Bill C-4 (Historical)

Economic Action Plan 2013 Act No. 2

A second act to implement certain provisions of the budget tabled in Parliament on March 21, 2013 and other measures

Part 1 implements certain income tax measures proposed in the March 21, 2013 budget. Most notably, it
(a) increases the lifetime capital gains exemption to $800,000 and indexes the new limit to inflation;
(b) streamlines the process for pension plan administrators to refund a contribution made to a Registered Pension Plan as a result of a reasonable error;
(c) extends the reassessment period for reportable tax avoidance transactions and tax shelters when information returns are not filed properly and on time;
(d) phases out the federal Labour-Sponsored Venture Capital Corporations tax credit;
(e) ensures that derivative transactions cannot be used to convert fully taxable ordinary income into capital gains taxed at a lower rate;
(f) ensures that the tax consequences of disposing of a property cannot be avoided by entering into transactions that are economically equivalent to a disposition of the property;
(g) ensures that the tax attributes of trusts cannot be inappropriately transferred among arm’s length persons;
(h) responds to the Sommerer decision to restore the intended tax treatment with respect to non-resident trusts;
(i) expands eligibility for the accelerated capital cost allowance for clean energy generation equipment to include a broader range of biogas production equipment and equipment used to treat gases from waste;
(j) imposes a penalty in instances where information on tax preparers and billing arrangements is missing, incomplete or inaccurate on Scientific Research and Experimental Development tax incentive program claim forms;
(k) phases out the accelerated capital cost allowance for capital assets used in new mines and certain mine expansions, and reduces the deduction rate for pre-production mine development expenses;
(l) adjusts the five-year phase-out of the additional deduction for credit unions;
(m) eliminates unintended tax benefits in respect of two types of leveraged life insurance arrangements;
(n) clarifies the restricted farm loss rules and increases the restricted farm loss deduction limit;
(o) enhances corporate anti-loss trading rules to address planning that avoids those rules;
(p) extends, in certain circumstances, the reassessment period for taxpayers who have failed to correctly report income from a specified foreign property on their annual income tax return;
(q) extends the application of Canada’s thin capitalization rules to Canadian resident trusts and non-resident entities; and
(r) introduces new administrative monetary penalties and criminal offences to deter the use, possession, sale and development of electronic suppression of sales software that is designed to falsify records for the purpose of tax evasion.
Part 1 also implements other selected income tax measures. Most notably, it
(a) implements measures announced on July 25, 2012, including measures that
(i) relate to the taxation of specified investment flow-through entities, real estate investment trusts and publicly-traded corporations, and
(ii) respond to the Lewin decision;
(b) implements measures announced on December 21, 2012, including measures that relate to
(i) the computation of adjusted taxable income for the purposes of the alternative minimum tax,
(ii) the prohibited investment and advantage rules for registered plans, and
(iii) the corporate reorganization rules; and
(c) clarifies that information may be provided to the Department of Employment and Social Development for a program for temporary foreign workers.
Part 2 implements certain goods and services tax and harmonized sales tax (GST/HST) measures proposed in the March 21, 2013 budget by
(a) introducing new administrative monetary penalties and criminal offences to deter the use, possession, sale and development of electronic suppression of sales software that is designed to falsify records for the purpose of tax evasion; and
(b) clarifying that the GST/HST provision, exempting supplies by a public sector body (PSB) of a property or a service if all or substantially all of the supplies of the property or service by the PSB are made for free, does not apply to supplies of paid parking.
Part 3 enacts and amends several Acts in order to implement various measures.
Division 1 of Part 3 amends the Employment Insurance Act to extend and expand a temporary measure to refund a portion of employer premiums for small businesses. It also amends that Act to modify the Employment Insurance premium rate-setting mechanism, including setting the 2015 and 2016 rates and requiring that the rate be set on a seven-year break-even basis by the Canada Employment Insurance Commission beginning with the 2017 rate. The Division repeals the Canada Employment Insurance Financing Board Act and related provisions of other Acts. Lastly, it makes technical amendments to the Employment Insurance (Fishing) Regulations.
Division 2 of Part 3 amends the Trust and Loan Companies Act, the Bank Act and the Insurance Companies Act to remove the prohibition against federal and provincial Crown agents and federal and provincial government employees being directors of a federally regulated financial institution. It also amends the Office of the Superintendent of Financial Institutions Act and the Financial Consumer Agency of Canada Act to remove the obligation of certain persons to give the Minister of Finance notice of their intent to borrow money from a federally regulated financial institution or from a corporation that has deposit insurance under the Canada Deposit Insurance Corporation Act.
Division 3 of Part 3 amends the Trust and Loan Companies Act, the Bank Act, the Insurance Companies Act and the Cooperative Credit Associations Act to clarify the rules for certain indirect acquisitions of foreign financial institutions.
Division 4 of Part 3 amends the Criminal Code to update the definition “passport” in subsection 57(5) and also amends the Department of Foreign Affairs, Trade and Development Act to update the reference to the Minister in paragraph 11(1)(a).
Division 5 of Part 3 amends the Canada Labour Code to amend the definition of “danger” in subsection 122(1), to modify the refusal to work process, to remove all references to health and safety officers and to confer on the Minister of Labour their powers, duties and functions. It also makes consequential amendments to the National Energy Board Act, the Hazardous Materials Information Review Act and the Non-smokers’ Health Act.
Division 6 of Part 3 amends the Department of Human Resources and Skills Development Act to change the name of the Department to the Department of Employment and Social Development and to reflect that name change in the title of that Act and of its responsible Minister. In addition, the Division amends Part 6 of that Act to extend that Minister’s powers with respect to certain Acts, programs and activities and to allow the Minister of Labour to administer or enforce electronically the Canada Labour Code. The Division also adds the title of a Minister to the Salaries Act. Finally, it makes consequential amendments to several other Acts to reflect the name change.
