Bill C-59

Fall Economic Statement Implementation Act, 2023

An Act to implement certain provisions of the fall economic statement tabled in Parliament on November 21, 2023 and 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) limiting the deductibility of net interest and financing expenses by certain corporations and trusts, consistent with certain Organisation for Economic Co-operation and Development and the Group of Twenty Base Erosion and Profit Shifting project recommendations;
(b) implementing hybrid mismatch rules consistent with the Organisation for Economic Co-operation and Development and the Group of Twenty Base Erosion and Profit Shifting project recommendations regarding cross-border tax avoidance structures that exploit differences in the income tax laws of two or more countries to produce “deduction/non-inclusion mismatches”;
(c) allowing expenditures incurred in the exploration and development of all lithium to qualify as Canadian exploration expenses and Canadian development expenses;
(d) ensuring that only genuine intergenerational business transfers are excluded from the anti-surplus stripping rule in section 84.1 of the Income Tax Act ;
(e) denying the dividend received deduction for dividends received by Canadian financial institutions on certain shares that are held as mark-to-market property;
(f) increasing the rate of the rural supplement for Climate Action Incentive payments (CAIP) from 10% to 20% for the 2023 and subsequent taxation years as well as referencing the 2016 census data for the purposes of the CAIP rural supplement eligibility for the 2023 and 2024 taxation years;
(g) providing a refundable investment tax credit to qualifying businesses for eligible carbon capture, utilization and storage equipment;
(h) providing a refundable investment tax credit to qualifying businesses for eligible clean technology equipment;
(i) introducing, under certain circumstances, labour requirements in relation to the new refundable investment tax credits for eligible carbon capture, utilization and storage equipment as well as eligible clean technology equipment;
(j) removing the requirement that credit unions derive no more than 10% of their revenue from sources other than certain specified sources;
(k) permitting a qualifying family member to acquire rights as successor of a holder of a Registered Disability Savings Plan following the death of that plan’s last remaining holder who was also a qualifying family member;
(l) implementing consequential changes of a technical nature to facilitate the operation of the existing rules for First Home Savings Accounts;
(m) introducing a tax of 2% on the net value of equity repurchases by certain Canadian corporations, trusts and partnerships whose equity is listed on a designated stock exchange;
(n) exempting certain fees from the refundable tax applicable to contributions under retirement compensation arrangements;
(o) introducing a technical amendment to the provision that authorizes the sharing of taxpayer information for the purposes of the Canadian Dental Care Plan;
(p) implementing a number of amendments to the general anti-avoidance rule (GAAR) as well as introducing a new penalty applicable to transactions subject to the GAAR and extending the normal reassessment period for the GAAR by three years in certain circumstances;
(q) facilitating the creation of employee ownership trusts;
(r) introducing specific anti-avoidance rules in relation to corporations referred to as substantive CCPCs; and
(s) extending the phase-out by three years, and expanding the eligible activities, in relation to the reduced tax rates for certain zero-emission technology manufacturers.
It also makes related and consequential amendments to the Excise Tax Act and the Excise Act, 2001 .
Part 2 enacts the Digital Services Tax Act and its regulations. That Act provides for the implementation of an annual tax of 3% on certain types of digital services revenue earned by businesses that meet certain revenue thresholds. It sets out rules for the purposes of establishing liability for the tax and also sets out applicable reporting and filing requirements. To promote compliance with its provisions, that Act includes modern administration and enforcement provisions generally aligned with those found in other taxation statutes. Finally, this Part also makes related and consequential amendments to other texts to ensure proper implementation of the tax and cohesive and efficient administration by the Canada Revenue Agency.
Part 3 implements certain Goods and Services Tax/Harmonized Sales Tax (GST/HST) measures by
(a) ensuring that an interest in a corporation that does not have its capital divided into shares is treated as a financial instrument for GST/HST purposes;
(b) ensuring that interest and dividend income from a closely related partnership is not included in the determination of whether a person is a de minimis financial institution for GST/HST purposes;
(c) ensuring that an election related to supplies made within a closely related group of persons that includes a financial institution may not be revoked on a retroactive basis without the permission of the Minister of National Revenue;
(d) making technical amendments to an election that allows electing members of a closely related group to treat certain supplies made between them as having been made for nil consideration;
