Finance Committee on May 18th, 2023

Evidence of meeting #91 for Finance in the 44th Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was animal.

A recording is available from Parliament.

On the agenda

Bill C-47

MPs speaking

Peter Fonseca
Adam Chambers
Sophie Chatel
Gabriel Ste-Marie
Daniel Blaikie
Marty Morantz
Yvan Baker
Kelly McCauley
Karen Vecchio

Also speaking

Kaven Bissonnette  Vice-President, Centrale des syndicats démocratiques
Anne Kothawala  President and Chief Executive Officer, Convenience Industry Council of Canada
Darren Praznik  President and Chief Executive Officer, Cosmetics Alliance Canada
Michael Bernard  Deputy Director, Humane Society International/Canada
Cara-Marie O'Hagan  Executive Director, Policy, Law Society of Ontario
Marc Brazeau  President and Chief Executive Officer, Railway Association of Canada
Rachael Wilson  Chief Executive Officer, Ottawa Food Bank
Éric Harvey  Senior Counsel, Regulatory, Canadian National Railway Company, Railway Association of Canada
Frederica Wilson  Executive Director and Deputy Chief Executive Officer, Policy and Public Affairs, Federation of Law Societies of Canada
Nathan Cato  Assistant Vice-President, Canadian Pacific Kansas City, Railway Association of Canada

8:30 p.m.

Assistant Vice-President, Canadian Pacific Kansas City, Railway Association of Canada

Nathan Cato

Extended interswitching is a policy for more rate regulation—cost-based rate regulation—so that undermines our ability to generate revenues to invest. That's not a recipe for success in Canada's supply chains; that's the problem with it. The rail industry is a very capital-intensive industry. We invest about 20% of our revenues into capital every year, which works out to billions of dollars that gets invested into capacity-enhancing infrastructure and into safety, which are very important for the future success of Canada's supply chains.

8:30 p.m.

NDP

Daniel Blaikie NDP Elmwood—Transcona, MB

Thank you very much.

8:30 p.m.

Liberal

The Chair Liberal Peter Fonseca

Thank you.

Thank you, MP Blaikie.

On behalf of the finance committee—all of the members, the clerk, the analysts, the staff and the interpreters—I want to thank all of you for your advocacy and your strong presentations here before us, which will help inform our study. I know that some of you, because of limited time, may not have had an opportunity to put out some of the information you would like the committee to receive. What we ask is that you submit that through the clerk. That way you'll be able to get that information to us, so it can also help inform our report.

On that note, I want to thank you. Have a great evening. Thank you very much, everyone.

We are adjourned.