Bill C-69

Budget Implementation Act, 2024, No. 1

An Act to implement certain provisions of the budget tabled in Parliament on April 16, 2024

Part 1 implements certain measures in respect of the Income Tax Act and the Income Tax Regulations by
(a) denying income tax deductions for expenses incurred with respect to non-compliant short-term rentals;
(b) exempting from taxation the international shipping income of certain Canadian resident companies;
(c) exempting from taxation any income of the trusts established under the First Nations Child and Family Services, Jordan’s Principle, and Trout Class Settlement Agreement;
(d) doubling the volunteer firefighters and search and rescue volunteers tax credits;
(e) extending the eligibility for the Canada child benefit in respect of a child for six months after the child’s death;
(f) increasing the cap on labour expenditures per eligible newsroom employee from $55,000 to $85,000 and increasing, for four years, the Canadian journalism labour tax credit rate from 25% to 35%;
(g) extending eligibility for the mineral exploration tax credit by one year;
(h) providing a refundable tax credit to small and medium-sized businesses in designated provinces by returning a portion of fuel charge proceeds from the province;
(i) providing a refundable investment tax credit to qualifying businesses for investments in certain clean hydrogen projects;
(j) providing a refundable investment tax credit to qualifying businesses for certain investments in clean technology manufacturing property;
(k) amending the definition “government assistance” to exclude bona fide concessional loans with reasonable repayment terms from public authorities;
(l) implementing a number of amendments to the alternative minimum tax;
(m) increasing the home buyers’ plan withdrawal limit from $35,000 to $60,000 and deferring the repayment period by three additional years;
(n) excluding the failure to report under the mandatory disclosure rules from the application of the section 238 penalty;
(o) introducing a $10-million capital gains exemption on the sale of a business to an employee ownership trust; and
(p) implementing a number of technical amendments to correct inconsistencies and to better align the law with its intended policy objectives.
Part 2 enacts the Global Minimum Tax Act , a regime based on the rules of the Organisation for Economic Co-operation and Development (OECD). The global minimum tax regime will ensure that large multinational corporations are subject to a minimum effective tax rate of 15% on their profits wherever they do business. It sets out rules for the purposes of establishing liability for the tax and also sets out applicable reporting and filing requirements. To promote compliance with its provisions, that Act includes modern administration and enforcement provisions generally aligned with those found in other taxation statutes. Finally, this Part also makes related and consequential amendments to other texts to ensure proper implementation of the tax and cohesive and efficient administration by the Canada Revenue Agency.
Part 3 amends the Excise Tax Act , the Excise Act , the Excise Act, 2001 , the Underused Housing Tax Act , the Greenhouse Gas Pollution Pricing Act and other related texts in order to implement certain measures.
Division 1 of Part 3 amends the Excise Tax Act by repealing the temporary relief for supplies of certain face masks or respirators and certain face shields from the Goods and Services Tax/Harmonized Sales Tax.
Division 2 of Part 3 amends the Excise Act , the Excise Act, 2001 and other related texts in order to implement changes to
(a) the federal excise duty framework for tobacco products by
(i) increasing the excise duty rates for tobacco products, including imposing a tax on inventories of cigarettes held by retailers and wholesalers,
(ii) changing the process by which brands of tobacco products for export are exempted from special excise duty and marking requirements,
(iii) allowing certain information to be shared for the administration or enforcement of the Tobacco and Vaping Products Act , and
(iv) requiring the filing of information returns in respect of tobacco excise stamps;
(b) the federal excise duty framework for vaping products by increasing the excise duty rates for vaping products; and
(c) the federal excise duty framework for alcohol by
(i) extending by two years the two per cent cap on the inflation adjustment on beer, spirits and wine excise duties, and
(ii) cutting by half for two years the excise duty rate on the first 15,000 hectolitres of beer brewed in Canada.
Division 3 of Part 3 amends the Underused Housing Tax Act and the Underused Housing Tax Regulations by, among other things,
(a) eliminating filing requirements for certain owners;
(b) reducing minimum penalties for failing to file a return; and
(c) introducing a new exemption for residential properties held as a place of residence or lodging for employees.
Division 4 of Part 3 amends the Greenhouse Gas Pollution Pricing Act by providing authority, in certain circumstances, for the sharing of certain information amongst federal officials and for the public disclosure of certain information by the Minister of National Revenue.
Part 4 enacts and amends several Acts in order to implement various measures.
Division 1 of Part 4 amends the Budget Implementation Act, 2022, No. 1 to delay the repeal of the Prohibition on the Purchase of Residential Property by Non-Canadians Act for two years.
Division 2 of Part 4 amends the National Housing Act to increase the in-force limits for guarantees issued by the Canada Mortgage and Housing Corporation (CMHC) in respect of mortgage-backed securities and Canada Mortgage Bonds and for mortgage default insurance provided by CMHC from the temporary $750 billion to the permanent $800 billion. It also amends the Borrowing Authority Act to avoid the double counting of liabilities related to Canada Mortgage Bonds that are guaranteed by the CMHC and have been purchased by the Minister of Finance, on behalf of the Government of Canada, in the calculation of the maximum amount of certain borrowings under that Act.
Division 3 of Part 4 authorizes the making of payments to the provinces for the fiscal year beginning on April 1, 2024 respecting a national program for providing food in schools.
Division 4 of Part 4 amends the Canada Student Loans Act and the Canada Student Financial Assistance Act to expand eligibility for student loan forgiveness to early childhood educators, dentists, dental hygienists, pharmacists, midwives, teachers, social workers, psychologists, personal support workers and physiotherapists.
Division 5 of Part 4 amends the Canada Education Savings Act to, among other things,
