- Member of Parliament
- Member of Parliament
- Liberal
- Nepean
- Ontario
- Voting Attendance: 67%
- Expenses Last Quarter: $104,578.46
- Government Page
- Apr/30/24 1:32:50 p.m.
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Madam Speaker, the hon. member talked on many points, but he forgot to mention the one key thing for Quebec, and that is the knowledge-based sector in Quebec and Montreal. For example, the Montreal-based artificial intelligence industry is leading the world. This budget, to give a couple of examples, would provide $2 billion toward the AI compute access fund and $200 million to help sectors like agriculture, manufacturing and minerals to use artificial intelligence in their operations.
Does the member not recognize that this budget would provide for the growth of Quebec's knowledge-based economy and knowledge-based corporate sector so it can be a leader in technology in the world?
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- Apr/30/24 11:14:32 a.m.
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Mr. Speaker, my hon. colleague has covered many important points that are in the budget. I would like to ask him to comment on the things that this budget would do to spur the economic growth of Canada and how this budget would provide investments in advanced manufacturing and advanced technologies, like artificial intelligence, so that Canada continues to be ready for the new knowledge-based economy that is happening in the world today.
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Madam Speaker, as members know, we have covered a lot of things in this budget, and there are many things there for everyone.
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Madam Speaker, our budget has made it very clear that the investments we are going to make will be in companies that lead to the clean economy of the future. That has been made very clear and we will continue to stand by it.
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Madam Speaker, I am pleased to contribute to the continuing debate on Bill C-47, the budget 2023 implementation act, which proposes measures that will help Canadians and build a stronger economy.
Budget 2023, “a Made-in-Canada Plan: Strong Middle Class, Affordable Economy, Healthy Future”, arrived at an important time for our country and the world.
It delivers targeted inflation relief for 11 million Canadians and families who need it most, strengthens Canada’s universal public health care system with an investment of $198.3 billion and introduces a new Canadian dental care plan to benefit up to nine million Canadians.
Budget 2023 also makes transformative investments to build Canada’s clean economy, fight climate change and create new opportunities for Canadian businesses and Canadian workers. This includes significant measures that will deliver cleaner and more affordable energy, support investment in our communities and create good-paying jobs as part of a responsible fiscal plan that will see Canada maintain the lowest deficit and the lowest net debt-to-GDP ratio in the G7.
One aspect of Bill C-47 I would like to address today is how it proposes to enact measures to help build Canada’s clean economy, and specifically, two important proposals that were first announced in budget 2022.
The first is the Canada growth fund, which would help attract private capital to build Canada's clean economy. The other is the establishment of the Canada innovation corporation as a new Crown corporation, with a mandate to increase Canadian business expenditures on research and development.
I will start with the Canada growth fund. It was incorporated in December 2022 as a subsidiary of the Canada Development Investment Corporation. As a significant part of Canada’s plan to decarbonize and build Canada’s clean economy, the Canada growth fund requires an experienced, professional and independent investment team ready to make important investments in support of Canada’s climate and economic goals.
Therefore, budget 2023 announced the intention to have the growth fund partner with the Public Sector Pension Investment Board, or PSP Investments, to deliver on the growth fund’s mandate of attracting private capital to invest in Canada’s clean economy. Bill C-47 contains the necessary legislative amendments to enable PSP Investments to manage the assets of the Canada growth fund as a $15-billion arm's-length public investment vehicle.
PSP Investments is one of Canada’s largest pension investment managers, with more than $225 billion in assets under management, and operates at arm’s length from the government. It will provide the Canada growth fund with an independent team that has extensive experience across the range of investment tools that the growth fund will use to deliver on its mandate and attract new private investment to Canada.
By partnering with PSP Investments, the Canada growth fund would be able to move quickly and begin making investments in the near term to support the growth of Canada’s clean economy. One of the investment tools the Canada growth fund will use to support clean growth projects is contracts for difference. These contracts can backstop the future price of, for example, carbon or hydrogen, providing predictability that helps to de-risk major projects that cut Canada’s emissions. Contracts for difference allow companies to plan ahead, supporting the growth of Canada’s clean economy by making clean projects more cost-effective than more polluting projects.
