the deficits of his government. These would not be abated in any way by the budget. This is ravaging household budgets, and when the mortgage costs and rents have doubled, that is having a huge impact on household budgets.
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Mr. Speaker, I rise today to speak to the budget implementation act. This is a challenging time in a challenging world. With every challenge comes an opportunity. It is in this context that I speak to this budget implementation act.
There are two main things in this budget for me. The first is that we would ensure that Canadians can continue to count on us to be there with our continued support to all vulnerable Canadians. The second is that we would also meet the challenges of today and tomorrow while building a Canada that is more secure and more sustainable, and ensuring that the prosperity we enjoy today will be available to future generations too.
Let us start with the challenging times. We all know that the pandemic hit not only Canada but also all the countries across the world. With the co-operation of Canadians, we managed to contain the pandemic to the best extent possible. We are one of the best countries in the world to have managed the pandemic this well.
The economy got hit, and 8.9 million working Canadians lost their jobs. We came out in support of them. We also supported more than half a million small businesses through the wage subsidy scheme and the small business account. As well, we managed through the pandemic with relatively fewer deaths compared to many other countries in the world.
Then came the war, the illegal invasion of Russia on Ukraine. This created a problem in the energy crisis across the world. It also gave rise to the rising crisis of food grains. We also had the problem of the supply chain issue due to the pandemic. There are a lot of shortages because the supply chains were disrupted across the world. We also realized the importance of self-reliance in that time, when critical goods were not being produced and were not available at the right time to all those who needed them.
Due to all of this, we faced inflation, which peaked to 8.1% in September 2022. However, during the last nine months, we have seen the inflation rate going down. Currently, it stands at around 4.3%. With all of this, we can still say that Canada has done relatively well. In fact, among G7 countries, we have the best economic growth. We have recovered 865,000 jobs more than there were before the pandemic.
These challenging times are also in globalization. Globalization, as we knew it for several decades, is on the way down. The multilateral agencies, such as WTO, on which international order-based trade depends, are also facing their own problems. With all the vacancies at the appellate body at WTO, it cannot even operate today due to non-cooperation by some key member states.
We are seeing that, the more bilateral free trade agreements taking place, free trade agreements among certain blocks taking place and the concept of friend-shoring is coming in. While these are challenges, they also provide opportunities for Canada. I will come to that a bit later.
We also had the Inflation Reduction Act in the United States, our biggest trading partner, which was a game-changer. This Inflation Reduction Act, combined with the U.S. CHIPS and Science Act, is close to one trillion dollars in legislation. They have rewritten the rules of industrial policy and industrial development in the United States.
The Inflation Reduction Act did affect many of the trading partners of the United States, but Canada was able to manage the bulk of it through effort brought by different levels of the government and the industrial bodies. Before the IRA became legislation, we were able to ensure that all North American manufactured vehicles are included in the incentives and subsidies proposed in that IRA.
At the international trade committee, when we were discussing the effects of the IRA on Canada, one trade union leader very aptly said that we cannot respond with every dollar to dollar to IRA, but we can respond smartly. That is what Canada has done, and that is what Canada would also be doing with this budget.
Canada is prosperous, and has been prosperous for a long time, due to our natural resources, such as oil, gas, minerals, metals and forestry products, and due to the hard work of several generations of Canadians, but the world is changing. The world is moving more toward a knowledge-based economy.
This knowledge-based economy makes a flat world out there. Canadians, especially the younger generation of Canadians, today face competition from all across the world, whether from Sydney, Australia; Tokyo, Japan; Shanghai, China; Mumbai, India; Frankfurt, Germany; or any other place. We all are facing the same competition in this digital world.
Even in this digital economy, we have invested. In last year's budget we came out with an investment of over $1.2 billion in artificial intelligence, quantum computing and other advanced technologies. In this budget, we have committed $1.2 billion for space technology. If possible, I will touch on that a little later.