Division 7 of Part 3 authorizes Her Majesty in right of Canada to hold, dispose of or otherwise deal with the Dominion Coal Blocks in any manner.
Division 8 of Part 3 authorizes the amalgamation of four Crown corporations that own or operate international bridges and gives the resulting amalgamated corporation certain powers. It also makes consequential amendments and repeals certain Acts.
Division 9 of Part 3 amends the Financial Administration Act to provide that agent corporations designated by the Minister of Finance may, subject to any terms and conditions of the designation, pledge any securities or cash that they hold, or give deposits, as security for the payment or performance of obligations arising out of derivatives that they enter into or guarantee for the management of financial risks.
Division 10 of Part 3 amends the National Research Council Act to reduce the number of members of the National Research Council of Canada and to create the position of Chairperson of the Council.
Division 11 of Part 3 amends the Veterans Review and Appeal Board Act to reduce the permanent number of members of the Veterans Review and Appeal Board.
Division 12 of Part 3 amends the Canada Pension Plan Investment Board Act to allow for the appointment of up to three directors who are not residents of Canada.
Division 13 of Part 3 amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to extend to the whole Act the protection for communications that are subject to solicitor-client privilege and to provide that information disclosed by the Financial Transactions and Reports Analysis Centre of Canada under subsection 65(1) of that Act may be used by a law enforcement agency referred to in that subsection only as evidence of a contravention of Part 1 of that Act.
Division 14 of Part 3 enacts the Mackenzie Gas Project Impacts Fund Act, which establishes the Mackenzie Gas Project Impacts Fund. The Division also repeals the Mackenzie Gas Project Impacts Act.
Division 15 of Part 3 amends the Conflict of Interest Act to allow the Governor in Council to designate a person or class of persons as public office holders and to designate a person who is a public office holder or a class of persons who are public office holders as reporting public office holders, for the purposes of that Act.
Division 16 of Part 3 amends the Immigration and Refugee Protection Act to establish a new regime that provides that a foreign national who wishes to apply for permanent residence as a member of a certain economic class may do so only if they have submitted an expression of interest to the Minister and have subsequently been issued an invitation to apply.
Division 17 of Part 3 modernizes the collective bargaining and recourse systems provided by the Public Service Labour Relations Act regime. It amends the dispute resolution process for collective bargaining by removing the choice of dispute resolution method and substituting conciliation, which involves the possibility of the use of a strike as the method by which the parties may resolve impasses. In those cases where 80% or more of the positions in a bargaining unit are considered necessary for providing an essential service, the dispute resolution mechanism is to be arbitration. The collective bargaining process is further streamlined through amendments to the provision dealing with essential services. The employer has the exclusive right to determine that a service is essential and the numbers of positions that will be required to provide that service. Bargaining agents are to be consulted as part of the essential services process. The collective bargaining process is also amended by extending the timeframe within which a notice to bargain collectively may be given before the expiry of a collective agreement or arbitral award.
In addition, the Division amends the factors that arbitration boards and public interest commissions must take into account when making awards or reports, respectively. It also amends the processes for the making of those awards and reports and removes the compensation analysis and research function from the mandate of the Public Service Labour Relations Board.
The Division streamlines the recourse process set out for grievances and complaints in Part 2 of the Public Service Labour Relations Act and for staffing complaints under the Public Service Employment Act.
The Division also establishes a single forum for employees to challenge decisions relating to discrimination in the public service. Grievances and complaints are to be heard by the Public Service Labour Relations Board under the grievance process set out in the Public Service Labour Relations Act. The process for the review of those grievances or complaints is to be the same as the one that currently exists under the Canadian Human Rights Act. However, grievances and complaints related specifically to staffing complaints are to be heard by the Public Service Staffing Tribunal. Grievances relating to discrimination are required to be submitted within one year or any longer period that the Public Service Labour Relations Board considers appropriate, to reflect what currently exists under the Canadian Human Rights Act.
Furthermore, the Division amends the grievance recourse process in several ways. With the sole exception of grievances relating to issues of discrimination, employees included in a bargaining unit may only present or refer an individual grievance to adjudication if they have the approval of and are represented by their bargaining agent. Also, the process as it relates to policy grievances is streamlined, including by defining more clearly an adjudicator’s remedial power when dealing with a policy grievance.
In addition, the Division provides for a clearer apportionment of the expenses of adjudication relating to the interpretation of a collective agreement. They are to be borne in equal parts by the employer and the bargaining agent. If a grievance relates to a deputy head’s direct authority, such as with respect to discipline, termination of employment or demotion, the expenses are to be borne in equal parts by the deputy head and the bargaining agent. The expenses of adjudication for employees who are not represented by a bargaining agent are to be borne by the Public Service Labour Relations Board.
Finally, the Division amends the recourse process for staffing complaints under the Public Service Employment Act by ensuring that the right to complain is triggered only in situations when more than one employee participates in an exercise to select employees that are to be laid off. And, candidates who are found not to meet the qualifications set by a deputy head may only complain with respect to their own assessment.
Division 18 of Part 3 establishes the Public Service Labour Relations and Employment Board to replace the Public Service Labour Relations Board and the Public Service Staffing Tribunal. The new Board will deal with matters that were previously dealt with by those former Boards under the Public Service Labour Relations Act and the Public Service Employment Act, respectively, which will permit proceedings under those Acts to be consolidated.
Division 19 of Part 3 adds declaratory provisions to the Supreme Court Act, respecting the criteria for appointing judges to the Supreme Court of Canada.

