Debates of April 25th, 2022

Financial Statement of Minister of Finance

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

Madam Speaker, when the member makes reference to the issue of deficits, one of the things that has to be factored in is the fact that, over the last number of years, yes, the government has spent a great deal of money. We spent a great deal of money to support Canadians and small businesses, whether it was millions of people who found themselves without a paycheque or literally hundreds of thousands of businesses and others that needed supports such as wage subsidies and rent subsidies.

By doing that, Canada was in a much better position to be able to recover from the pandemic. We are seeing that in terms of the job growth, as our economy continues to do better than any of the other G7 economies when it comes to job recovery.

I am wondering if the member opposite has any remorse or regret, given that the Conservative party actually supported the many expenditures that we made, the billions and billions of dollars.

[Bernard Généreux, Conservative, Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC]

Madam Speaker, as I said in my speech, like the government, we had no choice but to support the pandemic spending. Obviously, we are not disputing that. We think that the government did far too much, but that is another issue.

Then there is the matter of young people. I am a businessman, and I have some young employees. They are not getting paid $80,000, $100,000 or $200,000 a year, but these young workers want to earn a living and buy a home.

Here is the problem with the deficits. Other members will tell me that the government is not a business, and I agree. However, the fact remains that, if I applied the current government's way of thinking and logic to my business, I would have gone bankrupt a long time ago. It makes no sense.

The country was in a period of economic growth when the current government took office. There was no deficit when this government came to power. In 2015, the budget was balanced. Mr. Trudeau promised to run three small deficits of $10 billion, and now I do not even know how big the deficit is.

[The Assistant Deputy Speaker, NDP, Carol Hughes]

I remind the hon. member not to use the name of the Prime Minister or other members in the House.

The hon. member for Laurentides—Labelle.

[Marie-Hélène Gaudreau, Bloc, Laurentides—Labelle, QC]

Madam Speaker, the government started out by saying that now is not the time to talk about health transfers, yet the budget it presented seems more like a postpandemic budget.

Considering that Quebec and the provinces are demanding an unconditional transfer and considering that my colleague is quite familiar with the situation in Quebec, what does he think about the proposal to hold a health summit, given that we are clearly in the postpandemic period.

[Bernard Généreux, Conservative, Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC]

Madam Speaker, I thank my colleague from Laurentides—Labelle. She is right to point out that the government can hold as many summits as it wants, but the provincial governments, through the Council of the Federation, have demanded an increase in health transfers.

The Conservative Party promised to unconditionally increase health transfers during the last election campaign.

Based on this budget and on the federal government's attitude towards the provinces, especially with respect to health, it seems clear that the Liberals want to increase services through their agreements with the NDP, but that they also want to dictate how that money will be spent.

That is not how open federalism works. That is not how a government works with the provinces.

[Alexandre Boulerice, NDP, Rosemont—La Petite-Patrie, QC]

Madam Speaker, I would like to thank my colleague for his speech.

One of the most popular NDP proposals during the last election campaign was that people should have access to dental care, meaning that the government should foot the bill.

What does my colleague say to people in his riding who do not have the means or are too poor to afford a dentist? What does he tell them about the fact that his party is opposed to the poorest and the middle class having access to government-paid dental care?

I do not want to hear him simply say that it is too expensive, when two weeks ago, he was in favour of tripling spending for the Canadian military.

[The Assistant Deputy Speaker, NDP, Carol Hughes]

The hon. member for Montmagny—L'Islet—Kamouraska—Rivière-du-Loup has just enough time for a brief reply.

[Bernard Généreux, Conservative, Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC]

Madam Speaker, my answer will be very brief.

Considering the NDP's showing in my riding, I would hazard a guess that it was not such a great idea.

[John Brassard, Conservative, Barrie—Innisfil, ON]

Madam Speaker, I am really pleased to get up this afternoon, on the first day back after a couple of weeks back in our ridings, to speak about the budget. It reminds me of that old adage that people of integrity expect to be believed, and when they are not, time will prove them right.

Time is certainly proving us right on predictions that were made a year and a half to two years ago, when the money-printing machines were going at full force to provide the types of supports that were needed for COVID. There were predictions on this side at that time, and right across the spectrum economists were predicting that inflationary pressures would begin to increase. We are now seeing those inflationary pressures affecting Canadian families in a way that they have not for a generation.

