Navdeep Bains

[Foreign Investment, March 7th, 2017]

Mr. Speaker, again, I do not understand why the member opposite is opposed to global investment in Canada. Investment is so critical for growing our economy and creating jobs and opportunities for Canadians.

With regard to the specific transaction, we reviewed it under the Investment Canada Act. We did our due diligence. We determined it was in our overall net economic benefit. The additional resources that Cedar Tree will provide Retirement Concepts for expansion will create opportunities, growth, and jobs. That is good for British Columbia. That is good for the economy.

[Foreign Investment, March 6th, 2017]

Mr. Speaker, I find it ironic that members opposite are opposed to global investment. It is great that people want to invest in Canada. It is a tremendous opportunity for our economy, where we see additional resources coming in and creating jobs and growth and opportunities for future generations.

This transaction was reviewed under the Investment Canada Act. We looked at the overall net economic benefit. We made that determination because there are additional resources for Retirement Concepts, which is good for the economy and good for seniors and obviously good for British Columbians as well.

[Foreign Investment, March 6th, 2017]

Mr. Speaker, under the Investment Canada Act we did our due diligence. We followed the process and we determined that this particular transaction was in the overall net economic benefit of British Columbians and all Canadians, because we are open to investments. It provides additional resources for Retirement Concepts. It allows the company to expand its facilities, which creates jobs and provides additional resources for seniors as well.

This is good for British Columbians. This is good for Canadians. This is good for our economy.

[Foreign Investment, March 6th, 2017]

Mr. Speaker, the British Columbia government has approved operating licences for Retirement Concepts. I want to make it very clear. We are open to trade and we are open to investments, because they are good for the economy.

When it comes to seniors, we do not need any lessons from the member opposite. It is our government that increased the guaranteed income supplement for seniors. It is our government that reduced the old age security age from 67 to 65.

We will continue to help seniors and we will continue to find economic opportunities that will create growth and jobs.

[Foreign Investment, March 6th, 2017]

Mr. Speaker, we think investment is a good thing. Global investment into Canada is good for our economy. It will create opportunities. It will create jobs.

On this specific transaction under the Investment Canada Act, we made sure that we put forward a proposal that focuses on growth and opportunities for seniors, as well.

With regard to Retirement Concepts that are managed and operated by Canadians, they have now the ability to expand, which will provide better services for seniors and more job opportunities, and that is good for the economy.

[Official Report, March 6th, 2017]

Mr. Speaker, I rise on a point of order. On February 23, during question period, in response to a question from the member for Kamloops—Thompson—Cariboo on the Investment Canada Act, I inadvertently stated that Cedar Tree will now be owned and operated by Canadians going forward. What I meant to say is that Retirement Concepts will continue to be managed and operated by Canadians under its new ownership.

Thank you very much for allowing me this opportunity to clarify my previous statement.

[Foreign Investment, February 23rd, 2017]

Mr. Speaker, under the Investment Canada Act we made sure we followed the process, did our due diligence. Based on that, we were able to get significant commitments on employment levels with regard to Rona. We made sure that the head office was in Boucherville. This analysis was done. We made sure that this was shared with the public when we made the decision.

Again, this was a net economic benefit for Quebecers and Canadians. We always make sure we advance our national interest when it comes to the economy, growth, and jobs.

[Foreign Investment, February 23rd, 2017]

Mr. Speaker, as part of the review, Lowe's made some firm commitments to Canada, including the following: it will set up the headquarters of its Canadian companies in Boucherville, Quebec; keep Canadians in senior management positions; and maintain a high level of jobs in its businesses in Canada.

After analyzing all the relevant factors, I am confident that this investment will be a net benefit for Canada and Quebec.

[Foreign Investment, February 23rd, 2017]

Mr. Speaker, the member opposite knows that this deal was under the provision of the Investment Canada Act. We did our due diligence, followed the process, and made sure that this was in the overall net economic benefit of all Canadians. Otherwise we would not have proceeded. As I have reiterated before, it is about global investment, creating jobs, and growing the economy. We made the best decision in our national interest and in the net economic benefit for British Columbians and all Canadians.

[Foreign Investment, February 23rd, 2017]

Mr. Speaker, we engaged the British Columbia government and the minister of health to make sure that all of the regulations would be followed in that province.

However, more importantly, we believe that global investment is good for Canada, because when we bring investment to Canada, it creates opportunities for growth. When we grow the economy, we create good-quality jobs. What does “good-quality jobs” mean? They help strengthen the middle class. That is what this investment is all about, making sure that we maintain good jobs, and making sure that it has additional financial resources to expand its facilities and create more jobs. This is good for the economy, good for job creation, and good for the middle class.