(a) authorize the Minister responsible for that Act to open a registered education savings plan in respect of a child born after 2023 who is eligible for the payment of the Canada Learning Bond and is not the beneficiary under such a plan, so that the Minister may pay a Canada Learning Bond in respect of the child; and
(b) increase, from 20 to 30 years, the maximum age of a beneficiary under a registered education savings plan in respect of whom a Canada Learning Bond may be paid on application.
It also makes consequential amendments to the Income Tax Act .
Division 6 of Part 4 amends the Bretton Woods and Related Agreements Act to increase the maximum financial assistance that may be provided in respect of foreign states.
Division 7 of Part 4 amends the Bretton Woods and Related Agreements Act to increase the amount of the payment that the Minister of Finance may provide to the International Monetary Fund in respect of Canada’s subscriptions. It also amends the International Development (Financial Institutions) Assistance Act and the European Bank for Reconstruction and Development Agreement Act to provide for new financial instruments that the Minister of Foreign Affairs or the Minister of Finance, as the case may be, may use to provide financial assistance to the institutions referred to in those Acts.
Division 8 of Part 4 amends the International Financial Assistance Act to, among other things, provide that foreign exchange losses in relation to programs referred to in that Act must be charged to the Consolidated Revenue Fund and provide for the making of payments to Development Finance Institute Canada (DFIC) Inc. in relation to programs referred to in that Act out of the Consolidated Revenue Fund.
Division 9 of Part 4 amends the Export Development Act to lower the limit for total liabilities and obligations referred to in subsection 24(1) of that Act from $115 billion to $100 billion.
Division 10 of Part 4 amends the Financial Administration Act to broaden the application of subsection 85(2) of that Act to other Crown corporations.
Division 11 of Part 4 amends the Financial Administration Act to require certain banks and other financial institutions to disclose prescribed information for federal payments accepted for deposit.
Division 12 of Part 4 amends the Federal-Provincial Fiscal Arrangements Act to enhance the Canada Health Transfer for qualifying provinces and territories.
Division 13 of Part 4 amends the Pension Benefits Standards Act, 1985 to require that the Superintendent of Financial Institutions publish certain information relating to pension plan investments. It also amends the Pooled Registered Pension Plans Act to require that plan administrators provide specified information by written notice to certain persons when they become members of a pooled registered pension plan.
Division 14 of Part 4 amends the Canada Pension Plan to, among other things,
(a) provide for a death benefit of $5,000 in cases where no other Canada Pension Plan benefit, with the exception of the orphan’s benefit, has been paid in respect of the deceased contributor’s contributions;
(b) create a new child’s benefit for dependent children aged 18 to 24 who are in part-time attendance at school;
(c) maintain eligibility for the disabled contributor’s child’s benefit if the disabled contributor reaches the age of 65;
(d) allow for the deeming of an application for a disabled contributor’s child’s benefit on behalf of a child to have been made at an earlier date under the Canada Pension Plan ’s incapacity provisions;
(e) preclude entitlement to a survivor’s pension if an individual has received a division of unadjusted pensionable earnings in respect of their deceased separated spouse; and
(f) clarify the determination of the payee of the disabled contributor’s child’s benefit.
It also makes a consequential amendment to the Canada Pension Plan Regulations .
Division 15 of Part 4 amends the Public Sector Pension Investment Board Act to provide for the payment of certain amounts into the Consolidated Revenue Fund by the Public Sector Pension Investment Board.
Division 16 of Part 4 enacts the Consumer-Driven Banking Act , which establishes a consumer-driven framework for individuals and small businesses to safely and securely share their data with the participating entities of their choice.
It also makes related amendments to the Financial Consumer Agency of Canada Act to establish the position of Senior Deputy Commissioner for Consumer-Driven Banking who is responsible for consumer-driven banking matters and to provide for, among other things, the supervision of participating entities.
Division 17 of Part 4 amends the Bank Act to, among other things, clarify the definitions “deposit-type instrument” and “principal-protected note”.
Division 18 of Part 4 amends the Office of the Superintendent of Financial Institutions Act to increase to $100,000,000 the maximum amount that expenditures made out of the Consolidated Revenue Fund to defray the expenses arising out of the operations of the Office may exceed the Office’s total assessments and revenues.
Division 19 of Part 4 amends the Bank of Canada Act to clarify that the Bank of Canada may enter into repurchase, reverse repurchase and buy-sellback agreements.
Division 20 of Part 4 amends the Canada Business Corporations Act to
(a) harmonize fines for a corporation guilty of an offence related to the collection or sending of information regarding individuals with significant control; and
(b) set separate fines and imprisonment terms on the basis of a summary conviction or a conviction on indictment for a director, officer or shareholder of a corporation guilty of an offence related to individuals with significant control.
Division 21 of Part 4 amends Parts I to III of the Canada Labour Code to, among other things,
(a) provide that a person who is paid remuneration by an employer is presumed to be their employee unless the contrary is proved by the employer;
(b) provide that if, in any proceeding other than a prosecution, an employer alleges that a person is not their employee, the burden of proof is on the employer; and
(c) prohibit an employer from treating an employee as if they were not their employee.
Finally, it also includes transitional provisions.
Division 22 of Part 4 amends the Canada Labour Code to, among other things, set out certain employer obligations relating to policies respecting work-related communication and clarify certain employee rights and employer obligations relating to terminations of employment. It also includes transitional provisions.
Division 23 of Part 4 amends the Employment Insurance Act to extend, until October 24, 2026, the duration of the measure that increases the maximum number of weeks for which benefits may be paid in a benefit period to certain seasonal workers.
Division 24 of Part 4 amends section 61 of An Act for the Substantive Equality of Canada’s Official Languages in order to add a reference to subsections 18(1.1) and (1.2) of the Use of French in Federally Regulated Private Businesses Act in subsection 19(1) of that Act, which An Act for the Substantive Equality of Canada’s Official Languages enacts.