I have been in my riding for the last couple of weeks, as all members have, and received emails, phone calls and text messages from the people of Barrie—Innisfil, who are quite concerned about the inflationary pressures that are happening within my community and in communities across Canada. This morning I happened to be watching the finance committee, and the Governor of the Bank of Canada, Tiff Macklem, was on there. He was asked a point-blank question by our shadow minister of finance: “Can we still consider inflation as transitory?” His answer was no.

We are entering into a period of permanent inflation, it seems, and we know, based on Statistics Canada, that last month it was at 6.7%. We can think of the impact that has on Canadian families and the families I represent in Barrie—Innisfil. The price of everything is skyrocketing. The prices of gas, home heating, consumables, groceries, commodities and the necessities of life are increasing dramatically right across this country, and the expectation, according to the Governor of the Bank of Canada, is that this inflationary period we are in is going to be lasting for a long time. This is going to further impact affordability for families, further erode their retirement savings and really dramatically impact their ability to pay for things, especially at a time when they can least afford them.

We heard, even in the last couple of weeks, in some of the surveys that came out, about how Canadians are desperately clinging to affordability. In many circumstances, over half of Canadians do not have enough money at the end of the month to pay for the things they need, the necessities of life.

This budget actually increases government spending. There are certain things that are sure in life, and the one thing we can count on is that this budget is going to pass. Because of the coalition between the NDP and the Liberals, the New Democrats have signalled that not only are they going to support this budget, but they are also going to support subsequent budgets.

We can sit here and criticize, and I have some things that I want to bring up specifically with respect to the budget as it relates to local issues in my riding of Barrie—Innisfil, but when we want to get an assessment of what people think about this budget, we can go to the experts.

People do not have to listen to us; they do not have to listen to the government or the other opposition parties. They can listen to what respected economists are saying about this budget and the impact it is going to have on Canadians. Don Drummond, who is a former senior Department of Finance official, former TD Bank chief economist and current Queen's professor, said this:

If I were in the business world I’d be extremely depressed, because we are at some point going to have to turn to how we fund all this spending, and it would seem the go-to funding source is corporate income tax.

It was the first seven words, “If I were in the business world”, that caught the eye of another expert, who said:

The problem is, we are all “in the business world,” whether we like it or not—as workers, consumers, and taxpayers. Tax business, and you tax almost everything we consume and most of the services we depend on.

Those services will be hardest hit as a result of this. We have spoken about this many times. The impact of this type of continued spending is that taxes go up and services get cut. It is that simple, especially entering into a period in which we have higher interest rates. Even the—

[The Assistant Deputy Speaker, NDP, Carol Hughes]

I want a little order in the House. I would ask members who are having conversations other than listening to the member to take their conversations outside and allow the member the respect of having the floor without being disturbed.

The hon. member for Barrie—Innisfil.

[John Brassard, Conservative, Barrie—Innisfil, ON]

Madam Speaker, I appreciate my colleagues' passionate discourse on this and the fact that they were more or less agreeing with what I was saying. When the Liberals were out selling the budget and travelling around Canada contributing to greenhouse gas emissions, the Parliamentary Budget Officer issued a report on Friday that was quite troubling with respect to the budget. He flags several downside risks in the recent federal budget, the biggest being big-ticket campaign promises that have yet to make an appearance in the government's fiscal forecast.

What they've forecasted is in the budget, but there are things that are not forecasted that are going to cause some significant costs later on. The PBO's largest concern is expenditures looming outside of the budget, including some of the Liberal campaign pledges and lobbying by provinces for big increases to health care transfers.

On the spending side, he said there could be a significant delta. This is the Parliamentary Budget Officer, Yves Giroux. He went on to say some of those election promises were slated to start up in the current fiscal year, most notably the commitment to increase annual payments to seniors receiving the guaranteed income supplement. He said many of these costs, including a promised increase to Canadian mental health transfers, do not appear in the budget. Universal pharmacare, which is of course a large part of the NDP-Liberal alliance, could cost billions of dollars a year. The Liberals pulled up short of a commitment to a full-blown program during the campaign, but the agreement struck with the NDP last month says that the government will make continuing progress toward such a program. However, there is no forecasted cost to that. Those costs will come up later on.