Economic Action Plan 2013 Act No. 2

[Lynne Yelich, Conservative, Minister of State (Foreign Affairs and Consular)]

Mr. Speaker, one of the areas that helped everyone, including young people, was our cutting of taxes, personal taxes, consumption, business and excise, and much more. It particularly helped young people when we cut the GST from 7% to 5%.

What interested me was the comment the member made on mining. I believe one of his colleagues has introduced a bill that directly targets our mining in Canada. Canadian mining companies and the sector are very concerned. I wonder if that member will support or speak against that particular bill because mining is very important to Canada, as he suggests, and he is worried about investment. However, the mining companies are very worried about that bill. After we have finished this debate, I believe that particular bill will be debated. I wonder what he would suggest for that bill.

[Scott Brison, Liberal, Kings—Hants, NS]

Mr. Speaker, first of all, I want to congratulate the minister on her new role.

I think as minister of state for foreign affairs, it is important for her to have an understanding that strong corporate social responsibility—environmental governance, high labour standards and respect for human rights—is actually something that many Canadian mining companies are providing throughout the world. In fact, we can raise the bar further. We can do more to strengthen the brand of Canada in the world, with strong standards of CSR.

Mining is something that we are exceptionally good at as a country. It is an area where we are creating good jobs in Canada and in other countries. I do not think corporate social responsibility is something that Canadian mining companies are trying to avoid. I think it is something that Canadian mining companies are increasingly embracing.

Through Canadian mining companies acting responsibly as they grow business and develop opportunities around the world, we can build a better, more stable and sustainable world.

[Matthew Dubé, NDP, Chambly—Borduas, QC]

Mr. Speaker, I note with interest that this supposed budget implementation bill is, in fact, a grab bag of things totally unrelated to the budget. One very obvious example is the section about Supreme Court judges.

I find it interesting to see what is happening in Quebec these days. The federal government did a poor job of handling issues raised by the latest Supreme Court appointment. It is now attempting to make some changes, as we can see. However, the catch-all nature of the bill makes it impossible to properly handle such an important issue as Supreme Court appointments, a constitutional issue. This really deserves a separate bill, apart from the omnibus bill.