(e) ensuring that certain supplies between the members of a closely related group are not inadvertently taxed under the imported taxable supply rules that apply to financial institutions;
(f) raising the income threshold for the requirement to file an information return by certain financial institutions;
(g) allowing up to seven years to assess the net tax adjustments owing by certain financial institutions in respect of the imported taxable supply rules;
(h) expanding the GST/HST exemption for services rendered to individuals by certain health care practitioners to include professional services rendered by psychotherapists and counselling therapists;
(i) providing relief in relation to the GST/HST treatment of payment card clearing services;
(j) allowing the joint venture election to be made in respect of the operation of a pipeline, rail terminal or truck terminal that is used for the transportation of oil, natural gas or related products;
(k) raising the input tax credit (ITC) documentation thresholds from $30 to $100 and from $150 to $500 and allowing billing agents to be treated as intermediaries for the purposes of the ITC information rules; and
(l) extending the 100% GST rebate in respect of new purpose-built rental housing to certain cooperative housing corporations.
It also implements an excise tax measure by creating a joint election mechanism to specify who is eligible to claim a rebate of excise tax for goods purchased by provinces for their own use.
Part 4 implements certain excise measures by
(a) allowing vaping product licensees to import packaged vaping products for stamping by the licensee and entry into the Canadian duty-paid market as of January 1, 2024;
(b) permitting all cannabis licensees to elect to remit excise duties on a quarterly rather than a monthly basis, starting from the quarter that began on April 1, 2023;
(c) amending the marking requirements for vaping products to ensure that the volume of the vaping substance is marked on the package;
(d) requiring that a person importing vaping products must be at least 18 years old; and
(e) introducing administrative penalties for certain infractions related to the vaping taxation framework.
Part 5 enacts and amends several Acts in order to implement various measures.
Subdivision A of Division 1 of Part 5 amends Subdivision A of Division 16 of Part 6 of the Budget Implementation Act, 2018, No. 1 to clarify the scope of certain non-financial activities in which federal ‚financial institutions may engage and to remove certain discrepancies between the English and French versions of that Act.
Subdivision B of Division 1 of Part 5 amends the Trust and Loan Companies Act , the Bank Act and the Insurance Companies Act to, among other things, permit federal financial institutions governed by those Acts to hold certain meetings by virtual means without having to obtain a court order and to permit voting during those meetings by virtual means.
Division 2 of Part 5 amends the Canada Labour Code to, among other things, provide a leave of absence of three days in the event of a pregnancy loss and modify certain provisions related to bereavement leave.
Division 3 of Part 5 enacts the Canada Water Agency Act . That Act establishes the Canada Water Agency, whose role is to assist the Minister of the Environment in exercising or performing that Minister’s powers, duties and functions in relation to fresh water. The Division also makes consequential amendments to other Acts.
Division 4 of Part 5 amends the Tobacco and Vaping Products Act to, among other things,
(a) authorize the making of regulations respecting fees or charges to be paid by tobacco and vaping product manufacturers for the purpose of recovering the costs incurred by His Majesty in right of Canada in relation to the carrying out of the purpose of that Act;
(b) provide for related administration and enforcement measures; and
(c) require information relating to the fees or charges to be made available to the public.
Division 5 of Part 5 amends the Canadian Payments Act to, among other things, provide that additional persons are entitled to be members of the Canadian Payments Association and clarify the composition of that Association’s Stakeholder Advisory Council.
Division 6 of Part 5 amends the Competition Act to, among other things,
(a) modernize the merger review regime, including by modifying certain notification rules, clarifying that Act’s application to labour markets, allowing the Competition Tribunal to consider the effect of changes in market share and the likelihood of coordination between competitors following a merger, extending the limitation period for mergers that were not the subject of a notification to the Commissioner of Competition and placing a temporary restraint on the completion of certain mergers until the Tribunal has disposed of any application for an interim order;
(b) improve the effectiveness of the provisions that address anti-competitive conduct, including by allowing the Commissioner to review the effects of past agreements and arrangements, ensuring that an order related to a refusal to deal may address a refusal to supply a means of diagnosis or repair and ensuring that representations of a product’s benefits for protecting or restoring the environment must be supported by adequate and proper tests and that representations of a business or business activity for protecting or restoring the environment must be supported by adequate and proper substantiation;