When the Parliamentary Budget Officer is warning about this particular budget, then I think all Canadians should heed those warnings. As I said earlier, I spent the last couple of weeks in the riding, and I heard from a lot of people. I know the Liberals' argument, because I have heard it a couple of times this morning, has to do with some of the geopolitical problems happening around the world being a cause of current inflation, whether it is supply chain issues or others. However, as I said at the onset, this was predicted to happen when the money printing presses were going at full steam a year and a half to two years ago. Even then, people were concerned about the cost of living. Some emails I received August 25, 2021, almost eight months ago, begged me to do something about this, if not for them, then for their future children. They say the government needs to fix this broken situation as it relates to housing.

One from August 25 reads, “I'm not sure who I would send this letter to, but I wish to express my concern with current rental and housing shortages in Barrie and surrounding areas.” This is a serious issue and many people are struggling as a result. I know there are billions allocated toward housing, but there have been billions allocated in the past, and we have not seen any measurable increases.

There are affordability projects right now that are waiting for approval from the government. I wrote a letter to the Minister of Housing and Diversity and Inclusion three or four months ago. Still, no decision has been made for an already existing project that is waiting to go through the rapid housing initiative. It is to be a joint partnership between Simcoe County and what we hope would be the province and the federal government, but we have not heard anything at this point. There are a lot of announcements, but the list is long.

The emails and texts about the anxiety and the affordability crisis people are facing right now are long. Adding on billions and billions of dollars for more long-term, unsustainable programs, from the affordability standpoint, is awfully difficult for Canadians.

The last thing I will speak to is my profound disappointment about Lake Simcoe. In 2019, Conservatives were promised $30 million for the re-establishment of the Lake Simcoe cleanup fund. Just two or three days before the election in the advance polls, the then deputy prime minister, the now finance minister, came to the shores of Lake Simcoe promising $40 million for the reinstatement of the Lake Simcoe fund. Just a couple of days after the election, my colleagues and I wrote a letter to the Prime Minister about it.

In this budget, only $19.7 million was allocated, and it is not for direct funding for Lake Simcoe. It is to be spread across the country. There was $60 million spent to clean up Lake Simcoe. We saw measurable improvements. I am extremely disappointed that the commitment made in 2019 was not lived up to in this budget. We are going to continue to fight for Lake Simcoe.

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

Madam Speaker, the member opposite made reference to the issue of taxation. Within the budget, it is being proposed that there would be a tax, for example, for our banks, and there is an expectation of over $1 billion in 2021. I believe it is somewhere around 15%.

Could he provide his thoughts regarding that? Does he believe there are exceptions where government should be applying some sort of a tax increase?

[John Brassard, Conservative, Barrie—Innisfil, ON]

Madam Speaker, it is an absolutely absurd assertion. Banks pay their fair share. Businesses pay their fair share. Individuals pay their fair share. I just did my taxes, and believe me, I am paying my fair share.

The problem is the banks are simply going to pass that cost on to consumers. Let us be realistic about this. If the hon. member actually thinks the banks are going to pay any additional taxes charged by the government and not pass that on to consumers, adding to the existing burden consumers, taxpayers and people in my riding are already facing, then he is sadly naive. He is sadly mistaken if he does not think that is going to happen.

[Yves Perron, Bloc, Berthier—Maskinongé, QC]

Madam Speaker, I thank my colleague for his intervention. I would like to know what he thinks of the agricultural component of this budget. In his speech, he stated that people need to know where they are going and they need a certain predictability. That is what the farming community needs, but unfortunately the government continues to disappoint with respect to the NAFTA compensation. The government keeps announcing that the compensation is coming within the year. People have been waiting a long time. This issue must be resolved.

This type of unwarranted insecurity is affecting the next generation of farmers. It was announced that Bill C-208 would be reviewed. This bill was democratically passed in the House. This creates insecurity in the sector and, as a result, tax experts are recommending—and this is important—that our farmers delay transfers, because they are concerned about what the Liberals will do. I would like to hear what my colleague has to say about that.

[John Brassard, Conservative, Barrie—Innisfil, ON]

Madam Speaker, this is the problem with passing that on to the farms and the legislation that started years ago under the Liberal government. There are many challenges within the agriculture sector that farmers are facing. I happen to come from a large agricultural area. The carbon tax is causing problems, especially for grain heaters.

