Bill C-47

Budget Implementation Act, 2023, No. 1

An Act to implement certain provisions of the budget tabled in Parliament on March 28, 2023

Part 1 implements certain measures in respect of the Income Tax Act and the Income Tax Regulations by
(a) enabling the Canada Revenue Agency (CRA) to use electronic certification of tax and information returns and requiring taxpayers to file electronically in certain circumstances;
(b) doubling the maximum deduction for tradespeople’s tools from $500 to $1,000;
(c) providing that any gain on the disposition of a right to acquire Canadian housing property within a one-year period of its acquisition is treated as business income;
(d) excluding from a taxpayer’s income certain benefits for Canadian Forces members, veterans and their spouses or common-law partners;
(e) exempting from taxation any income earned by the Band Class Settlement Trust in accordance with section 24.05 of the Settlement Agreement entered into on January 18, 2023 relating to the attendance of day scholars at residential schools;
(f) providing an additional payment of the Goods and Services Tax/Harmonized Sales Tax (GST/HST) credit equal to double the amount of the regular January 2023 payment;
(g) providing for automatic, quarterly advance payments of the Canada Workers Benefit;
(h) allowing divorced and separated spouses to open joint Registered Educational Savings Plans and increasing educational assistance amounts under those plans;
(i) extending, by ‚three years, the ability of a qualifying family member to be the plan holder of an individual’s Registered Disability Savings Plan and expanding the definition of “qualifying family member” to include a sister or a brother of the individual;
(j) allowing defined contribution registered pension plans to correct contribution errors and requiring that the contributions or refunds are reported to the CRA for the purpose of correcting the RRSP deduction limit;
(k) modifying reporting requirements in respect of reportable transactions, introducing reporting requirements for notifiable transactions and providing reporting requirements with respect to uncertain tax treatments, as well as extending the reassessment periods applicable to those transactions and creating or modifying penalties for non-compliance with those requirements;
(l) allowing the CRA to share taxpayer information for the purposes of the Canadian Dental Care Plan;
(m) expanding the definition of “dividend rental arrangement” to include “specified hedging transactions” carried out in whole or in part by registered securities dealers;
(n) implementing the Model Reporting Rules for Digital Platforms developed by the Organisation for Economic Co-operation and Development;
(o) requiring annual reporting by financial institutions of the fair market value of registered retirement savings plans and registered retirement income funds;
(p) expanding the permissible borrowing by defined benefit pension plans; and
(q) implementing a number of technical amendments to correct mistakes or inconsistencies and to better align the law with its intended policy objectives.
It also makes related and consequential amendments to the Excise Tax Act , the Tax Rebate Discounting Act , the Air Travellers Security Charge Act , the Excise Act, 2001 , Part 1 of the Greenhouse Gas Pollution Pricing Act and the Electronic Filing and Provision of Information (GST/HST) Regulations .
Part 2 implements certain measures in respect of the Excise Tax Act and a related text by
(a) clarifying that the international transportation of money benefits from Goods and Services Tax/Harmonized Sales Tax (GST/HST) relief and other special rules in the same manner as a service of internationally transporting other kinds of freight;
(b) permitting a pension entity, in specific circumstances, to claim the pension entity rebate or an input tax credit, or to make the pension entity rebate election, after the end of the two-year limitation period;
(c) specifying that cryptoasset mining is generally not considered a supply for GST/HST purposes; and
(d) ensuring that payment card clearing services are excluded from the definition “financial service” under the GST/HST legislation.
Part 3 amends the Excise Act , the Excise Act, 2001 and the Air Travellers Security Charge Act in order to implement two measures.
Division 1 of Part 3 amends the Excise Act and the Excise Act, 2001 in order to temporarily cap the inflation adjustment for excise duties on beer, spirits and wine at two per cent, for one year only, as of April 1, 2023.
Division 2 of Part 3 amends the Air Travellers Security Charge Act to increase the air travellers security charge that is applicable to air travel that includes a chargeable emplanement after April 2024 and for which any payment is made after April 2024.
Part 4 enacts and amends several Acts in order to implement various measures.
Division 1 of Part 4 amends the Bank Act to strengthen the regime for dealing with complaints against banks and authorized foreign banks by, among other things, providing for the designation of a not-for-profit body corporate to be the sole external complaints body. It also makes consequential amendments to the Financial Consumer Agency of Canada Act and related amendments to the Financial Consumer Protection Framework Regulations .
