- Member of Parliament
- Minister of Small Business
- Liberal
- Mississauga—Streetsville
- Ontario
- Voting Attendance: 66%
- Expenses Last Quarter: $101,328.92
- Government Page
- Oct/24/23 2:49:46 p.m.
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Mr. Speaker, speaking of entrepreneurs, I would like to thank my hon. colleague for joining me in attending events for programs our government has funded, which Conservative colleagues have voted against. He was able to see the real, live, tangible examples of success stories.
Our government believes in empowering young entrepreneurs and has committed nearly $60 million to future entrepreneurs who provide loans, mentorship and education to Canadian entrepreneurs between the ages of 18 and 39.
Now that my hon. colleague has witnessed the benefits of our investments, perhaps he and the Conservatives can stop voting against support for young entrepreneurs, which will take Canada backward.
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- Oct/23/23 2:26:07 p.m.
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Mr. Speaker, as a former small business owner myself, I know that small businesses are the backbone of these communities. As a small business owner, I am glad the Conservatives are not in charge. Small businesses would not be saving $1 billion in credit card transaction fees. Women entrepreneurs would not have $7 billion of investment through our women entrepreneurship strategy, nor the $10-a-day child care that has put more women into the work force.
The Conservatives have been voting against these efforts to support small businesses, including women entrepreneurs. They are not worth the risk.
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- Jun/1/23 12:58:55 p.m.
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Madam Speaker, I just want to state something else on the record, which is this: Data from Public Safety Canada shows that the average annual bill for disaster assistance has been $430 million over the last three years. The total damage from natural disasters in Canada has been $3.1 billion alone in 2022.
Given these substantial costs, inaction towards protecting our planet and fighting climate change will inevitably affect us all, so the clean fuel regulations are critically important. They are an important part of Canada's overall approach to reducing emissions.
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- Jun/1/23 12:57:41 p.m.
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Madam Speaker, as a part of the auto caucus, I hear all the different concerns that we get from the auto industry. I am looking forward to continuing to work with different members in this House to continue to put policies and legislation in place that can help, especially, with enhancing electric battery plants that are coming into Canada. They can also help with different investments, such as those from Stellantis and Volkswagen.
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- Jun/1/23 12:56:34 p.m.
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Madam Speaker, I want to give a shout-out to the Mississauga Food Bank for its amazing work in giving back to the community and providing our communities with food.
As I mentioned, or outlined, earlier in my speech, today, we have designed budget 2023 to have the biggest impact on those who need it most. We have made so many different options available to constituents to assist them in this time of need while avoiding exacerbating inflation. Again, we are committed to providing a brighter future for Canadians through these different measures.
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- Jun/1/23 12:54:55 p.m.
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Madam Speaker, I enjoy working with the hon. member on the agriculture committee.
I just want to state that, from the national inventory report that was recently published, Canada's climate policies are starting to bend the curve on greenhouse gas emissions. Canada is leading the G7 emissions reduction since 2019 and produced 53 million tonnes less of carbon in 2021 than in 2019. That is the equivalent of taking 11 million cars off Canada's roads. Our plan is working. We are taking action to ensure that we push toward our 2030 emissions reduction target.
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- Jun/1/23 12:51:49 p.m.
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Madam Speaker, as I said, budget 2023 announced that the federal government would increase the number of Canadians eligible for File my Return to two million people by 2025, which is almost triple the current number.
My son Kyle is about to graduate from elementary school, and I am thinking forward to when he enters university and what he is going to be paying for his education. We know that the higher cost of living means that students still need support to afford an education and pursue their dreams. Budget 2023 proposed enhanced support for students for the 2023 school year. This includes increasing Canada student grants by 40%, providing up to $4,200 for full-time students; raising the interest-free Canada student loan limit from $210 to $300 per week of study; and waiving the requirement for mature students, aged 22 years or older, to undergo credit screening in order to qualify for federal student grants and loans for the first time. This would allow post-secondary students to access up to $14,400 in enhanced Canada student financial assistance for the upcoming school year. Students with disabilities and dependents would also receive an increase in Canada student grants.
Post-secondary education is expensive, and the government is committed to ensuring that education remains accessible and more affordable for Canadians, so that future generations can seek higher education. That is why we will be working with students in the year ahead to develop a long-term approach to student financial assistance in time for budget 2024.
Unfortunately, for too many Canadians, including young people and new Canadians, the dream of owning a new home is increasingly out of reach. In budget 2022, the government committed to introducing a tax-free personal savings account, a new registered plan to give prospective first-time homebuyers the ability to save $40,000 on a tax-free basis. In budget 2023, the government delivered on this commitment by allowing financial institutions to start offering this plan to Canadians on April 21, 2023, a few months ago.