Division 25 of Part 4 authorizes a corporation that is to be incorporated as a wholly owned subsidiary of the Canada Development Investment Corporation to provide loan guarantees as part of an Indigenous loan guarantee program and authorizes the payment out of the Consolidated Revenue Fund by the Minister of Finance of amounts that are required in respect of those guarantees.
Division 26 of Part 4 authorizes the payment of up to $1.3 million to entities or individuals involved in the government’s engagement in a pilot project for the creation of a Red Dress Alert.
Division 27 of Part 4 provides that the subsidiary of VIA Rail Canada Inc. incorporated with the corporate name VIA HFR - VIA TGF Inc. is, as of the date of its incorporation, an agent of His Majesty in right of Canada and may enter into contracts, agreements and other arrangements with His Majesty as though it were not such an agent.
Division 28 of Part 4 amends the Impact Assessment Act , in response to the majority opinion of the Supreme Court of Canada on the constitutionality of that Act, to, among other things,
(a) align the preamble and purpose provision with the primary objective of that Act, which is to prevent or mitigate significant adverse effects within federal jurisdiction — and significant direct or incidental adverse effects — that may be caused by the carrying out of physical activities;
(b) replace the definition “effects within federal jurisdiction” with “adverse effects within federal jurisdiction” and, in doing so,
(i) restrict the definition to non-negligible adverse changes,
(ii) limit transboundary changes to those involving the pollution of transboundary waters and the marine environment, and
(iii) include, in respect of federal works or undertakings and activities carried out on federal lands, non-negligible adverse changes to the environment or to health, social and economic conditions;
(c) ensure that the impact assessment process applies only to those physical activities that may cause adverse effects within federal jurisdiction or direct or incidental adverse effects;
(d) ensure that, in deciding if an impact assessment of a designated project is required, one factor that the Impact Assessment Agency of Canada must take into account is whether another means exists that would permit a jurisdiction to address those effects;
(e) amend the final decision-making provisions to provide for an initial determination as to whether the adverse effects within federal jurisdiction and the direct or incidental adverse effects are likely to be, to some extent, significant, and then, if so, provide for a determination as to whether those effects are justified in the public interest; and
(f) improve cooperation tools to better harmonize the impact assessment process with the processes for assessing effects that are followed by provincial and Indigenous jurisdictions.
Finally, it also includes transitional provisions.
Division 29 of Part 4 amends the Judges Act to increase the number of salaries authorized for judges of superior courts other than appeal courts. It also reduces in a corresponding manner the number of salaries authorized for judges of provincial unified family courts.
Division 30 of Part 4 amends the Tax Court of Canada Act to provide that, if a party to a proceeding under the general procedure of the Tax Court of Canada is not an individual, that party must be represented by counsel, except under special circumstances.
Division 31 of Part 4 amends the Food and Drugs Act to, among other things, authorize the Minister of Health to
(a) establish rules for the purpose of preventing, managing or controlling the risk of injury to health from the use of therapeutic products, other than the intended use, or the risk of adverse effects on human beings, animals or the environment from the use of a drug intended for an animal;
(b) exempt any food, therapeutic product, person or activity from the application of certain provisions of that Act or its regulations; and
(c) deem, on the basis of decisions of, information or documents produced by, a foreign regulatory authority, that certain requirements of that Act or its regulations are met in respect of a therapeutic product or food.
Finally, it also includes a transitional provision.
Division 32 of Part 4 amends the Tobacco and Vaping Products Act to authorize the provision of customs information to the Minister responsible for that Act for the purpose of the administration and enforcement of that Act and to authorize that Minister to disclose information to other federal ministers for certain purposes.
Division 33 of Part 4 amends the Criminal Code to broaden the criminal interest rate offence to prohibit a person from offering to enter into an agreement or arrangement to receive interest at a criminal rate and from advertising an offer to enter into an agreement or arrangement that provides for the receipt of interest at a criminal rate. It also repeals the provision that requires the consent of the Attorney General prior to commencing proceedings related to the offence.
Division 34 of Part 4 contains measures that are related to money laundering, terrorist financing and sanctions evasion and other measures.
Subdivision A of Division 34 amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to, among other things,
(a) permit information sharing between reporting entities for the purpose of detecting and deterring money laundering, terrorist financing and sanctions evasion;
(b) authorize, subject to certain conditions, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to disclose certain information to provincial and territorial civil forfeiture offices and to the Department of Citizenship and Immigration;
(c) authorize FINTRAC to publicize additional information pertaining to violations of that Act; and
(d) extend the application of that Act to cheque cashing businesses.
It also makes consequential amendments to the Personal Information Protection and Electronic Documents Act and the Cross-border Currency and Monetary Instruments Reporting Regulations .
Subdivision B of Division 34 amends the Income Tax Act and the Excise Tax Act to allow provincial or superior court judges, a judge of a superior court of criminal jurisdiction or a judge as defined in section 552 of the Criminal Code to grant on application by a Canada Revenue Agency official the authorization to use device or investigative technique, or procedure or otherwise do any thing provided in a warrant, for purposes of tax investigations.
Subdivision C of Division 34 amends the Criminal Code to provide for an order to keep an account open or active and for a production order to require the production of documents or data that are in a person’s possession or control on dates specified in an order that fall within the 60-day period after the day on which it is made.
