Madam Speaker, it is an honour to rise today to speak to the budget implementation act. This is a budget that will impact so many Canadians in various ways, and I will spend my time focused on a few of those.
The one issue I want to talk about, which I have not heard talked about a lot, is the initiative that has been put into the budget with respect to doubling the tax credit for individuals who are in the trades for the tools they need to purchase for their particular trade. We know that, in our country, there is a lot of demand right now for people in the trades. We would pretty much pay whatever is asked these days if we are looking to hire a plumber, electrician, drywaller, a painter or just anybody in the trades. There is high demand right now in this country, and we need to get more people involved in the trades. I have been saying for years now that I genuinely believe that this is where the money is in the future.
So many people throughout Canada's history came to this country seeking better lives. For some reason, at least within my family, and I think of my grandparents who immigrated from Holland and Italy many years ago, all they wanted for their children was to be professionals in terms of doctors, lawyers and other such professions. There seems to have always been this stigma towards getting involved in the trades, as though it was somehow not as well regarded as being a doctor or lawyer. However, this is where we need people working right now. I encourage people, on a daily basis, including my son who just graduated from high school, to get involved in a trade, especially if they do not know what they want to do with their lives. It is a great way to get started in the workforce by getting involved in a trade. This budget specifically seeks to assist people in doing that by doubling the tax credit available for the tools that are required for a skilled trade.
Another item in the budget that I have not heard talked about a lot are the supports that are in there for Ukraine. I am glad to see that the rhetoric from politicians in the United States, and I think particularly of Donald Trump and Governor DeSantis of Florida, who have been questioning the role of the west, or in their case the role of the United States, in Ukraine has not found its way into this House. There seems to continue to be broad support in terms of resources from Canada going to Ukraine.
It is indeed an issue of democracy to stand up and support Ukraine in any way possible. We can think about what this world would be like if Vladimir Putin was successful with his efforts in Ukraine. He certainly would not stop there, and look to other countries to invade until, I am sure, he met his end objective, which is solidifying that Soviet bloc that used to exist during the Cold War. So it is in the interest of western democracies, western civilization, to ensure that Ukraine is successful and wins this unwanted war with Russia, or with Vladimir Putin specifically, I should say. To that end, it is the responsibility, at least in my opinion, of other allied countries to support Ukraine in any way we can. That is why I am very pleased to see ongoing supports in this budget that specifically target it.
When I was on the defence committee, I had the opportunity to travel, study Operations Unifier and Reassurance, and see the incredible things that Canadian troops were doing abroad. It was really moving, while I was in Ukraine as part of the defence committee study, to sit with the chair of Ukraine's defence committee and hear him say to us that other allied countries were lining up behind the Canadian brigade. They wanted to be part of the Canadian brigade, because it was Canada leading it.
That says a lot about a country. That says a lot about the reputation that a country has throughout the world, when there are other brigades being led by the United States, for example, and countries like Italy and Poland are saying that they want to be part of the Canadian brigade. That speaks tremendous value to what we have to offer. I am very glad to see the ongoing resources that are being allocated through this budget toward supporting Ukraine.
I am even more encouraged by the fact that we are not having that rhetoric that we are seeing in the United States coming from people like Donald Trump and Ron DeSantis, specifically about questioning whether or not there is a role for our country to be playing in supporting Ukraine. Indeed, there is.
The other thing I wanted to talk about, again an issue that I have not heard talked about a lot in this budget debate, is specifically the section of it that relates to crypto protections. It is not a mystery to most Canadians who have been following politics that the Leader of the Opposition, back in the heyday, not long ago, of cryptocurrency, when he went and purchased a shawarma, I think he was live on Facebook or Twitter at the time, made the exchange by paying for that with bitcoin. It was celebrated by him and his entourage with him at that event.
From that moment on, he started talking up cryptocurrency and how important it was to embrace the change of how we were going to transact in the future. There is no doubt that there are real discussions to be had about blockchain and crypto currency, more generally speaking, but the reality of the situation is that, in Canada, we rely on the Canadian dollar as our only peg, as we reference back to value and what we are going to use as a form of currency in this country.
When we have the Leader of the Opposition, who is openly out there, encouraging people to invest in bitcoin, almost as though he is encouraging them to bet against the Canadian dollar, it is extremely discouraging.
In this budget, there are specific resources being put towards the Office of the Superintendent of Financial Institutions to consult with banking institutions to ensure that they disclose what their exposure to cryptocurrency is, in terms of how much they are investing in it. Also, it would be a requirement for federally regulated pensions to disclose how much of those pensions are invested in crypto currency.
There is also a provision to ensure that any tax deductions being made as they relate to GST and HST, and the treatment of anybody who was mining specifically, and if they were making claims against paying GST and HST, and trying to get a refund out of it, would not be considered supply for HST purposes, and the input tax credits specifically would not be available.
It is extremely important that we stand firmly behind the Canadian dollar as the only form of currency in this country. The Bank of Canada, only two blocks away from here, provides a valuable service to our country, in terms of being at arm's length from this place and from the government, and being given direction on what we expect the inflationary rate to be, and to ensure that it gets to that as expeditiously as possible, and to maintain that.
That leads me to the last part of my speech, and that is specifically with respect to inflation. Inflation is, indeed, something that is not just happening in Canada, despite the fact that folks from across the way would like to suggest that this is a made-in-Canada problem, that only Canada is experiencing inflation. That could not be further from the truth. Canada is actually, of the OECD countries, one of the countries that is experiencing lower levels of inflation.
That does not provide a lot of comfort, and understandably so, to those who are experiencing inflation, especially as it relates to some of those very important items that we need, like groceries. However, it is important to understand the context. It is important to understand that inflation is not something that is just in Canada. It is throughout the world. When we live in a globalized economy and have as many trade deals as Canada does with other parts of the world, it is only understandable that we will be impacted by others' inflation as well.