Division 2 of Part 4 amends the Pension Benefits Standards Act, 1985 to, among other things, provide for variable life benefits under a defined contribution provision of a pension plan and amends the Pooled Registered Pension Plans Act to, among other things, provide for variable life payments under pooled registered pension plans. It also makes a consequential amendment to the Canadian Human Rights Act .
Division 3 of Part 4 contains measures that are related to money laundering and to digital assets and other measures.
Subdivision A of Division 3 amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to, among other things,
(a) require persons or entities referred to in section 5 of that Act to report to the Financial Transactions and Reports Analysis Centre of Canada information that is related to a disclosure made under the Special Economic Measures Act or the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) ;
(b) strengthen the registration framework for persons or entities referred in paragraphs 5(h) and (h.1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act , which are often referred to as money services businesses;
(c) create two new offences relating to persons or entities who engage in activities for which they are not registered under that Act and the structuring of financial transactions undertaken to avoid reporting obligations under that Act, as well as a new offence relating to reprisals by employers against employees who fulfill obligations under that Act;
(d) facilitate the sharing, between the Minister of Finance, the Office of the Superintendent of Financial Institutions and the Financial Transactions and Reports Analysis Centre of Canada, of information that relates to their respective mandates; and
(e) authorize the Minister of Finance to issue directives to persons and entities referred in section 5 of that Act in respect of risks relating to the financing of threats to the security of Canada.
Subdivision A also amends the Budget Implementation Act, 2021, No. 1 in relation to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act .
Subdivision B of Division 3 amends the Criminal Code to provide for a new warrant authorizing a peace officer or other person named in the warrant to search for and seize digital assets, including virtual currency, as well as to expand the list of offences on the basis of which an examination of information obtained by the Minister of National Revenue under various tax statutes may be authorized. The subdivision also makes related amendments to other Acts.
Division 4 of Part 4 amends the Customs Tariff to extend the expiry date of the General Preferential Tariff and Least Developed Country Tariff to December 31, 2034 and to create a new General Preferential Tariff Plus tariff treatment that will expire on the same date. The Division also aligns direct shipment requirements for tariff treatments under that Act with those that apply to free trade agreements.
Division 5 of Part 4 amends the Customs Tariff to remove Belarus and Russia from the List of Countries entitled to Most-Favoured-Nation tariff treatment.
Division 6 of Part 4 allows the Bank of Canada to apply, despite sections 27 and 27.1 of the Bank of Canada Act , any of its ascertained surplus to its retained earnings until its retained earnings are equal to zero or the ascertained surplus applied to its retained earnings is equal to the losses it incurred from the purchase of securities as part of the Government of Canada Bond Purchase Program.
Division 7 of Part 4 enacts the Canada Innovation Corporation Act . That Act continues the Canada Innovation Corporation, which was established under another Act, as a parent Crown corporation, sets out the Corporation’s purpose to maximize business investment in research and development across all sectors of the economy and in all regions of Canada to promote innovation-driven economic growth and includes transitional provisions. The Division also makes consequential and related amendments to other Acts.
Division 8 of Part 4 amends the Federal-Provincial Fiscal Arrangements Act to authorize additional payments to the provinces and territories.
Division 9 of Part 4 amends the Federal-Provincial Fiscal Arrangements Act to renew the authority to make Equalization and Territorial Formula Financing payments for another five-year period beginning on April 1, 2024 and makes a technical change to improve the accuracy of the programs. It also makes a technical change to the calculation of fiscal stabilization payments. Finally, it provides for the publication of the details of all amounts authorized to be paid under that Act.
Division 10 of Part 4 amends the Special Economic Measures Act , the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) to strengthen Canada’s ability to take economic measures against certain persons.
Division 11 of Part 4 amends the Privileges and Immunities (North Atlantic Treaty Organisation) Act to, among other things, enable the Paris Protocol to be implemented in Canada.