Could my colleague comment on the grab bag style of the bill? It is even more of a catch-all than the previous ones. It mixes together things that are not connected in any way.

[Scott Brison, Liberal, Kings—Hants, NS]

I totally agree with my colleague, Mr. Speaker.

The fact that the government would seek to amend the provisions of the Supreme Court Act relating to court appointments in its budget implementation bill is ludicrous. In fact, it makes no sense and it is an insult to Quebeckers.

It is again correcting a mistake that the government made earlier when it followed a process of the appointment for Justice Nadon, ignoring what the requirements actually were. Let us imagine a government that ignores the law in appointing a Supreme Court judge. It makes absolutely no sense.

To double the insult and to actually include that in a budget implementation bill makes a farce of the whole process.

Bill C-4—Notice of Time Allocation Motion

[Peter Van Loan, Conservative, Leader of the Government in the House of Commons]

Mr. Speaker, I would like to advise that an agreement could not be reached under the provisions of Standing Order 78(1) or Standing Order 78(2) with respect to the second reading stage of Bill C-4, A second act to implement certain provisions of the budget tabled in Parliament on March 21, 2013 and other measures.

Under the provisions of Standing Order 78(3), I give notice that a minister of the Crown will propose at the next sitting a motion to allot a specific number of days or hours for the consideration and disposal of proceedings at the said stage.

I would like to give the House the courtesy of knowing that I intend to propose that four further days of debate be allotted, in addition to today, for a total of five days.

[The Acting Speaker, Conservative, Bruce Stanton]

I have no doubt the House appreciates the Leader of the Government in the House of Commons giving notice.

Second Reading

[Rodger Cuzner, Liberal, Cape Breton—Canso, NS]

Mr. Speaker, I want to first thank the House for allowing unanimous consent so that I could take part in this debate, which was noted by my friend and colleague from Dartmouth—Cole Harbour. He was not sure whether it was because the House had anticipated my comments so much and were so looking forward to what I had to say, or more so that they liked to limit my friend and colleague from Kings—Hants to 10 minutes. Whatever the rationale was, I appreciate the House allowing me to go forward.

I want to speak about the principles behind some aspects of the legislation. One of the comments that the parliamentary secretary mentioned when he led off the debate today was that it was not strange to have a bill of this size with so many components in it. It is 321 pages, but he said the last four bills have been of similar size.

The last four bills have been presented by the same government and concerns have been raised. Certainly the opposition parties voiced their disapproval with such a practice on those four occasions, but he was able to justify the bill by saying the last four were presented in a very similar manner. That would be like an NHL coach saying, “I didn't make the playoffs the last four years, but now you decide to fire me in my fifth year”. The unfortunate part is that maybe we do not get an opportunity to fire the government for another couple of years, but that day too shall come.

I want to talk about what was mentioned by my colleague from Kings—Hants with regard to some of the aspects of this piece of legislation as it deals with changing labour relationships in this country. I will read these into the record.

I want to talk about principles that a government must respect in creating legislation, such as what we are debating today, that affects millions of Canadians. In particular, it affects over 1.2 million hard-working Canadians who work in federal industries and the public service.

For Canadians, the affected workers in particular, to believe in these laws, they must have faith and trust in their government. However, trust and respect does not come with some gun pointed to their heads. Governing is about striking balance, a balance between things such as the environment and the economy, between one part of the country and the other, between social and economic values, and between the interests of the employer and the employee. Part of figuring out that balance is listening to people who may not agree with us and respecting the principles of fairness and due process when creating laws that fundamentally affect them. I do not believe there has been a government in recent history that has thrown so many things out of balance and replaced due process and fairness with political expediency than the current Conservative government.

The amendments to labour legislation in the bill are just another example of this. The government is using this omnibus budget bill as a back door to making major changes to the rules affecting collective bargaining in the public service. These changes, without doubt, are being made to weaken the public service unions by stacking the deck in favour of the employer and in this case, the employer is the government.

This type of behaviour only breeds mistrust and disrespect. It is not how we as individuals would expect to be treated and it simply lessens the institution of government when it continues out of control as we have seen under the current government. In order for our employees to prosper, whether it is in private industry or in government or workers in society or the economy at large, we need to have good labour relations. That is fundamental. We need labour relations that respect the interests of the workers and the employer in a fair and balanced manner, respecting due process and developed through real consultation.