On fertilizer costs, I just spoke with one of our local farmers, Larry Kell, last week. There is an increase in fertilizer costs, the 35% surcharge, and they have already prepaid for a lot of this fertilizer, but there is a shortage of fertilizer right now. It is going to cause a major problem for the agricultural sector. There is a lot to be concerned about.

There are three things that we need in this country: energy security, food security and biopharma security. Those are the things that we need to focus on, especially at this time, given the geopolitical crises happening around the world.

[Peter Julian, NDP, New Westminster—Burnaby, BC]

Madam Speaker, I enjoy working with the hon. member for Barrie—Innisfil, and I particularly agreed with his comments on Lake Simcoe.

He cited the Parliamentary Budget Officer. The PBO's most important report over the last few years cited that $25 billion goes to overseas tax havens each year. That means over the course of the dismal decade of the Harper government, we lost a quarter of a trillion dollars. That is $250 billion. It could have been applied to support people, seniors, families, students and a whole range of Canadians.

Why were the Conservatives so dismal in their treatment of the public finances that they left $250 billion to go to overseas tax havens?

[John Brassard, Conservative, Barrie—Innisfil, ON]

Madam Speaker, in the latest report of the Parliamentary Budget Officer, which I know my colleague would have read, it calls into question the ability, and it is a fair question and I say this respectfully, of the CRA to actually go after these tax dodgers, as the NDP calls them. There is still a problem that exists there that needs to be addressed.

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

Madam Speaker, it is a pleasure for me to rise today to speak on yet another budget from this administration. Since 2015, we have seen budgets and legislation that, in many ways, have been there to invest in real people, economic growth, and a clean future. From day one, this government has ultimately been there to support Canada's middle class. At the start of and during the pandemic, there were budgets to support Canadians through that very difficult time and ultimately to now.

Before I go any further, I will be sharing my time with the member for Vaughan—Woodbridge.

I want to pick up on a few points that were raised already today in the debate. I am very sensitive to the issue of the cost of housing. It is of great concern for me and, I believe, for all members of this House. As we serve our constituents, we want to provide them the assurance that all politicians, at all different levels, are in fact listening.

I put this in the form of a question earlier today to a member from the Conservative Party. When we talk about the issue of housing, I believe the national government has been playing a very strong national leadership role. Never before have we seen a national government invest as much as this government has into housing. There are a number of programs. I often see the Minister of Housing in the province of Manitoba announcing yet another program, whether it is a specific program where a project is being announced, or a more general announcement that everyone could benefit from, such as the benefit for first-time homebuyers, where there was a doubling of the tax credit.

The multi-generational home renovation tax credit is one that I really would encourage people to get a better understanding of. I believe it is around $7,500. That program is there to encourage people to construct live-in suites for family members. I can see how, in many ways, that would be of great value and benefit for many of the residents of Winnipeg North. We have seen legislation and budgetary actions to deal with issues such as people abroad purchasing homes but not living in them. There will be a special tax in one situation and, in another, an outright ban.

The point is this: As we have made these investments, we have also worked with municipalities and provinces to encourage a holistic approach when dealing with the issue of housing, because as much as the national government can provide that strong federal leadership, we need to recognize that the way to overcome these types of prices is with the different levels of government working together. All of us have a role to play.

A local city or municipality, for example, can zone properties to make more lots available for individuals to acquire. Today, in the city of Winnipeg, if one tries to purchase a lot, it is virtually impossible because it has to be done through the developers. Allocating 150 acres, 300 acres or 400 acres in a municipality like Winnipeg would go a long way to making lots available. In order to increase the supply of housing we need to recognize that it is not just Ottawa that has to play a role, and that is a good example.

I say that because I believe that what we have seen over the years is a national government that has recognized the importance of working with other jurisdictions. We have seen excellent examples of that. The CPP comes to mind and the increase for the first time in many, many years. It was one of the first actions we took a number of years ago.

With respect to the health care accords, today we have record amounts of transfers going over to the provinces. Provinces are always going to want more money when it comes to health care, but let us recognize that no government in the history of Canada has given as much money to our provinces and territories toward health care. We did get health care accords with the individual provinces.