Division 35 of Part 4 amends the Criminal Code to, among other things,
(a) create new offences in respect of motor vehicle theft, including an offence concerning the possession or the distribution of an electronic device suitable for committing theft of a motor vehicle, and in respect of criminal organizations; and
(b) add, as an aggravating factor, evidence that an offender involved a person under the age of 18 years in the commission of an offence.
It also makes consequential amendments to other Acts.
Division 36 of Part 4 amends the Radiocommunication Act to, among other things, prohibit the manufacture, import, distribution, lease, offer for sale, sale or possession of certain devices specified by the Minister of Industry. It also amends that Act to establish as an offence or a violation the contravention of that prohibition.
Division 37 of Part 4 amends the Telecommunications Act to, among other things, require telecommunications service providers to provide their subscribers with a self-service mechanism that allows them to cancel their contract for telecommunications services or modify their telecommunications service plan and to inform those subscribers before the expiry of their fixed-term contract, as well as in other specified circumstances, of other service plans that those providers offer. It also amends that Act to prohibit the charging of certain fees.
Division 38 of Part 4 amends the Immigration and Refugee Protection Act to, among other things,
(a) eliminate the designated countries of origin regime;
(b) expand the powers of the Minister of Citizenship and Immigration to specify the information and documents that are required in support of a claim for refugee protection;
(c) authorize the Refugee Protection Division of the Immigration and Refugee Board to determine that claims for refugee protection that have not yet been referred to the Refugee Protection Division have been abandoned in certain circumstances;
(d) provide the Minister of Citizenship and Immigration with the power to determine that claims for refugee protection that have not yet been referred to the Refugee Protection Division have been withdrawn in certain circumstances;
(e) require that certain refugee claimants be authorized to enter and remain in Canada until a final determination is made in respect of their claim;
(f) authorize regulations to be made setting out conditions that must be imposed on refugee claimants who are authorized to enter and remain in Canada;
(g) provide for the deemed inadmissibility of foreign nationals whose refugee claims are rejected or determined to be abandoned or withdrawn and for the automatic making of removal orders in those circumstances;
(h) require the Refugee Protection Division and the Refugee Appeal Division to suspend certain proceedings respecting a claim for refugee protection if the claimant is not present in Canada;
(i) clarify that decisions of the Immigration and Refugee Board must be rendered, and reasons for those decisions must be given, in the manner specified by its Chairperson; and
(j) provide the Minister of Citizenship and Immigration and the Minister of Public Safety and Emergency Preparedness with the power to designate, in relation to certain proceedings or applications, a representative for persons who are under 18 years of age or who are unable to appreciate the nature of the proceeding or application.
Finally, it also includes transitional provisions.
Division 39 of Part 4 amends the Corrections and Conditional Release Act to, among other things,
(a) provide that the Correctional Service of Canada is responsible for implementing any arrangement — approved by the Minister of Public Safety and Emergency Preparedness — entered into by the Commissioner of Corrections and the Canada Border Services Agency with respect to the support that the Service may provide to the Agency to assist in the exercise of certain powers or the performance of certain duties and functions;
(b) control the access of the inmates of a penitentiary to a designated immigrant station adjacent to the penitentiary and the access of the immigration detainees of a designated immigrant station to a penitentiary adjacent to the station; and
(c) provide that, in exigent circumstances, staff members of the Service may provide additional support to detention enforcement officers of the Agency to assist them in the exercise of certain powers or the performance of certain duties and functions.
It also amends the Immigration and Refugee Protection Act to define the term “immigrant station” and provide that an area of a penitentiary may be an immigrant station only if it is designated under the Corrections and Conditional Release Act .
Finally, it provides for the repeal of those amendments on a specified date and includes a transitional provision.
Division 40 of Part 4 contains measures related to public debt and the borrowing of money.
Subdivision A of Division 40 amends the Financial Administration Act to clarify that certain regulations and directions do not apply to contracts related to the borrowing of money entered into by the Minister of Finance.
Subdivision B of Division 40 amends the Borrowing Authority Act to increase the maximum amount of certain borrowings.
Division 41 of Part 4 amends the Trust and Loan Companies Act , the Bank Act and the Insurance Companies Act to require certain financial institutions to make available information respecting diversity among directors and members of senior management.
Division 42 of Part 4 amends the Trust and Loan Companies Act , the Bank Act and the Insurance Companies Act to extend the period during which federal financial institutions governed by those Acts may carry on business.
Division 43 of Part 4 amends the Federal Courts Act to provide that the Federal Court has jurisdiction to hear applications for judicial review of decisions of the Social Security Tribunal on the extension of time to make a request for review or reconsideration under the Canada Disability Benefit Act . It also amends the Tax Court of Canada Act and the Department of Employment and Social Development Act to, among other things, provide the Tribunal with jurisdiction to hear appeals of decisions made under the Canada Disability Benefit Act and require that matters related to income raised in those appeals be referred to the Tax Court of Canada.
Division 44 of Part 4 amends the Controlled Drugs and Substances Act to repeal provisions related to the ministerial power to exempt supervised consumption sites from the application of that Act. It also amends that Act to allow for the making of regulations respecting authorizations for supervised consumption and drug checking services and includes transitional provisions.