Division 12 of Part 4 amends the Service Fees Act to, among other things, clarify the definition “fee”, exempt certain fees from the application of that Act, make certain exceptions in that Act applicable only with the approval of the President of the Treasury Board, make certain changes to the annual adjustment provisions and provide authority for the President of the Treasury Board to amend the regulations made under section 22 of that Act by taking into account the factors established by regulations.
It also amends section 25.1 of the Canadian Food Inspection Agency Act to provide for the application of sections 16 to 18 of the Service Fees Act to low-materiality fees, within the meaning of the Service Fees Act , that are fixed under section 24 or 25 of the Canadian Food Inspection Agency Act .
Division 13 of Part 4 amends the Canada Pension Plan to allow the Minister of National Revenue to make available information to the Minister of Employment and Social Development that is necessary for the purpose of policy analysis, research or evaluation related to the administration of that Act.
Division 14 of Part 4 amends the Department of Employment and Social Development Act to grant the Minister of Employment and Social Development the authority to collect and use Social Insurance Numbers for the purposes of administering or enforcing any Act, program or activity in respect of which the administration or enforcement is the responsibility of the Minister.
Division 15 of Part 4 amends the Canada Labour Code in respect of leave related to the death or disappearance of a child to, among other things, increase the maximum length of that leave from 104 weeks to 156 weeks and to repeal paragraph 206.5(4)(b) of that Act.
Division 16 of Part 4 amends the Immigration and Refugee Protection Act to provide that a claim for refugee protection made by a person inside Canada must be made in person and, with regard to a claim made by the person other than at a port of entry, that the Minister of Citizenship and Immigration may specify the documents and information to be provided and the form and manner in which they are to be provided.
Division 17 of Part 4 amends the Immigration and Refugee Protection Act to clarify that the Minister of Citizenship and Immigration may give instructions in respect of an application to sponsor a person who applies for a visa as a Convention refugee, within the meaning of that Act, or as a person in similar circumstances.
Division 18 of Part 4 amends the College of Immigration and Citizenship Consultants Act to, among other things,
(a) provide that the College of Immigration and Citizenship Consultants may seek an order authorizing it to administer the property of any licensee of the College who is not able to perform their activities as an immigration and citizenship consultant;
(b) extend immunity against proceedings for damages to directors, employees and agents and mandataries of the College, among others;
(c) authorize the College to enter into information-sharing agreements or arrangements with any entity, including federal or provincial government institutions; and
(d) expand the areas in respect of which the Governor in Council may authorize the College to make by-laws.
The Division also makes related amendments to the Citizenship Act and the Immigration and Refugee Protection Act to clarify that any person who is the subject of a notice of violation issued under either of those Acts has the right to request a review of the notice or the administrative monetary penalty set out in the notice.
Division 19 of Part 4 amends the Citizenship Act to, among other things,
(a) grant the Minister responsible for the administration and enforcement of that Act the power to collect biometric information from persons who make an application under that Act — and to use, verify, retain and disclose that information — in accordance with the regulations;
(b) authorize that Minister to administer and enforce that Act using electronic means, including by using an automated system; and
(c) grant that Minister the power to make regulations requiring persons who make an application or who provide documents, information or evidence under that Act to do so using electronic means.
Division 20 of Part 4 amends the Yukon Act to authorize the Minister of Northern Affairs to take any measures on certain public real property that the Minister considers necessary to prevent, counteract, mitigate or remedy any adverse effect on persons, property or the environment.
Subdivision A of Division 21 of Part 4 amends the Marine Liability Act to, among other things,
(a) increase the maximum liability for certain claims involving a ship of less than 300 gross tonnage;
(b) establish the maximum liability for claims involving air cushion vehicles;
(c) remove all references to the Hamburg Rules;
(d) extend the application of the International Convention on Civil Liability for Bunker Oil Pollution Damage, 2001 to non-seagoing vessels;
(e) provide for public notice requirements relating to the constitution of limitation funds under that Act;
(f) clarify that the owner of a ship is liable for economic loss related to fishing, hunting, trapping or harvesting suffered by an Indigenous group, community or people or suffered by a member of such a group, community or people; and
(g) expand the compensation regime of the Ship-source Oil Pollution Fund to include certain future losses.