Let us look at the most recent huge development and financial commitment in terms of a national child care program. There are even, from what I understand, some Conservative leadership candidates who actually support this initiative. It is not all of them, so we do not know where the Conservative Party will land on this issue yet, but the bottom line is that it took the different levels of government to work with Ottawa in order to make it happen. The minister responsible did a fantastic job in terms of pulling it together and making it happen.

I say that because, when we went into the pandemic, we saw provinces, municipalities and Canadians as a whole take a team Canada approach to taking on the coronavirus, and we worked together. As a result of working together, what we see is that Canada is probably, I would ultimately argue, one of the best countries getting out of the pandemic. One just needs to look at the job numbers. Job creation and economic growth are important. When we look at how Canada is faring, we see the unemployment rate is around 5.5%. We would have to go back generations to get that kind of unemployment rate, and that is where we are today. We were able to do that because there was a high sense of co-operation taking place.

The government, in particular the Prime Minister, has been very much focused on Canada and how we can make our country a better place for all. We have seen much attention given to the issue of inequities in taxation policies. We have seen a deficit of social programming, and we now have a Prime Minister who is committed to addressing some of that.

We have seen expenditures in things such as infrastructure. We have seen areas of our society, such as seniors, where there have been historic amounts of investment to ensure that, for example, our seniors have a better standard of living. These are the types of programs that have made a difference in a very real and tangible way. It is about investing in people, in economic growth and in a clean future.

When I think of our environment, I think of recent announcements by the government, in co-operation with the private sector and other levels of government, in regard to zero-emission vehicles being manufactured here in Canada. We are talking about hundreds of millions of dollars combined between different levels of government and the private sector in order to ensure that we are on the right road in terms of investing in zero-emission vehicles. We see that in terms of public policy, whether from our Minister of Environment or our Minister of Natural Resources, who are saying the same thing in all the different regions of our country.

This is a government that recognizes the true value of having a budget that provides hope, and budget 2022 does just that. It is a budget we can all be proud of. It deals with all the different sectors, whether it is business or individuals, to ensure that we will be able to continue to grow our economy and support the many different social programs that are there and that Canadians value.

[Michelle Ferreri, Conservative, Peterborough—Kawartha, ON]

Mr. Speaker, I guess where I am coming from is that to acknowledge that everybody is happy with the budget, that it is a great budget and that things are going great is pretty insulting to the thousands of emails that I have from constituents.

I am curious to know, with housing, if the member opposite thinks the housing program is so great, why has the Prime Minister acknowledged that young homebuyers should just give up on home ownership?

[Kevin Lamoureux, Liberal, Winnipeg North, MB]

Mr. Speaker, I do not know where the member gets that, because that is just not true. In fact, if we were to compare Stephen Harper's approach to national housing, we would find that it is lacking. Let us compare what we have done with regard to housing over the last seven years to what Stephen Harper had done. That might open the member's eyes to the reality that we finally have strong national leadership and a government that is prepared to do whatever it can to support Canadians' desire to become homeowners, and to demonstrate leadership. We have done that. We now need to see more of the provincial governments and municipal governments coming to the table to come up with ways in which we can expand the housing supply.

I think this is one of the challenges we will have to deal with. It means governments of different political stripes and different levels of government coming together and seeing how we can make it even more affordable.

[Yves Perron, Bloc, Berthier—Maskinongé, QC]

Mr. Speaker, I have a great deal of respect for my colleague opposite. However, at some point, we must speak frankly. In his speech, he stated, and I am tempted to say he had the nerve to state, that the Liberals made historic investments in the well-being of seniors. Did I understand correctly?

They stubbornly refuse to increase old age pensions starting at the age of 65. I would like my colleague to correct his statement, and I am giving him the opportunity to do so. Seniors are waiting for the Liberals to take action on their behalf and to help them weather this pandemic.

[Kevin Lamoureux, Liberal, Winnipeg North, MB]

Mr. Speaker, whether it is lowering the age for OAS from 67 to 65, or whether it is the dramatic increases that we saw for people collecting GIS in the first couple of years, to the last couple of years, when we have seen a 10% increase to OAS, not to mention the one-time payments that were provided during the pandemic and the hundreds of millions of dollars that were given to non-profit organizations in order to support seniors activities, programs such as New Horizons, I would challenge the member opposite to show me any government that has done more in recent generations to support our seniors in Canada.