Budget Implementation Act, 2024, No. 1

[Julie Dzerowicz, Liberal, Davenport, ON]

Mr. Speaker, I am thankful for the wonderful opportunity to be able to speak to Bill C-69, the budget implementation act, on behalf of the residents of Davenport, who I am so privileged to be able to represent.

I voiced support for Bill C-69 right off the bat for a very simple reason. As do many of us here, I want a better future for young Canadians, who are going through adulthood in a world that is plagued by crises ranging from war and climate change to global inequality and economic instability. Our federal government wants their hard work to be rewarded, as it has been for us.

We want them to see and believe that our country can work for them and for their future children. That is why budget 2024 is so important.

Budget 2024 is our plan to build a more resilient, affordable, inclusive Canada where every Canadian can afford to buy or rent their own home; where everyday bills are not a major source of stress; where corporations no longer take advantage of hard-working, middle-class families; and where everyone has a fair chance at a good middle-class life. Passing Bill C-69 is how we will arrive at that destination.

I am going to focus on three key sections of what is a very big budget implementation act, but I will say that the theme of the overall budget this year is fairness for every generation. While I might focus a lot on gen Z and the millennial generation, there is fairness for every generation in our budget and in our budget implementation act.

The first section I am going to talk about is with regard to cheaper Internet, home phone and cellphone plans. A major part of our plan is making life cost less.

Inflation has now been back within the Bank of Canada’s target range for three months in a row. However, more work is needed to help reduce the cost of living, including the cost of essential services in day-to-day life.

Last year, we made a commitment to reduce the cost of cellphone plans by 25%, as too many Canadians still pay far too much for their cellphones and Internet. That is why budget 2024 announces our intention to amend the Telecommunications Act, to better allow Canadians to renew or switch their Internet, home phone or cellphone plans.

Through these amendments, carriers would be prevented by the CRTC from charging Canadians extra fees to switch companies. In addition, they would be required to help customers identify new plans, including lower-cost plans that exist, at the end of a contract, and they would also have to provide a self-service option for customers to switch between or end their plans.

Together, these amendments would help more Canadians save money by getting fairer prices and paying fewer fees, no matter where they live. In addition, to ensure that Canadians can keep their expensive devices working for longer, budget 2024 announces that we will launch consultations this June to develop a right-to-repair framework with the goal of increasing product durability and repairability. On top of saving consumers money, this framework would aim to facilitate a more circular economy by reducing the number of products in landfills, a win-win if I have ever seen one.

The next thing I want to talk about is more affordable and modern banking. “Fairness for every generation” also means a banking system that is more flexible. We all know that banks charge a multitude of fees, from ATM fees to monthly service fees and non-sufficient funds fees, or NSF fees, which are charged when there is not enough money in a bank account to cover a cheque or pre-authorized transaction.

Budget 2024 states our intention to support Canadians who are struggling financially by introducing regulations that will cap these punitive fees at $10. These new regulations would also require banks to alert consumers when they are about to be charged an NSF fee, provide a grace period to deposit additional funds and restrict multiple fees for the same transaction and the number of fees that may be charged in a 72-hour period.

I know that a number of banks already do some of these things already. What we want to do is make this uniform right across all financial institutions in Canada.

Because more and more transactions happen online, our government is also working to modernize the services offered by Canadian banks to keep up with the needs of Canadians.

Budget 2024 announces that the Financial Consumer Agency of Canada, or FCAC, is in negotiations with banks to secure enhanced agreements to offer modernized zero dollars per month and up to four dollars per month bank accounts that reflect today’s banking trends, including more transactions. This would especially help youth and students who are just opening their first bank accounts.