Subdivision B of Division 21 amends the Canada Shipping Act, 2001 to, among other things,
(a) expand the application of Part 1 of that Act in relation to certain pleasure craft;
(b) expand the exemption powers of the Minister of Transport and the Minister of Fisheries and Oceans;
(c) allow the owner of a Canadian vessel to enter into an arrangement with a qualified person under which that person is the authorized representative of the vessel;
(d) give the Marine Technical Review Board jurisdiction to make decisions on applications for exemptions from interim orders;
(e) authorize the Governor in Council to incorporate by reference in certain regulations material that the Minister of Transport produces;
(f) broaden the Governor in Council’s power respecting fees, charges, costs or expenses to be paid in relation to the administration and enforcement of matters under that Act for which the Minister of Transport is responsible;
(g) increase the maximum amount of fines for certain offences;
(h) provide authority, in certain circumstances, for the Chief Registrar to refuse to issue a certificate of registry and for the Minister of Transport to refuse to issue a pleasure craft licence;
(i) authorize the Governor in Council to make regulations respecting emergency services;
(j) authorize the Minister of Transport to, among other things,
(i) direct a master or crew member to cease operations,
(ii) authorize the Deputy Minister of Transport to make interim orders in response to risks to marine safety or to the marine environment, and
(iii) direct a port authority or a person in charge of a port authority or place to authorize vessels to proceed to a place selected by the Minister; and
(k) permit designating as violations the contravention of certain provisions of Parts 5 and 10 of that Act and the regulations made under those Parts.
The Subdivision also makes a related amendment to the Oil Tanker Moratorium Act .
Subdivision C of Division 21 amends the Wrecked, Abandoned or Hazardous Vessels Act to, among other things, establish the Vessel Remediation Fund in the accounts of Canada and provide the Minister of Fisheries and Oceans with certain powers in relation to the detention of vessels.
Division 22 of Part 4 amends the Canada Transportation Act to, among other things,
(a) allow the Governor in Council to require air carriers to publish information respecting their performance on their Internet site;
(b) permit the sharing of information to ensure the proper functioning of the national transportation system or to increase its efficiency, while ensuring the confidentiality of that information;
(c) allow the Minister of Transport to require certain persons to provide certain information to the Minister if the Minister is of the opinion that there exists an unusual and significant disruption to the effective continued operation of the national transportation system;
(d) establish a new zone in Manitoba, Saskatchewan and Alberta, in which any interswitching that occurs is subject to the rate determined by the Canadian Transportation Agency, for a period of 18 months; and
(e) broaden the scope of the administrative monetary penalties scheme.
Division 23 of Part 4 amends the Canada Transportation Act to, among other things,
(a) broaden the authority of the Canadian Transportation Agency to set fees and charges to recover its costs;
(b) replace the current process for resolving air travel complaints with a more streamlined process designed to result in more timely decisions;
(c) impose a greater burden of proof on air carriers where it is presumed that compensation is payable to a complainant unless the air carrier proves the contrary;
(d) require air carriers to establish an internal process for dealing with air travel claims;
(e) modify the Agency’s regulation-making powers with respect to air carriers’ obligations towards passengers; and
(f) enhance the Agency’s enforcement powers with respect to the air transportation sector.
Division 24 of Part 4 amends the Customs Act to, among other things,
(a) allow a person arriving in Canada to present themselves to the Canada Border Services Agency by a means of telecommunication, if that manner of presenting is made available at the customs office at which they are presenting themselves; and
(b) subject to the regulations, require that the operator of a commercial aircraft arriving in Canada ensure that baggage on board the aircraft is transported without delay to the nearest international baggage area.
The Division also makes a related amendment to the Quarantine Act .
Division 25 of Part 4 amends the National Research Council Act to, among other things, provide that the National Research Council of Canada may procure goods and services, including goods and services relating to construction and to research-related digital and information technology. It also establishes a new Procurement Oversight Board.
Division 26 of Part 4 amends the Patent Act to, among other things,
(a) authorize the Commissioner of Patents to grant an additional term for a patent if certain conditions are met;
(b) authorize the Governor in Council to make regulations respecting the number of days that is to be subtracted in determining the duration of an additional term; and