(c) strengthen the enforcement framework, including by creating new remedial orders, such as administrative monetary penalties, with respect to those collaborations that harm competition, by creating a civilly enforceable procedure to address non-compliance with certain provisions of that Act and by broadening the classes of persons who may bring private cases before the Tribunal and providing for the availability of monetary payments as a remedy in those cases; and
(d) provide for new procedures, such as the certification of agreements or arrangements related to protecting the environment and a remedial process for reprisal actions.
The Division also amends the Competition Tribunal Act to prevent the Competition Tribunal from awarding costs against His Majesty in right of Canada, except in specified circumstances.
Finally, the Division makes a consequential amendment to one other Act.
Division 7 of Part 5 amends the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act to exclude from their application prescribed public post-secondary educational institutions.
Subdivision A of Division 8 of Part 5 amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to, among other things,
(a) provide that, if a person or entity referred to in section 5 of that Act has reasonable grounds to suspect possible sanctions evasion, the relevant information is reported to the Financial Transactions and Reports Analysis Centre of Canada;
(b) add reporting requirements for persons and entities providing certain services in respect of private automatic banking machines;
(c) require declarations respecting money laundering, the financing of terrorist activities and sanctions evasion to be made in relation to the importation and exportation of goods; and
(d) authorize the Financial Transactions and Reports Analysis Centre of Canada to disclose designated information to the Department of the Environment and the Department of Fisheries and Oceans, subject to certain conditions.
It also amends the Budget Implementation Act, 2023, No. 1 in relation to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and makes consequential amendments to other Acts and a regulation.
Subdivision B of Division 8 of Part 5 amends the Criminal Code to, among other things,
(a) in certain circumstances, provide that a court may infer the knowledge or belief or recklessness required in relation to the offence of laundering proceeds of crime and specify that it is not necessary for the prosecutor to prove that the accused knew, believed they knew or was reckless as to the specific nature of the designated offence;
(b) remove, in the context of the special warrants and restraint order in relation to proceeds of crime, the requirement for the Attorney General to give an undertaking, as well as permit a judge to attach conditions to a special warrant for search and seizure of property that is proceeds of crime; and
(c) modify certain provisions relating to the production order for financial data to include elements specific to accounts associated with digital assets.
It also makes consequential amendments to the Seized Property Management Act and the Forfeited Property Sharing Regulations .
Division 9 of Part 5 retroactively amends section 42 of the Federal-Provincial Fiscal Arrangements Act to specify the payments about which information must be published on a Government of Canada website, as well as the information that must be published.
Division 10 of Part 5 amends the Public Sector Pension Investment Board Act to increase the number of directors in the Public Sector Pension Investment Board, as well as to provide for consultation with the portion of the National Joint Council of the Public Service of Canada that represents employees when certain candidates are included on the list for proposed appointment as directors.
Division 11 of Part 5 enacts the Department of Housing, Infrastructure and Communities Act , which establishes the Department of Housing, Infrastructure and Communities, confers on the Minister of Infrastructure and Communities various responsibilities relating to public infrastructure and confers on the Minister of Housing various responsibilities relating to housing and the reduction and prevention of homelessness. The Division also makes consequential amendments to other Acts and repeals the Canada Strategic Infrastructure Fund Act .
Division 12 of Part 5 amends the Employment Insurance Act to, among other things, create a benefit of 15 weeks for claimants who are carrying out responsibilities related to
(a) the placement with the claimant of one or more children for the purpose of adoption; or
(b) the arrival of one or more new-born children of the claimant into the claimant’s care, in the case where the person who will be giving or gave birth to the child or children is not, or is not intended to be, a parent of the child or children.
The Division also amends the Canada Labour Code to create a leave of absence of up to 16 weeks for an employee to carry out such responsibilities.