That is not all. Bill C-69 also includes legislative amendments to expand the mandate of the FCAC to supervise Canada’s consumer-driven banking framework. Budget 2024 proposes to provide $1 million to the FCAC to support preparation for its new responsibilities and to begin development of a consumer awareness campaign. It also proposes $4 million over three years to the Department of Finance to complete the policy work necessary to establish and maintain oversight over this framework, including a national security regime.

However, before we go any further, let me explain what this could mean for Canadians. Known to many as open banking, consumer-driven banking allows consumers and small businesses to safely transfer their financial data to service providers through a data-sharing channel known as an application programming interface, or API. This happens quite literally at the click of a button. Currently, an estimated nine million Canadians share their financial data by providing banks, credit unions and other providers with their confidential banking credentials. This process, known as screen scraping, is incredibly unsafe and puts both consumers and our entire financial system at risk.

A Canadian consumer-driven banking framework would empower Canadians to access and share their financial data without having to share access to their bank account. It would also provide access to new products and tools to help Canadians better manage bills, track a budget, make more informed financial decisions, secure a loan and even help young Canadians when it is time for them to buy their first home.

An era of open banking is here, and Canada deserves to be part of it. I would add that it cannot come too soon. We know that most countries around the world have already moved forward with open banking. Also, having spoken recently to the Canadian Bankers Association, I know it is very supportive of open banking and has indicated that open banking will also put a regulatory regime in place that will protect against fraud and other risks to Canadians online.

The last section I want to talk about is doing more to crack down on predatory lending. In terms of protecting Canadians, our federal government is also working to prevent more vulnerable individuals, like newcomers, low-income Canadians and youth, from being deceived and trapped by illegal lenders who try to bypass the criminal rate of interest. Last year, our federal government advanced amendments to change the definition of “criminal rate” in the Criminal Code from an effective annual rate of interest that exceeds 60% to an annual percentage rate, or APR, that exceeds 35%.

Building on these changes, federal budget 2024 proposes additional Criminal Code amendments against offering or advertising credit at a criminal rate of interest. These amendments empower law enforcement by prohibiting offering credit at a criminal rate of interest and allowing for prosecutions of illegal and predatory lenders without needing the approval of the Attorney General.

Federal budget 2024 also announces that we intend to work with provincial and territorial governments to harmonize and enhance consumer protection measures in respect of consumer lending, focusing in particular on high-cost loans and payday loans. Actions taken could include everything from capping the costs of optional insurance products for high-cost loans, including payday loans and strengthening payday loan regulations, to enhancing monitoring and data collection practices in the high-cost loan market. These proposed measures would limit the risk of harmful debt cycles and help more Canadians keep more of their hard-earned money in their pockets.

Our government is taking action to build a fairer Canada, with transformative measures that will give people back control over their personal finances and banking choices, cap banking fees and give Canadians better access to digital banking, lower-cost accounts and stronger consumer protection. We can unlock the promise of Canada so that younger generations can build a better life, as their parents and grandparents did before them, but we cannot do it alone.

I hope that my hon. colleagues will support Bill C-69 and join us in our vision of a better, brighter future.

[Philip Lawrence, Conservative, Northumberland—Peterborough South, ON]

Mr. Speaker, I enjoy working with the hon. member on the finance committee. We have both spoken about the importance of productivity in the economy, though maybe from different perspectives.

The government has been in power for nine years now and this is its latest budget. There is a gap between U.S. and Canadian incomes and GDP per capita, which is now at a record deviation, meaning that the gap between what Canadians are earning and what Americans are earning has never been greater. At what point will that gap start to be reduced?

[Julie Dzerowicz, Liberal, Davenport, ON]

Mr. Speaker, I, too, enjoy working with my hon. colleague on the finance committee.

The issue around productivity and business investment is not a new one in Canada. Actually, we have been tackling productivity for more than 30 years, and business investment for the last 20-plus years. I would say that it is not just federal budget 2024 where we have made huge investments in our economy, in our economic infrastructure and in Canadians so that we can continue to give Canadians the tools and the skills to be able to succeed and for Canada to have a prosperous economy, both now and in the future. I think a number of the measures that we have in our budget will help with the productivity issue, as well as with the business investment issue.

[Kristina Michaud, Bloc, Avignon—La Mitis—Matane—Matapédia, QC]

Mr. Speaker, in 2021, the Centre de recherche sur les milieux insulaires et maritimes, CERMIM, set up the LOREVA project. This is a project to locate, recover and recycle ghost fishing gear. Ghost fishing gear refers to the snow crab traps that have remained on the bottom of the St. Lawrence. The project was financed by the Department of Fisheries and Oceans' ghost gear fund. We developed a technique using an underwater robot that preserves the seabed. It is one of the finest techniques currently available for preserving marine species. We collected over 200 traps and more than 35 kilometres of rope. That is the equivalent of five tonnes of plastic material that was recovered from the St. Lawrence.

There is nothing in the budget that renews funding for this ghost gear program. I wonder why the government refuses to extend funding for this project.

[Julie Dzerowicz, Liberal, Davenport, ON]

Mr. Speaker, I thank the hon. member for her question, but I actually do not know the answer.