Everything the government has done concerning labour relations since getting its majority has not been about striking balance. Instead, it has been about weakening the labour movement as much as possible in both the public and private sectors, from record use and methods used to impose back-to-work legislation to using—and one could say abusing—the private member legislation process as a backdoor way to introduce anti-labour legislation.

Bill C-377 was an obvious example. As we went through the testimony and the witnesses on that particular bill, we saw experts raise concerns about privacy and about the costs incurred, and not just by unions. The government tried to say that Bill C-377 was about union transparency by posting their actuals online. That would be a cost to not just the unions but also to administer it. This is the party of small government. The burden this would have placed on the CRA to administer such a mammoth undertaking would be significant to the treasury.

The government said it was all about openness and transparency. We threw a poison pill in there. We brought an amendment requesting it take the same rules it is asking of organized labour and ensure that our professional organizations play by them as well. Therefore, lawyers, doctors and chambers of commerce would have to post in the same manner as it is asking organized labour to. The Conservatives voted against that. It was not about openness and transparency. It was a poison pill. We did not think those organizations should have to post either. However, we knew that the Conservative government would vote against it because this was an attack on organized labour in this country.

Bill C-525 is now the second example. I expect we will see many more examples soon to come.

Never mind due process. Never mind fairness and balance. These terms mean nothing to the government. Political expediency at all costs is the motto across the aisle. Its fight with labour is based on an ideology that Canadians do not fundamentally believe in, an ideology that believes that if Canada is to prosper, the rights and benefits of workers must be sacrificed.

As a Liberal, I can say that I do not always agree with the labour issues. In past governments we fought with unions and we brought forward back-to-work legislation. However, we have always tried to respect due process. We know that the number one enemy for the Conservative government is labour. There is nothing in this bill that changes my mind. Giving federal employers the power to unilaterally declare parts of the public service an essential service, taking away its right to strike, and removing the option of unions to seek arbitration and settle a dispute to avoid disruption, stacks the deck unequally in the government's favour.

Balance in governing is an ideal every government should strive for, fostering trust and mutual respect as a goal. Labour relations are no different.

We have heard from FETCO, the organization that represents federally regulated industries. We heard from the CLC, which represents the people in those industries. They are both saying that the way to get this right is through consultation and consensus. They want the government to keep its nose out of their business. Instead, it continues to get engaged through private member legislation and aspects of these omnibus bills that continue to tip the scales. It is not just the unions or those workers who are saying this is unfair. The companies themselves see this as being unfair.

That is one of the problems we have with this omnibus approach to presenting legislation. If the government were confident about it, why would it not bring that forward to the House? It has a majority anyway. All we have to do is count. It will pass it anyway. Let us have the debate so it can tell us why it is doing that.

[Elizabeth May, Green, Saanich—Gulf Islands, BC]

Mr. Speaker, we again find ourselves with another omnibus budget bill, the second one which the current administration of the government claims to be related to the budget of 2012. Yet there are many provisions, one in particular, that could not possibly be related to the budget. That is the change to the Supreme Court Act because the difficulty encountered with the appointment of Mr. Justice Nadon only occurred after the Conservatives put forward the budget, so that makes a mockery of the idea that this is a budgetary matter.

However, certainly there are the changes to the Canada Labour Code, as my friend referenced, the systematic attempt to attack fundamental collective bargaining rights and labour rights. I am troubled by what the impact would be on the individual worker, and every worker has the right to refuse dangerous work. The definition of “danger” has been quite watered down and would no longer, for instance, protect the worker from exposure to a threat that could create a chronic health hazard or a threat to reproductive health.

Does my friend have any comments on that?

[Rodger Cuzner, Liberal, Cape Breton—Canso, NS]

Mr. Speaker, we should not be surprised, but nonetheless every now and then the Conservatives throw one at us and we wonder what they are thinking, as is certainly the one with the Supreme Court reference in it.

In our country, our system is based on three pillars: judicial, administrative and legislative. For the Conservatives to take the highest court in the land and to tweak something that impacts on that court through a budget bill is a first, I am sure. I am sure many are amazed at that particular one.

I do not know the answer to that direct question, though. If the Conservatives pick these fights through these omnibus bills to divert Canadians' attention away from some of the scandals that are going on, such as members of their caucus being charged by Elections Canada or what is going on in the Senate, we opposition members, including I am sure my colleagues in the NDP, would say to break those bills out from the omnibus bill and let us have a discussion. If the planets line up, maybe they could even take some kind of an amendment to improve the legislation. That would be a rare day. I would go out and buy Insta Piks that day because the planets would be aligned.