(c) authorize the Commissioner of Patents and the Federal Court to shorten the duration of an additional term if the duration as previously determined is longer than is authorized.
Division 27 of Part 4 amends the Food and Drugs Act to extend measures regarding therapeutic products to natural health products in order to, among other things,
(a) strengthen the safety oversight of natural health products throughout their life cycle; and
(b) promote greater confidence in the oversight of natural health products by increasing transparency.
Division 28 of Part 4 amends the Food and Drugs Act to, among other things, prohibit
(a) the sale of a cosmetic unless its safety can be established without relying on data derived from a test conducted on an animal that could cause pain, suffering or injury, whether physical or mental, to the animal, subject to certain exceptions;
(b) the conduct of a test on an animal that could cause pain, suffering or injury, whether physical or mental, to the animal if the purpose of the test is to meet a legislative requirement that relates to cosmetics; and
(c) deceptive or misleading claims, on the label of or in an advertisement for a cosmetic, with respect to testing on animals.
Division 29 of Part 4 enacts the Dental Care Measures Act .
Division 30 of Part 4 amends subsection 41(1) of the Canada Post Corporation Act , in response to the decision in R. v. Gorman , to limit the Canada Post Corporation’s authority to open mail other than letters.
Division 31 of Part 4 expresses the assent of the Parliament of Canada to the issuing by His Majesty of a Royal Proclamation under the Great Seal of Canada establishing for Canada the applicable Royal Style and Titles.
Division 32 of Part 4 amends the Public Sector Pension Investment Board Act to provide that the Public Sector Pension Investment Board may incorporate a subsidiary for the purpose of providing investment management services to the Canada Growth Fund Inc. It also amends the Fall Economic Statement Implementation Act, 2022 to increase the amount that may be paid out of the Consolidated Revenue Fund on the requisition of the Minister of Finance for the acquisition of shares of the Canada Growth Fund Inc. and to provide that the Canada Growth Fund Inc. is not an agent of His Majesty in right of Canada.
Division 33 of Part 4 amends the Office of the Superintendent of Financial Institutions Act , the Trust and Loan Companies Act , the Bank Act and the Insurance Companies Act to, among other things,
(a) expand the mandate of the Office of the Superintendent of Financial Institutions to include the supervision of federal financial institutions in order to determine whether they have adequate policies and procedures to protect themselves against threats to their integrity or security; and
(b) expand the Superintendent of Financial Institutions’ powers to issue directions to, and to take control of, a federal financial institution in certain circumstances.
It also makes a consequential amendment to the Winding-up and Restructuring Act .
Division 34 of Part 4 amends the Criminal Code to, among other things, lower the criminal rate of interest calculated in respect of an agreement or arrangement and to express that rate as an annual percentage rate. It also authorizes the Governor in Council, by regulation, to fix a limit on the total cost of borrowing under a payday loan agreement. Finally, it provides for transitional provisions.
Division 35 of Part 4 amends the Employment Insurance Act to extend, until October 26, 2024, the increase in the maximum number of weeks for which benefits may be paid in a benefit period to certain seasonal workers.
Division 36 of Part 4 amends the Canadian Environmental Protection Act, 1999 to, among other things,
(a) establish an account in the accounts of Canada to be called the Environmental Economic Instruments Fund, for the purpose of administering amounts received as contributions to certain funding programs under the responsibility of the Minister of the Environment; and
(b) replace references to “tradeable units” with references to “compliance units”.
It also makes consequential amendments to the Canada Emission Reduction Incentives Agency Act .
Division 37 of Part 4 amends the Canada Deposit Insurance Corporation Act to clarify that the Canada Deposit Insurance Corporation may administer any contract related to deposit insurance entered into by the Minister of Finance and to allow the Minister to increase the deposit insurance coverage limit until April 30, 2024.
Division 38 of Part 4 amends the Department of Employment and Social Development Act to, among other things,
(a) establish the Employment Insurance Board of Appeal to hear appeals of decisions made under the Employment Insurance Act instead of the Employment Insurance Section of the General Division of the Social Security Tribunal; and
(b) eliminate the requirement for leave to appeal decisions relating to the Employment Insurance Act to the Appeal Division of the Tribunal.
It also makes consequential amendments to other Acts.
Division 39 of Part 4 amends the Canada Elections Act to provide for a national, uniform, exclusive and complete regime applicable to registered parties and eligible parties respecting their collection, use, disclosure, retention and disposal of personal information.