I will say that I am very proud that we have made a historic amount of investment in research, scholarships and new strategic research infrastructure in our federal budget 2024. We have put $5.9 billion, which includes $2.4 billion for core research grants and to foster top-tier Canadian talent via more scholarships and fellowships through Canada's research granting councils. I am not sure if any of those dollars will actually help with the very important issue that my colleague has mentioned, which should be addressed.

[Leah Gazan, NDP, Winnipeg Centre, MB]

Mr. Speaker, I was really disappointed in the budget. As I have said very clearly, I think auto theft is an issue in this country, but the government put $45 million toward auto theft and $22 million toward the issue of murdered and missing indigenous women and girls. That sends a really strong message that this country values cars more than it values indigenous peoples. I am hoping that the government can do better, because that was shocking.

Today, my private member's bill will be put forward for second reading. It is in support of putting in a framework for a guaranteed livable basic income in response to call for justice 4.5 of the National Inquiry into Murdered and Missing Indigenous Women and Girls, which is something all parties have committed to uphold, all 231 calls for justice. I am wondering whether the hon. member will support my call to implement a guaranteed livable basic income.

[Julie Dzerowicz, Liberal, Davenport, ON]

Mr. Speaker, I will be supporting the hon. member's bill. In the last Parliament, I also had a private member's bill to introduce a guaranteed basic income. I was very proud to do so, so I am very happy that the member is also supportive of that.

On indigenous peoples in Canada and funding in the federal budget 2024, I am very proud of the historic investments our government has made over the last eight and a half years that we have been in government. I know that we have a lot more to do, and I look forward to working with the member and other colleagues in this House to continue to strengthen and invest in a new nation-to-nation relationship.

The House resumed consideration of the motion that Bill C-69, An Act to implement certain provisions of the budget tabled in Parliament on April 16, 2024, be read the second time and referred to a committee, and of the amendment.

[Chris Warkentin, Conservative, Grande Prairie—Mackenzie, AB]

Mr. Speaker, it has been said that the definition of insanity is doing the same thing over and over again and expecting a different result. The bill before us is a combination of the worst features of Liberal budgets over the past nine years. It is more out-of-control spending, more massive deficits, higher debt, higher interest payments and more waste.

After nine years of Liberal budgets, everyone agrees that Canada is a mess. Listening to the Prime Minister over the last few weeks, we have heard him say just how broken he believes that this country has become since he became the Prime Minister. His admissions have been frank. He has said that Canada is no longer fair for Canadians. He said that life sucks under his leadership. He has said, “It used to be that the deal was, if you worked hard at a good job, you could afford a home. That doesn't seem the case anymore.”

He has talked about the hardship that he has caused:

In today's Canada, more people are renting than ever before and that number is growing at double the rate of those able to buy a new home compared to a decade ago. Nearly two thirds of young Canadians rent their homes and they spend a greater share of their income on housing than other generations.

He has talked about the desperation that he has caused: “The idea of a really strong, exciting future seems further and further away now than it did just a few years ago...[the] loss of hope and optimism is devastating for people's morale.” He also said:

Maybe young people want to start a family, but they don't know how they can afford something bigger than a one-bedroom apartment and with the costs of groceries, monthly bills and all the other realities of life going up, up, up, well, that can make it hard to save for the future, hard to get ahead.

The Prime Minister is right. Over the past nine years, Canadians' lives have become harder. People are suffering more today than at any other time in recent generations.

Over two million Canadians are lining up at food banks every month because they cannot afford to feed themselves. There are networks of Canadians sharing tips on how to dumpster-dive because they do not have enough money to pay for food. Mothers are adding water to their kids' milk so that it will go further. Homeless encampments are now popping up in communities that have never witnessed this type of homelessness or hopelessness before. Seniors are turning down the heat in their homes during freezing winters because they are unable to afford to heat their home anymore.

Canadians are suffering, and the Prime Minister has been forced to admit it, but he seems curiously oblivious as to how all of this happened. At least he wants people to believe he has not intentionally devastated their lives. He seems legitimately dumbfounded by it all. I half expect him to launch an inquiry to try to figure out who did this to Canada. Who has been in charge for the past nine years?

It is not a secret: He did it. His recklessness and extremist economic policies have devastated the lives of Canadians of every generation across this country. Over the past nine years, he has doubled the national debt, driving inflation to 40-year highs and forcing interest rates to skyrocket faster than at any other time in our history. Over the past nine years, he has made it easier on his wealthy friends to become wealthier, while the middle class and those trying to join it no longer dream of doing better. They just hope that they can survive.

Seriously, over the past nine years, the Prime Minister has added more to the national debt than every other prime minister before him combined. That is a staggering stat. He has doubled the national debt in Canada in just nine years. He has added more to the debt while he has been Prime Minister than all 22 previous prime ministers added together over 147 years.

He was warned that the debt would cripple our national economy. He was warned that his policy of printing and pouring $600 billion into the economy, not backed by economic growth, would drive up inflation, followed by sharp increases in the interest rates. He laughed it off, saying that the interest rates are at record lows, and he disregarded the simplest of economic principles by claiming that interest rates would remain low for a very long time.

However, his ignorance of economic and monetary policy did not save Canadians from the inevitable fallout of his reckless deficit spending. Inflation skyrocketed to levels not seen in 40 years, driving up the price of everything. Food, homes, vehicles and all of life's essentials became more expensive as the Prime Minister's newly printed cash chased fewer goods.