These are just a few examples of how we are making targeted and responsible investments to build a stronger economic future for all Canadians.
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- Jun/1/23 12:45:26 p.m.
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Madam Speaker, I would be remiss on June 1 if I did not say Happy National Indigenous History Month, Deafblind Awareness Month, Filipino Heritage Month, Italian Heritage Month, Portuguese Heritage Month and Pride Month.
To go back to the topic at hand, I am very pleased to have the opportunity to discuss this important subject today. The Canadian economy is doing well in the face of global economic challenges, with more than 900,000 Canadians working today than before the pandemic and an unemployment rate close to a record low. However, we are well aware that many Canadians continue to struggle with the cost of living. Since 2015, the government has been making important investments to grow the economy, strengthen Canada's social safety net and make life more affordable for Canadians. These investments have included the tax-free child benefit to support about 3.5 million families annually, an enhanced Canada workers benefit and a 10% increase in old age security payments to seniors aged 75 and over, among others.
In budget 2023, we outlined how our government will provide new targeted inflation relief to Canadians, including the grocery rebate, to support the many individuals and families who are struggling to put food on the table because of the rising cost of groceries. The new one-time grocery rebate will deliver targeted inflation relief for 11 million low- and modest-income Canadians and families who need it most, with up to $467 for eligible couples with two children, up to an extra $234 for single Canadians without children and an extra $225 for seniors, on average. The grocery rebate will be delivered to eligible Canadians on July 5, 2023, by direct deposit or cheque, through the Canada Revenue Agency. By targeting the grocery rebate to Canadians who need it the most, the government will be able to provide relief without making inflation worse.
We all know that inflation is still too high, and the steep increase in interest rates has caused economic pain for many Canadians, including small businesses, which need to pay more for their lines of credit. We saw the pandemic lead to an increase in people using credit cards when they shop. Canadian small businesses pay fees to process these credit card transactions, with the largest component being the interchange paid to credit card issuers.
However, I am pleased to be able to say that the Government of Canada recently announced that, in budget 2023, it will be delivering a commitment to lower credit card transaction fees for small businesses by finalizing new agreements with Visa and Mastercard, while also protecting reward points offered by Canada's large banks for Canadian consumers. For qualifying small businesses, Visa and Mastercard have agreed to reduce interchange fees for in-store transactions, to an annual weighted average of 0.95%, and to reduce interchange fees for online transactions by 10 basis points, resulting in reductions of up to 7%. As a previous small business entrepreneur myself, I am happy to say that these new agreements will help most small businesses in Canada.
More than 90% of credit card-accepting businesses in Canada will qualify for the new lower rates and see their interchange fees reduced by up to 27% from the existing weighted average rate. These reductions are expected to save Canadian small businesses about $1 billion over five years. Small businesses will also have free access to online fraud and cybersecurity resources to help them grow their online sales while preventing fraud and charge-backs. In concrete terms, a small store with $300,000 in annual credit card sales should see interchange savings of $1,080 per year. The new rates will come into effect in the fall of 2024 to allow time for systems to be updated.
Another important measure in the budget includes working with regulatory agencies in provinces and territories to reduce junk fees for Canadians, including higher telecom roaming charges, event and concert fees, excessive baggage fees and unjustified shipping and freight fees. These costs can add up very quickly. It is important to ensure that businesses are transparent and fair with prices for Canadians.
The budget also takes action to crack down on predatory lending. Predatory lenders can take advantage of some of the most vulnerable people in our communities, including low-income Canadians, newcomers and seniors, often by extending loans with very high interest rates. With budget 2023, our government is taking action by proposing to lower the criminal rate of interest by reducing the annual percentage rate from 47% to 35% and imposing a cap on payday loans.
Another way the government is taking steps to support low-income Canadians is through automatic tax filing. Having hosted a free tax clinic in my office during tax season, I know first-hand that this will go a long way for all our constituents.
We want to ensure that Canadians can easily file their tax returns in order to receive the benefits to which they are entitled. Since 2018, the Canada Revenue Agency has delivered a free and simple File my Return service, which allows eligible Canadians to auto-file their tax returns over the phone after answering a series of short questions. Budget 2023 announced that the federal government would increase the number of Canadians eligible for File my Return—
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- Jun/1/23 12:45:04 p.m.
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Madam Speaker, I will be sharing my time with the member for Winnipeg North.
Since I am speaking today on June 1, I would be remiss if I did not say happy National Indigenous History Month—
Some hon. members: Oh, oh!
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