We have a caucus that is committed to listening to seniors and being there in a very tangible way, and I look forward to continuing to be very progressive on the needs of our seniors going forward, including long-term care standardization and what we can do there, issues of mental health and so much more.

[Blake Desjarlais, NDP, Edmonton Griesbach, AB]

Mr. Speaker, the government is increasing reliance on temporary foreign workers, without any of the protections that come along with that, including those that are currently protecting permanent resident status workers. This makes them extremely vulnerable, and exploitation is critically high. The Auditor General recently found that federal inspections for the health and safety of temporary foreign workers have actually gotten worse, especially since the Auditor General had asked the department to do better since 2020.

Will the government replace its overreliance on temporary foreign workers with permanent residence programs so that migrant workers, temporary residents, permanent residents and Canadians alike can negotiate better wages and working conditions to ensure that they actually get to the place they need to be to have prosperity in this country?

[Kevin Lamoureux, Liberal, Winnipeg North, MB]

Mr. Speaker, I suspect that if we were to take a look at the 10 years in which Stephen Harper was the prime minister and the number of temporary workers who were converted into permanent residents, we would find that in the last few years we have more than exceeded what he did in 10 years.

More and more, we are looking at ways in which temporary foreign workers could ultimately land. With the idea of being able to study in Canada, if one is good enough to study in Canada or good enough to work in Canada, one should be able to land in Canada. That is an approach that many of my caucus colleagues believe in, and we are working toward that in a very diligent way.

[Francesco Sorbara, Liberal, Vaughan—Woodbridge, ON]

Mr. Speaker, I would like to say good afternoon to all my hon. colleagues as we return from our two-week constituency period.

It is always a pleasure to rise in the House to speak on the issues that are important to the residents of my riding of Vaughan—Woodbridge and all Canadians, the budget or our government's fiscal plan being the most important. I am an MP who represents one of the most economically dynamic areas in the country. The city of Vaughan is home to over 13,000 businesses.

As someone who worked in the global financial markets in New York City and Toronto and spent time overseas in Europe for over 20 years before entering public service, and, more importantly, as an individual who has ingrained in him the values of hard work, sacrifice and planning prudently for the future, there is nothing more important or even indicative for me on how we lay out a plan to grow the economy, create jobs and ensure a brighter future for the benefit of all Canadians.

Several weeks prior to budget 2022 being presented and prior to the invasion of Ukraine occurring, I authored an editorial entitled “The Path Forward for the Canadian Economy?” In that piece, and in the introduction, I wrote the following: “Canadian policy-makers have a generational opportunity to move forward with policies that have a clear goal, to raise the standard of living of all Canadians through robust and sustained economic growth. Our singular focus should be on long-term investments that increase the productive capacity of our economy by providing the tools that Canadian workers and businesses require in a post-pandemic world. In my view, a post-pandemic world will be characterized by a rise in economic nationalism, increased global competition, an acceleration of the adoption of digital technologies underlying the importance of connectivity, a sustained withdrawal of global fiscal and monetary stimulus, and a renewed focus on energy security.” Yes, that is a renewed focus on global energy security. “Policy-makers must also consider a reshaped geopolitical world, including the United States responding to the competitive challenges of China, a renewed and interwoven EU, and a post-Brexit U.K.”

As a long-time student of economics, economic history and the global financial markets, this economist was again proven correct in his views. On energy security, my comments were on a renewed focus on global energy security. Frankly, the world needs more of Canada's energy resources, both renewable and non-renewable, and Canada's know-how or innovation. We are blessed as a country with both the natural resources and the innovative know-how to play a critical role in the global energy industry. Frankly, the world will need both renewable and non-renewable energy for years to come.

After a thorough examination of budget 2022, I characterized it as fiscally responsible, grounded, measured, and a demonstration of what I would state is responsible leadership for the uncertain times we are dealing with by addressing the challenges and opportunities we are facing as a country. Budget 2022 continues to address major issues around affordability, which we know to date have been driven by COVID and the impact from the war in Ukraine, and we know that affordability is a paramount concern for Canadians.

We should all applaud the signed and delivered national day care and early learning accords that the Deputy Prime Minister reached with all provinces and territories. We know that, in less than a year, this agreement will save my family and tens of thousands of families across Ontario, and hundreds of thousands of families across the country, literally thousands of dollars and in the longer term be a positive for our economic growth by increasing participation rates for women in the labour force.