In response to the Liberal-created inflation crisis, the Bank of Canada tried to douse the flames by increasing interest rates, just like the Prime Minister had been warned would happen. Rates shot up faster than at any time in our history. Those higher rates forced some families out of their homes. Those needing to refinance or renew their mortgages faced higher payments, and some of those have doubled. Those who were forced to sell or who lost their homes are now forced into an overheated rental market, driving up rental rates even further.

Since the Prime Minister got elected, mortgages have doubled, interest payments have doubled, and now rent has doubled, and the crisis has grown and expanded. Unlike he promised, everyone is paying higher interest rates. Everyone who has a student loan, small business loan, line of credit or who has any loan of any type, is now paying the price for the Prime Minister's extremist and lazy economic policy.

The horrifying reality is not only that Canadians are being forced into austerity in their personal lives by this Prime Minister's reckless deficit spending, but also that Canadians are now paying the price at the national level as well, with higher interest rates on the national debt, a debt that is now twice the size from when the Liberals took office. The devastating information found in the Liberals' budget document, which was just released a couple of weeks ago, is the revelation that Canadian taxpayers are now paying more in interest payments on the national debt than they are for health care for all Canadians. That is the cost of running up the national credit card way past the max.

As a matter of fact, put a different way, every penny that is collected from the GST, in every transaction across Canada, is now being sent to wealthy bankers and bondholders for the interest on the Prime Minister's destructive debt. The devastating news that is found in the budget document is that the Prime Minister now intends to add $300 billion more in binge borrowing. The Prime Minister said that under his leadership, the wealthy are getting richer, while regular Canadians are getting left behind. He is right.

However, the Prime Minister's buddies who are the bankers and bondholders are not the only ones getting rich under his leadership. The Liberals have opened the floodgates of the public treasury to the consultant buddies as well. The government is now handing over $21 billion, every year, of borrowed money to these guys for projects—

[The Assistant Deputy Speaker, NDP, Carol Hughes]

The hon. member will have one minute for debate the next time this matter is before the House, plus his questions and comments.

Bill C-69—Time Allocation Motion

[Steven MacKinnon, Liberal, Leader of the Government in the House of Commons]

moved:

That, in relation to Bill C-69, An Act to implement certain provisions of the budget tabled in Parliament on April 16, 2024, not more than five further hours shall be allotted to the consideration at second reading stage of the bill; and

That, at the expiry of the five hours provided for the consideration at second reading stage of the said bill, any proceedings before the House shall be interrupted, if required for the purpose of this order, and, in turn, every question necessary for the disposal of the said stage of the bill shall be put forthwith and successively, without further debate or amendment.

[Kevin Lamoureux, Liberal, Parliamentary Secretary to the Leader of the Government in the House of Commons]

Mr. Speaker, I am very encouraged by the budget implementation bill. There are many aspects of it that one could talk about.

I want to highlight something the Prime Minister highlighted just last week in Winnipeg North. We gathered at Elwick school and had a great elevation of an important issue, the national school food program. It is going to feed literally hundreds of thousands of children and ensure they have food in their stomachs while they are learning in the classroom.

Could the minister provide her thoughts on how such important budgetary measures are going to affect the lives of Canadians?

[Patty Hajdu, Liberal, Minister of Indigenous Services and Minister responsible for the Federal Economic Development Agency for Northern Ontario]

Mr. Speaker, I am very excited about the national school food program, which we estimate is going to lift 400,000 children out of poverty across this country. It is something we will work on with the provinces, territories and, of course, indigenous communities.

We know that developing brains need good nutrition, and Canada needs everyone to be able to reach their full potential. That is why it is important that we work in partnership with communities, school boards, provinces and territories to make sure that every child, no matter their income level, has a fair chance to get a good head start that day and be able to nourish their brains as they nourish their minds.

[Laila Goodridge, Conservative, Fort McMurray—Cold Lake, AB]

Mr. Speaker, it is absolutely disappointing to be sitting here and have the government decide, once again, to use the blunt force object that is time allocation rather than allowing a fulsome debate on the bill.

This is an implementation bill on a budget for which we have had countless constituent emails come to my office from people with very serious concerns. However, here the government is ramming this through again. It is very clear that it is afraid to hear what Canadians have to say on this.

Is the government concerned about the further inflationary spending that is being brought forward through the budget and what the impacts will be on Canadians?

[Patty Hajdu, Liberal, Thunder Bay—Superior North, ON]

Mr. Speaker, I am surprised to hear my colleague opposite speak about their concerns around the budget. In fact, the Conservative leader, without a second thought, said he would vote against the budget to support fairness for every generation. It includes many measures that the Conservative Party has been calling for, indeed, for example, more aggression on getting houses built across our country. The Canada housing plan would see 3.87 million new homes unlocked by 2031 and would ensure that the dream of home ownership is in reach for young Canadians, something that I know she and many members of the party opposite have spoken about in the House.

I would urge her to move this bill quickly to study. That is where we will be able to hear a variety of perspectives on this bill. We will be able to move more quickly to ensure that Canadians have what they need to have a fairness in their lives.