Fall Economic Statement Implementation Act, 2023

[An hon. member]

What, are you the Speaker now?

[Iqra Khalid, Liberal, Mississauga—Erin Mills, ON]

A little bit. Thank you. I appreciate that.

I was talking about Fardeen, who is an engineering student studying mechatronics—

[An hon. member]

Oh, oh!

[The Acting Speaker, Karen Vecchio]

I am really enjoying this time. I feel like I am at home with my children. This is lovely. However, if we could just come back and listen to the hon. member speak for her last few minutes, that would be wonderful.

[Iqra Khalid, Liberal, Mississauga—Erin Mills, ON]

Madam Speaker, I really appreciate you in that chair.

As I was saying, Fardeen, who is studying mechatronics engineering in that STEM field has great ideas about innovation and how he is going to build Canada's economy to do better for our next generation. The reality is that the framework and how the Canadian economy is working today is changing. Young people are not following those traditional paths in how we normally had jobs. The gig economy is real. How young Canadians are working is very different from how my parents worked. We have to take into account all of that as we are building a better and stronger economy for Canadians in the future. When we talk about Canadians being the backbone of our country and our economy, we have to really make sure that we are establishing that foundation, strengthening that foundation. By strengthening Canadians, we strengthen the whole country.

I can tell members that I have read hundreds and hundreds of personal emails from my own constituents who have told me how $10-a-day child care has impacted their lives so significantly. It has allowed people to join the economy. I can tell members about how our youth employment strategy has impacted young people in my constituency who have taken advantage of it, who have been able to transition from school into the workforce. I can tell members how the Canada summer jobs program has created, in my riding, over 400 jobs every single year, not only to support young people, but also to ensure that small businesses, not-for-profit organizations, are doing well, that they are able to thrive over the summer, while also building that relationship with our next generation of workers within our communities. I can tell members about the countless efforts that seniors in my community have made to connect with us to ensure that the old age security and the guaranteed income supplement that they receive are comparable to their living costs.

Having heard all of that feedback, I can tell members that the fall economic statement is a step in that right direction, to make sure that we are strengthening the foundation of Canada, strengthening the people of Canada. When we strengthen our people, we strengthen who we are, not just as a country on the international stage, where we have one of the best economies in the G7, where we have one of the lowest inflation rates in the G7, but also internally to ensure that we are creating new jobs.

We have created two million new jobs over these past eight years. That is nothing to sneeze at. The plan is working. That plan is to strengthen who we are as Canadians. When seniors in my riding told me that we need to strengthen our dental plan, that we need to make sure that we have access to dental care, that was a consultation I was more than happy to advocate for. When Afia, from a not-for-profit on my women's council, came to me and said that they needed a youth nutrition program in our schools to make sure that kids do not go hungry, to give them the best that they can have, I was more than happy to advocate for that, and successfully.

We have a job to do as a government. We are not in the business of making money. We are not in the business of austerity. We see that Canadians are struggling. Canadians are the strongest part of our economy, individually, our middle class, our youth, women, seniors, our amazing workers, tech support, nurses and health care workers. When we strengthen them, we strengthen our country. That is what the fall economic statement has been about. That is what our budget 2024 is about. That is what we have been doing over these past eight years to strengthen Canada and be a competitor on the world stage. Do members know what that has done? It has made sure that Canada is competitive. We have the most trade agreements across the world with G7 nations.

This is historically the best time for people in my riding to be able to invest, not just here in Canada, but across the world. We have seen so much investment come directly into Canada, and it is because we invest in Canadians. It is because we are investing into what the future of our country is going to look like. We are not about slogans. We are not about cuts. We are not about austerity. I am proud to stand up and support the fall economic statement and proud of the work that this government has done over these past eight years.