Budget Implementation Act, 2023, No. 1

[Charlie Angus, NDP, Timmins—James Bay, ON]

Madam Speaker, I have been in the House many years and I have always enjoyed the leader of Stornoway's stunts.

Are we actually saying that there is going to be historical precedence and they are upset that nobody bothers to listen to him? Is that literally a point—

[The Assistant Deputy Speaker, Carol Hughes]

That is not a point of order; it is a point of debate.

The hon. leader of the official opposition.

[Pierre Poilievre, Conservative, Carleton, ON]

Madam Speaker, it was good to hear from the hon. member for Timmins—James Bay. He does make a lot of noise, but that is because an empty wagon rattles the loudest. The people of Timmins keep telling me, as I have been there four times in a year, that they have seen more of me in the last year than they have seen of him in the last decade, and they are happy about that.

Over the last eight years, we have seen a massive, possibly unprecedented, mounting of both public and private debt. We have to understand where we were and where we are in order to understand where we are going. In the last four years, the government has doubled our national debt. That is more than half a trillion dollars of new debt. The Prime Minister has added more debt than all previous prime ministers combined.

He will be quick to point to many different excuses that have caused this run-up in our national debt. I will point out that while there was a COVID pandemic, this is not the first crisis we have ever seen in the history of the world. While there has been a war between Russia and Ukraine, this is not the first war ever fought in the history of the world.

We had the great global recession under the previous Conservative government. We had two wars: one in Afghanistan, and another in Iraq and Syria. We managed to do so while keeping the debt the lowest in the G7 and balancing the budget. Other countries faced similar challenges without adding as much debt.

For example, the Swiss, who are right in the centre of Europe, closer to the conflict in Ukraine, and more dependent on global supply chains than we are because they are a landlocked nation surrounded by the European Union, were able to balance their budget, pay down their deficit, pay down their debt and keep interest rates, inflation and unemployment lower than all of the other OECD countries. That proves that just because there is a pandemic or a war in one part of the world, it does not force a government to completely bankrupt itself.

Let us recall that the Prime Minister added $100 billion of debt before there was a single case of COVID. He has added roughly $100 billion since COVID came to an end. During the COVID pandemic, 40%, or $200 billion of the new debt that he added, had nothing to do with COVID whatsoever according to the Parliamentary Budget Officer. The idea that we can blame all of this new debt on factors out of his control is provably false.

The Prime Minister had a choice and his decision was to spend without any thought for future generations or for the financial viability of the country. In order to enable his spending, he unleashed nearly unprecedented printing of cash. This was done through something called quantitative easing where the central bank purchased government debt at exceptionally high prices, driving down yields on that debt, and ultimately pumping $400 billion of new cash into the economy in less than two years.

Many will say the Liberals had no choice. There was a pandemic after all. Let us review that excuse. The pandemic did not bring a liquidity crunch. In fact, the economic phenomenon of the pandemic was that people had more cash than ever before, but they were banned from spending it. The problem was not the lack of cash, as had been the case in the previous great global recession.

The problem was that people and businesses had bank accounts that were overflowing with cash with nowhere they were allowed to spend it. In that kind of environment, the worst possible thing one could do is to print more cash and further overflow bank accounts with that money, which, in the end, we knew would ultimately have led to inflation.

During that run-up of the size of our monetary base that kept money printing, the Minister of Finance, always looking for the trendiest new slogan that would win her applause in Davos or Brussels or at some other international symposium, said that all this cash that was filling up bank accounts was like a “pre-loaded stimulus”, something that could be unleashed to revive a dead economy. Of course the economy was only dead because governments had shut it down, not because there was a lack of cash with which to facilitate commerce. When the economy opened, all of that excess cash was unleashed, and the goods we buy and the interest we pay were automatically and predictably bid up.

We do not fault the government for having created programs to pay people's bills while governments locked them down and prevented them from paying their own. Where we did object was with the government giving out $2,000-a-month payments to prisoners, to dead people, to teenagers who did not have that kind of money before the crisis occurred, and in many cases had no jobs at all.

We objected to the government continuing to pay out these benefits well after there were more than a million vacant jobs. In other words, we were paying people not to work while there were a million vacant jobs they could have been filling. Simultaneously driving up unemployment and job vacancies, an unusual coincidence of achievement or, in reality, negative achievement in the use of this policy.

The reality is that we warned the Liberals at the time that if they did not restrain themselves this would lead to a crisis. It would start with inflation and be followed up by an interest rate increase. This was not based on some invention—

[Jasraj Singh Hallan, Conservative, Calgary Forest Lawn, AB]

Madam Speaker, I have a point of order. The members on the other side are speaking even louder than he is. I would ask that they show us—

[The Assistant Deputy Speaker, Carol Hughes]

I do want to remind members, if they want to have conversations, to please take them out to allow the speaker to be heard, so that MPs could be ready for questions and comments.