Relatedly, budget 2023 announced that the government will consult on the development of a broad-based approach to carbon contracts for difference that aims to make carbon pricing even more predictable, while supporting the investments needed to build a competitive, clean economy and help meet Canada’s climate goals. This would complement contracts for difference offered by the Canada growth fund. Notably, the Canada growth fund assets will be separate and managed independently of the pension assets of PSP Investments. However, it will maintain the market-leading reporting framework for public transparency and accountability that the government committed to in the 2022 fall economic statement.
I also mentioned earlier that Bill C-47 proposes to establish the Canada innovation corporation as a new Crown corporation with a mandate to increase Canadian business expenditure on research and development across all sectors and regions of Canada. Currently, Canada ranks last in the G7 in R and D spending by businesses. I think we can all agree that this has to change.
Solving Canada’s main innovation challenges, including a low rate of private business investment in research, development and the uptake of new technologies, is key to growing our economy and creating good jobs. Canadian companies need to take their new ideas and new technologies and turn them into new products, services and thriving businesses, and they need support to do that.
The mandate of the Canada innovation corporation will be to promote the improved productivity and growth of Canadian firms, which would contribute to a strong and innovative Canadian economy. It would work proactively with new and established Canadian industries and businesses to help them make the investments they need in order to innovate, grow, create jobs and be competitive in the changing global economy.
It would do this by offering needed support to transform new ideas into new and improved products and processes. It would also support them in developing and protecting intellectual property and in capturing important segments of global supply chains that will help drive Canada’s economic growth and create good jobs.
I would like to stress that the CIC will not be just another funding agency. It is intended to be a market-oriented innovation agency with private sector leadership and expertise. The CIC would operate with an initial budget of $2.6 billion over four years, and with the passage of Bill C-47, it is expected to begin its operations in 2023.
Overall, these measures from Bill C-47 are just part of the government’s plan to build a stronger, more sustainable 21st-century economy. They build on budget 2023's transformative investments to build Canada's clean economy, fight climate change and create new opportunities for Canadian businesses and Canadian workers.
With our made-in-Canada plan, our budget would ensure that Canadians have more money in their pockets and are meeting the challenges of today and tomorrow, while building a Canada that is more secure, more sustainable and more affordable for people from coast to coast to coast. Key measures in the budget implementation bill include, one, an automatic advance for the Canada workers benefit; two, the doubling of the deduction for tradespeople's tools; three, improved registered education savings plans; four, banning cosmetic testing on animals; five, strengthening Canada's supply chains and trade corridors; and six, continuing our efforts in supporting Ukraine by taking action against Russia.
I encourage all hon. members to support Bill C-47 and to contribute to this effort.
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Madam Speaker, Canada's prosperity has been built on natural resources such oil, gas, minerals, metals, forestry products, and the hard work of several generations of Canadians, including current day seniors.
Another natural resource that is opening up for our future economic growth is the entire food chain of critical minerals, from mining and processing and conversion, to their use in the manufacture of batteries in electric vehicles and everything that is coming up.
I would like to ask the member about her comment on the tax credit that has been given in this budget to attract investments into clean electricity, clean hydrogen and clean manufacturing.
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Madam Speaker, this budget builds on the actions taken over the years to support vulnerable Canadians. It also builds on such actions as investing $1.2 billion into artificial intelligence, quantum computing, other advanced technologies and the critical minerals strategy, which was strengthened by the critical minerals infrastructure fund last year. In this budget, we have invested $1.2 billion into space technologies.
What is the hon. member's reaction or opinion on the investments the current budget is making into the technologies of tomorrow so that we can secure a place at the forefront of the advanced technologies in the world?
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Mr. Speaker, a budget implementation act covers many things that are required immediately. Some of the things that the hon. member mentioned need to be considered and voted upon in the current budget implementation act.
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Madam Speaker, absolutely, if the member had taken some time to read the budget, there is a whole chapter on this. As I mentioned, there are many investments on many different levels that deal with the defence of our country and the security aspects of our country. Every single one of these things has been derived from the budget.
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Madam Speaker, if the hon. member had read the budget, he would know that there is an entire chapter on this. Not only has $8 billion been invested on the basis of the policy that was published in 2017, but I can go on to read what the government has announced in investments.
The government has provided $875 million to address the cyber-threat landscape, based on Canada's first comprehensive cybersecurity strategy. On misinformation and disinformation, the government has provided $13.4 million for the G7 rapid response mechanism. The government has provided $10 million for the Privy Council Office to coordinate, develop, and implement government-wide measures designed to combat disinformation and protect our democracy. The government has also provided $385 million for IRCC and CSIS, plus the—
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