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

Mr. Speaker, I would like to thank my colleague from Cape Breton—Canso for his speech. I travelled to his beautiful region last summer.

Once more, we see the government using an omnibus bill to amend legislation related to employment and labour relations. These pieces of legislation have nothing whatsoever to do with budget implementation.

Last time, the government attacked construction workers by eliminating the Fair Wages and Hours of Labour Act, which guaranteed some trades a minimum wage on federal work sites.

The government is doing the same thing again by meddling in how essential workers are defined, something that was previously negotiated between employers and unions.

Now, the Conservatives are going to impose a definition like petty dictators, limiting the legal right to strike for many workers in public service jobs. On top of that, they are slashing arbitration, which will drive other workers to strike.

I would like to know whether my colleague feels the government wants to force workers to go on strike so that it can then force them back to work with other special laws.

[Rodger Cuzner, Liberal, Cape Breton—Canso, NS]

Mr. Speaker, I sat beside my colleague in the hearings on Bill C-377. I know he is very passionate and very capable on labour issues. We heard witness after witness give testimony. We saw none of that reflected in the final report on that bill. It is when ideology really trumps the needs of Canadians and Canadian workers that we all lose.

What is fearful, through the debate here today, is that the number of Canadians who are working for minimum wage has doubled under the current government. The Conservatives are intent on driving wages down in our country, hollowing out the middle class, and it is unions that have really contributed to developing a middle class. It is egregious and it is shameful.

[The Acting Speaker, Conservative, Bruce Stanton]

Before we recognize the member for York Centre on resuming debate, I would just let him know there are only three minutes remaining in the time allocated for government orders this afternoon. He can at least get started, and of course the remaining time will be available to him when the House next takes up debate on the question.

Resuming debate, the hon. member for York Centre.

[Mark Adler, Conservative, York Centre, ON]

Mr. Speaker, as we all know, it is not the quantity of time but rather the quality, as the opposition has so aptly demonstrated to us.

Thank you, Mr. Speaker, for this opportunity to add my comments to the debate on Bill C-4. As my colleague has already so eloquently stated, we are proud of our government's achievements since the storm clouds first gathered over the global economy in 2008. Today, I will focus on the ways economic action plan 2013 helps strengthen Canada's economy in these uncertain times. Be assured, our government remains committed to what matters most to Canadians. That is jobs, job creation and economic growth.

First, our government firmly believes in helping small businesses grow. That is why we have lowered taxes and tariffs, cut red tape and improved conditions for small business. These steps have established a solid foundation that has allowed Canadian businesses to create jobs and drive economic growth. Indeed, by implementing Canada's economic action plan Canada has experienced one of the best economic performances among the G7 countries, both during the global recession and throughout the recovery.

Contrary to what the opposition leaders may believe, Canada is on strong economic footing. Since the depth of the recession over one million net new jobs have been created, most in high-wage industries. There are now 605,000 more jobs than at the pre-recession peak. This is the strongest job growth in G7 countries over the course of the recovery. Almost 90% of all jobs created since July of 2009 have been full-time positions with close to 85% of those being in the private sector. Also, growth levels are above pre-recession levels.

That is the best performance in the G7. Both the IMF and the OECD expect Canada to be among the strongest growing economies in the G7 over this year and next. The World Economic Forum has rated Canada's banking system as the world's soundest for the fifth year in a row. Three credit rating agencies, Moody's, Fitch, and Standard and Poor's, have all reaffirmed their top credit rating for Canada and expect it will maintain its triple-A rating in the year ahead. Canada's fiscal fundamentals are solid and they are sustainable.

However, to truly understand the strength behind this performance, one has to consider the hard work that took place long before, through the actions our government took to pay down debt, lower taxes, reduce red tape and promote free trade and innovation.

[The Acting Speaker, Conservative, Bruce Stanton]

The hon. member for York Centre will have 17 minutes remaining in his time when the House next resumes debate on the question.

It being 5:38 p.m., the House will proceed to the consideration of private members' business as listed on today's order paper.

The hon. member for Scarborough—Guildwood is not present to move the order as announced in today's notice paper. Accordingly, the bill will be dropped to the bottom of the order of precedence on the order paper.

The House resumed consideration of the motion that Bill C-4, A second act to implement certain provisions of the budget tabled in Parliament on March 21, 2013 and other measures, be read the second time and referred to a committee, and of the amendment.