The hon. Leader of the Opposition.

[Pierre Poilievre, Conservative, Carleton, ON]

Madam Speaker, I know that the Liberals across the way would love to silence my voice. They want to silence Canadians by censoring the Internet. They want to bring their woke censorship ideology to university campuses—

[The Assistant Deputy Speaker, Carol Hughes]

Order. The hon. parliamentary secretary knows full well that he should be a role model to other members and should not be making any disturbance while someone else has the floor.

I would ask him to put his eyeglass piece away as well.

[Some hon. members]

Oh, oh!

[The Assistant Deputy Speaker, Carol Hughes]

Order, order, order. I am sure we can get through this evening. It would be beautiful if we could run through this evening smoothly. I have a feeling that is not quite going to happen, but I am going to try.

Again, I want to remind all members, if they want to have conversations, to take them out.

[Some hon. members]

Oh, oh!

[The Assistant Deputy Speaker, Carol Hughes]

Order. Even when I am speaking, I think I deserve the respect of this House.

The hon. Leader of the Opposition.

[Pierre Poilievre, Conservative, Carleton, ON]

Madam Speaker, I think we can all agree that if the member from Kingston is our role model, that is a good reason why we are in so much trouble today.

This spending that has led to the inflation was utterly predictable, but its consequences have been utterly devastating. It is obvious by looking at the lineups at food banks across the country, which, in many cases, actually go many blocks down the street and around the corner. There are the cases of the young people who now estimate that they will be in their fifties before they will be able to move out of their parents' homes. These are not anecdotes.

Just the other day, one prominent financial institution estimated that if a family was earning a quarter of a million dollars, it would take them 25 years in Toronto to save up for a down payment. It used to be that 25 years was the term it took to pay down a mortgage, now it takes that long just to get a mortgage, which illustrates the immense contortion that our economy has suffered. This is not without notice around the world. The IMF now says that Canada has the economy that is most at risk of default crisis out of all the countries in the advanced and developed world. Right now, household debt is 107% of GDP, which is to say that the combined debt of Canadian families is 7% bigger than the entire GDP of our country, and we have the worst household debt of any G7 country.

This debt was not an accident. When governments create cash, they are sloppy about it. They do not simply print the money and hand it over to the Prime Minister to spend, although I think he might prefer that kind of efficiency, rather they have a central bank purchase government bonds on what is called the “secondary market”. In other words, the government sells the bonds to the financial institutions and the central bank buys them back.

This creates an artificial private-sector demand for government debt, which makes it very easy for government to borrow money. After all, if I say to members that I will sell them a bond today for $1.00 and buy it back tomorrow for a $1.10, it is pretty easy to imagine that members would accept that transaction so that they could arbitrage the 10¢ profit on the back and forth. This allows government to spend cash very easily and it also increases the money supply. It balloons government and the financial industries. It is why, when the Federal Reserve is engaged in this practice of so-called quantitative easing, it has been wildly popular in both Washington and on Wall Street among Democrats who like big government and among Republicans who like big banks, because both of them actually profit when government creates cash to inflate financial assets and to inflate the spending capacity of itself.

Therefore, what ends up happening is that those who benefit off government expenditures profit, those who benefit off the financial sector profit—

[The Assistant Deputy Speaker, Carol Hughes]

I will interrupt for a second.

I am made aware that there is someone who is taking pictures from the lobby into the chamber. I will ask one of the clerks to go over there and ask anybody who has been taking pictures from the lobby into the chamber here to delete those pictures.

I would remind members that they are not to be taking pictures in the House whether they are in the House or in the lobby looking into the House. If they want to take pictures, they can take pictures from the TV.

I am hoping someone will take care of it.

The hon. member for Mégantic—L'Érable on a point of order.

[Luc Berthold, Conservative, Mégantic—L'Érable, QC]

Madam Speaker, we just heard a government member say that she took a picture in the House. I would ask her to delete the photo from her device, since everyone saw it happen.

[The Assistant Deputy Speaker, Carol Hughes]

If members have taken pictures, I would ask them to make sure they delete those pictures. Members know that taking pictures in the House is not permitted. If they cannot help but take pictures, I would ask them to leave their phones in the lobby.

I will also remind members not to be talking across the chamber. They can take their conversations into the lobby.