The other key thing is that the world is moving toward a clean economy. Between now and 2050, it is projected that about $100 trillion of private capital will be invested across the world in building the global clean economy, and that is where the opportunity lies for Canada. We have the opportunity to be a supplier of critical minerals and the entire supply chain. In the transition toward electrical vehicle industries, Canada can play a major role.
We are already seeing investments announced by major auto manufacturers in Canada. I believe even today there is going to be a very major announcement on battery manufacturing in Canada. We have seen the battery recycling plants coming up in Canada, and already Canada is projected to be one of the leaders for the supply of critical minerals required for this entire ecosystem. We need to see the processing of critical minerals also take place in Canada today.
We have a lot of opportunities on that front. However, we have a small issue with the new mines coming up to mine the critical minerals. There is a long regulatory process that is involved in that. For that, the federal government has come out with agreements with various provinces. For example, we have signed an agreement with the Province of Ontario where we can work together to align ourselves on the timelines, on the resources and on the regulatory approval process so we can deliver quicker, faster approvals, which are required to get the minerals from the ground for battery manufacturing.
As I mentioned, we would invest $1.9 billion in Canada's space agencies. This funding would support the development of new technologies and capabilities, including space robotics and exploration missions, as well as support for Canadian companies involved in the space industry.
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Mr. Speaker, as the member opposite knows, I have been to his riding, and I am originally from Vancouver Island. When I was elected to city council, it was on Vancouver Island.
I have had a couple of opportunities to interact with the Union of British Columbia Municipalities. I was recently at a housing summit, just a number of weeks ago. In fact, this week, on Monday, I was at an announcement with the president of the UBCM, which announced $103 million of new federal infrastructure money, which is going to over 45 different communities throughout the province.
The message is that the federal government is here to support municipal governments. In fact, looking at our investments since 2015, we have made historic and unprecedented investments that have directly benefited our municipalities.
Obviously the policing arrangements that the member opposite is referring to are negotiated by the federal government, and the cost is burdened by municipalities. I have had an opportunity to meet with police officers, both in my riding of Burnaby, as well as the District of North Vancouver. We always take their concerns very seriously.
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Mr. Speaker, my colleague knows, as a former municipal councillor himself, just as I am a former municipal councillor for Tofino, that municipalities shoulder a large majority of services and costs. However, they only collect 8% of the overall tax revenue.
The government just made a retroactive agreement with the RCMP to ensure that they get paid more. We know that our frontline law enforcement deserves to be paid more, and they deserve better training, especially de-escalation training. We also need to ensure they get supports when they are injured, especially with PTSD.
However, the Association of Vancouver Island and Coastal Communities just met in the member's former hometown of Nanaimo. They were unanimous that the federal government needs to support local governments after the downloading of this retroactive funding. Unlike federal and provincial governments, which can run deficits, municipal governments have to run a balanced budget.
Will the federal government get back to the table with FCM and local governments to make sure they are not eating the costs of a deal they negotiated without consulting local governments?
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Mr. Speaker, I appreciate the question, and I also appreciate my colleague opposite. I would like to tell his constituents that we had a very elongated technical briefing on the BIA and he was the most active member in making sure he understood the over 400 pages that are involved in the act.
When it comes to employment insurance, I think it is really important that all of us support this institution, which was so helpful over the course of the pandemic and continues to be helpful. We have taken care to make sure we are addressing some of the concerns with respect to EI in the BIA, in this document, but I would note that we have also extended employment insurance and some of the benefits that we had during the course of the pandemic through to 2024. At the same time, we are providing better services at a lower rate than when the Leader of the Opposition was in charge of the file.
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Mr. Speaker, I want to thank the hon. parliamentary secretary, with whom I have the pleasure and privilege of working on the Standing Committee on Finance.
The Bloc Québécois was very concerned about one aspect of the most recent budget, and that is the employment insurance fund. We saw that the government was choosing to make contributors, workers and unemployed workers pay off the pandemic-related deficits. We are talking about $15 billion, in addition to $2 billion from last year.