As chair of the Liberal housing affordability caucus in my first term as an MP, it is great to see this budget introduce a three-pillar approach to tackle housing affordability: increasing the supply of housing, namely through the $4-billion housing accelerator fund; providing an opportunity for first-time homebuyers to accumulate savings to purchase a home through the tax-free new home savings account; stemming speculation in the housing market, and introducing a number of measures, including a homebuyers' bill of rights, a ban on foreign investment in housing activity, an anti-flipping tax and taxing assignment sales.

My riding and the city of Vaughan are home to Canada's largest housing builders in the country, the ones who employ tens of thousands directly and indirectly support hundreds of thousands of jobs. I speak with them often, and I visit them often. They are ready to do their part to accelerate new home construction across the country and build the homes that Canadians could raise their families in. We as a government will work with all pertinent levels of government and the private sector to ensure that it happens in the years to come.

Budget 2022, under the guise of reasonable leadership, also continues to take large steps forward to embrace the opportunity of the largest economic transformation the world has gone through since the industrial revolution: going green and moving to a low-carbon economy. We must remain laser-focused on this transformation, which will be led by innovation and driven by private capital. It will not only be an industrial transformation, but, I would argue, will be combined with the digital transformation that also is occurring. As chair of the Liberal auto caucus, over $515 billion of private capital is currently being put to use in this electric vehicle transformation. The opportunity is there. We will work with industry, and we are doing so with the number of great announcements that have been made, to ensure these jobs are created right here in Canada.

Budget 2022 also deals with Canada’s productivity issue. It is only through raising our country’s productivity levels that will we increase each individual Canadian’s well-being or standard of living. On this front, the budget puts forth three pillars, which together will drive a stronger economic future for Canadians. They are investing in people, investing in the green transition and investing in innovation and productivity. Along with that was the government’s announcement to launch a world-leading Canada growth fund, with an initial capitalization of $15 billion, and the creation of Canada's innovation and investment agency to strengthen Canada’s R and D story, which continues to lag its G7 partners. In addition, there is the announced review of the SR and ED program, which I have thought about and called for for a long time. It is long overdue and it needs to undergo an extensive cost-benefit analysis.

In my editorial, I put forward four themes for policy-makers to ensure that we raise the standard of living for all Canadians or, more simply, that we continue to strengthen the middle class and help those wanting to join the middle class.

First, we must strengthen our framework to incentivize Canadian business investment and innovation to raise productivity levels, which continue to lag our principal trading partner, the United States.

Second, we must provide Canadians with the ongoing opportunity to upgrade their skills, particularly in a highly changing technological world. In budget 2022, as I and many others on this side of the aisle have advocated for, the labour mobility tax deduction of $4,000 for tradespeople will be implemented. We will also double the union training and innovation program to $84.2 million over four years, which will help create over 3,500 apprenticeship spots in the skilled trades.

My riding is home to the training centres of LiUNA Local 183 and the Carpenters Union. They train the next generation of tradespeople to build our communities and critical infrastructure. We, as a government, have been and will be with them every step of the way. I look forward to addressing the CBTU this evening as it opens its conference here in Ottawa and meeting with many of its members, as I do frequently.

Third, digitization of government services must be the focus of all levels of government. The pandemic accelerated many trends in the digitization space.

Fourth, Canadians expect their government to be a solid financial or fiscal manager. With that, I asked the government to undertake a full program expenditure review in my editorial and redirect savings to higher-impact programs. It is positive to see the Deputy Prime Minister and Minister of Finance introduce a fiscal framework where we continue to see the debt-to-GDP ratio declining. The government will also begin a program expenditure review or, as noted, a strategic policy review, which is very prudent and I argue absolutely necessary. The strategic policy review will target $6 billion in savings over five years and $3 billion annually by 2026-27.

I finished my editorial with the following statement. Canada’s economic future is bright. However, we cannot take it for granted. Our competitors are not standing still, but we know that with the right set of policies, Canadian businesses and workers, we will win. Budget 2022 is, frankly, a budget that I am very proud of and very happy to support. It has a number of measures that will move our economy forward not only today, but longer term. As much as we plan at home for our own financial well-being, this government is putting the interests of Canadians first.