We can see from the budget implementation bill introduced yesterday that the government is electing not to do anything about that and to make workers and unemployed workers pay by taking a total of $17 billion out of their pockets for an insurance plan that does not work.
How does my hon. colleague justify that decision?
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Mr. Speaker, it is my pleasure to rise today to talk about the budget implementation act. Last month, our government released budget 2023, our made-in-Canada plan for a strong middle class, an affordable economy and a healthy future.
It comes at an important moment for our country. Canada's economy has made a remarkable recovery from the COVID recession. Last year, Canada delivered the strongest economic growth in the G7. This is thanks to the hard work, resilience and ingenuity of Canadians. In fact, there are 865,000 more Canadian workers today than at the start of the pandemic. This shows that our strategy of keeping Canadians healthy and focusing on a jobs-based recovery is working. In fact, we have recovered over 128% of jobs lost during the pandemic, while the United States has recovered only 115%.
In the short term, however, Canada and the world face several headwinds. We face a slowing global economy, high interest rates and inflation. While the inflation rate in Canada has been consistently lower than for our economic peers, that is cold comfort to Canadians who feel the impact on their pocketbook every single day. It is important that we address these challenges. Fortunately, our budget provides a direct response.
It delivers billions of dollars to the public health care system, a prudent investment after coming through the most significant health care crisis we have faced in over 100 years. We go even further by investing in dental care for millions of Canadians, a measure that has already benefited over 250,000 children under the age of 12.
The budget provides important investments to build Canada's clean economy, creating even more good jobs for the middle class while ushering in a new era of economic prosperity for Canadians. In the future, when nations around the world look for new technology to help combat climate change, they will be able to turn to Canada.
The budget offers a responsible fiscal plan that will allow Canada to preserve the lowest deficit and net debt-to-GDP ratio in the G7. This means that our country enjoys not only the strongest economic growth, but the strongest balance sheet in the G7, which is why we have retained our AAA credit rating. This allows us to provide new, targeted relief from inflation for those Canadians who need it the most.
I would like to pause here and share my thanks to all members of this House, who unanimously supported the Canada grocery benefit and the immediate $2-billion health transfer, which will help provinces and territories deliver the health services that Canadians deserve. Despite partisan differences, which too often make the highlight reel on the Internet or in the media, I am still encouraged and heartened by the fact that we can find ways to come together in this place and support Canadians when they need it the most.
Having said that, I would like to highlight measures in the budget implementation act that would make life more affordable for Canadians.
In Canada, inflation is coming down. It has actually declined for nine months in a row. It is currently at 4.3%, and the Bank of Canada predicts it will drop to 2.5% by the end of the year. While it is lower than inflation seen in the United States, Europe and other parts of the world, we all know that it is still too high, and it is still making it difficult for many Canadians to make ends meet and put food on the table. That is why budget 2023 announced new, targeted inflation relief for the most vulnerable Canadians, to help support them with the cost of living.
The grocery rebate will help and provide support to 11 million Canadians and families, and it will also provide hundreds of dollars to over 50% of Canadian seniors.
In addition, we are helping the nearly 500,000 students who withdraw funds from their RESP by increasing withdrawal limits from $5,000 to $8,000 for full-time students.
We are helping workers by ensuring that tradespeople get the equipment they need, by doubling the allowable employment deduction for tools. These individuals are critical for building Canada's clean economy and supporting our plan to double the number of new homes built in Canada by 2032.
We are cracking down on predatory lending by proposing to lower the criminal interest rate from 47% to 35%, and we are imposing a cap on charges for payday loans.
Workers will also benefit from automatic advance payments of the Canada workers benefit. This will provide up to an additional $2,461 for a family to help cope with the rising cost of living.
In addition, we are increasing the amount Canadians can earn before paying a penny of federal income taxes to $15,000. Since we have formed government, that is $3,673 more that people can earn tax-free.
Combined with our previous programs, such as child care, the Canada child benefit, student grants and increased investments in retirement security, we are making sure Canadians have the resources they need to cope with global inflation.
We are also committed to helping the provinces and territories achieve better health outcomes for Canadians. The $2-billion Canada health transfer, which was delivered this week, will help deliver the high-quality, timely health care services that Canadians deserve. This funding will reduce backlogs and wait times for surgeries and will improve service levels in emergency rooms and pediatric hospitals. This funding builds on the $6.5-billion one-time Canada health transfer top-ups that the Government of Canada has provided throughout the pandemic, as well as the $196 billion we have committed over the next 10 years. This includes a guaranteed increase to the Canada health transfer of at least 5% for the next five years. With improved data and transparency and more financial resources, we are confident that premiers will have the tools they need to deliver the health care services that Canadians expect.
The other major investment that Canadians expect is in Canada's plan to grow our clean economy while creating high-paying and sustainable jobs. Budget 2023 builds on over $100 billion of investments in the environment and fighting climate change to position Canada as a global leader. We are well positioned to meet our emissions targets while creating the net-zero technologies the world will demand. We are doing this through the Canada growth fund, through the Canada innovation corporation, and by incentivizing investment in Canada's net-zero economy. These investments will create thousands of high-paying, sustainable jobs from coast to coast to coast while protecting our environment and fighting climate change at the same time.
We also need to fight against money laundering and the financing of terrorist activities. We are proposing to expand the mandate of the Office of the Superintendent of Financial Institutions to include oversight of federally regulated financial institutions to determine if adequate policies and procedures are in place to protect them from threats to their integrity and security, including from foreign interference. This will include new compliance and intervention tools available to the superintendent and to the Minister of Finance, underpinned by strong safeguards. The bill would also improve the sharing of compliance information between FINTRAC, OSFI and the Minister of Finance. Collectively, these measures will provide oversight to the financial sector and support a healthy and stable Canadian economy.
Speaking of stability, this is probably an appropriate time to outline how budget 2023 would also continue to support the people of Ukraine as they fight for their sovereignty, their democracy and democracy right around the world. This includes a $2.4-billion loan to the Government of Ukraine to support essential services, which brings Canada's commitment to over $8 billion to date.
The BIA would amend the customs tariff to extend the withdrawal of the most favoured nation preferential tariff from Russia and Belarus indefinitely. This means that the 35% general tariff will apply, placing them in the same category as North Korea. In addition, the budget implementation act would strengthen Canada's ability to pursue the assets of those who have enabled Russia's illegal war, and help to finance Ukrainian reconstruction.
Budget 2023 is our government's plan to build a stronger, more sustainable and more secure Canadian economy that works for everyone. The budget implementation act is a foundational piece of this plan, from delivering new, targeted inflation relief for Canadians to helping with higher prices at the checkout counter, building our clean economy and creating good jobs. At a challenging time, in a challenging world, these are important investments to secure a bright future for Canadians and ensure that there remains no better place to be in the world than in Canada.
I implore all hon. members and all Canadians watching this at home to support the speedy passage of this bill so that we can get it working for Canadians as soon as possible.
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Mr. Speaker, if you seek it, I believe you will find unanimous consent for me to split my time with the member for Nepean.
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moved that Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023, be read the second time and referred to a committee.
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Mr. Speaker, I want to thank the hon. member for Laval—Les Îles for his excellent question and for his hard work.
If it is passed, the budget implementation act would help meet the challenges of today and tomorrow, as we build a safer, more sustainable and more affordable Canada for Canadians across the country.
Here are some of the measures contained in the budget: automatic advance payment of the Canada workers benefit, doubling of the tradespeople's tools deduction, strengthening supply chains and Canada's trade corridors.
These are important measures, but, sadly, the Conservatives have already voted against them.
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Mr. Speaker, this morning, our government tabled the budget implementation act, an essential legislative measure to support a strong working class, an affordable economy and a healthy future.
Could the Minister of Tourism and Associate Minister of Finance tell the House about some of the important measures this bill would introduce?
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moved that Bill C-47, An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023, be read the first time and printed.
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