[Julie Dabrusin, Liberal, Parliamentary Secretary to the Minister of Environment and Climate Change and to the Minister of Energy and Natural Resources]

Mr. Speaker, it was very interesting for me to hear the member talk about her youth councils and the women's councils and all the people who are bringing their advice forward. I am wondering what they are telling her about the importance of programs like the national child care program and the national school food program, and what they are sharing with her as their thoughts about what would happen to their families if these programs were cut.

[Iqra Khalid, Liberal, Mississauga—Erin Mills, ON]

Mr. Speaker, that is just it. We have to listen to what people want. When we talk to youth, their main concerns are affordability, housing and climate change. Our policies in the fall economic statement reflect that.

I have had hundreds of conversations over this year with my constituents to talk about exactly how we can strengthen our communities. That listening exercise, and then transferring it into policy, very much like the national school food program, is so important because it helps us build stronger communities and ultimately build a stronger Canada.

[Blaine Calkins, Conservative, Red Deer—Lacombe, AB]

Mr. Speaker, today is the eighth birthday of my niece Ola, so I would like to wish her a happy birthday. Ola is going to inherit more debt than any other generation, as this young Canadian. I was wondering if my colleague across the way could tell Ola in what year the Liberal Party plans to balance the budget.

[Iqra Khalid, Liberal, Mississauga—Erin Mills, ON]

Mr. Speaker, I thank the Reform Party member for asking that question. As I said in my speech, and I am hoping that the member would have listened, it is about making investments into our future. It is not about cuts. It is not about austerity. It is not about axing and taxing or whatever those fancy slogans are that are coming out from that party. It is about believing in the ability, the talent, and the perseverance of our young people to ensure that they have what is needed for them to be successful today, for years to come and for generations to come.

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

Mr. Speaker, I always find it rather amusing when the Conservatives ask questions about balancing the budget. When Harper was prime minister, they ran deficits eight out of nine years. In the ninth year, they balanced the budget, but only because they urgently sold federal shares in General Motors.

However, I would remind my colleague, who was talking about young people and the future, that we are in the midst of a major housing crisis. A national strategy was created, but seven years on, it does not seem to have worked very well, despite the $40 billion spent. About $40 billion is left in this national housing strategy fund.

Does she not agree with us that we should invest in non-profit housing first, in social housing that is truly affordable for our young people?

[Iqra Khalid, Liberal, Mississauga—Erin Mills, ON]

Mr. Speaker, I appreciate the member's raising this important issue, that we do need to build more homes. We are making those investments. In fact, we are on track to ensure that Canadians have the homes that they need in order to live in an affordable community. At the same time, we also need to make sure that Canadians, especially young people, have the living wage and the support systems to ensure that they can live in a safe and supportive community. We have made significant investments through our housing strategy. We are going to continue to build housing for our young people, and, at the same time, we are going to tackle issues of affordability for all Canadians and especially our young people.

[Corey Tochor, Conservative, Saskatoon—University, SK]

Mr. Speaker, I just want to let the member clarify a comment that she made. She actually said this is the best historical time ever in Canada, but by every indication, this is one of the toughest, hardest times ever. I think the member just misspoke. Can the member clarify if she actually thinks this is the best historical time ever for Canada, in 2024?

[Iqra Khalid, Liberal, Mississauga—Erin Mills, ON]

Mr. Speaker, this is a time for Canada to grow. We have established amazing international trade agreements. Whether it is with the Pacific nations, the CPTPP, CETA or the renegotiated NAFTA, we have laid the foundation. We have seen the biggest growth of direct investment into Canada, whether by Honda or by so many other organizations that are coming in, such as Volkswagen or Stellantis. Ultimately, there are businesses in my riding that have seen growth themselves, which they tell me anecdotally, and I can see the growth because we are making the investments in the right place.

I am not sure why the member and his party are so against investing in Canadians. Canadians matter.

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

Mr. Speaker, it is always a pleasure and an honour to rise in the House. I want to give a shout-out to my family, including my daughters, back home in the city of Vaughan. My daughters should all be sleeping because they have school in the morning. I wish them a wonderful day tomorrow.

Before I get into my formal remarks, I will give an example that personifies how we are doing the right thing to grow our economy in this beautiful country and also invest confidently in Canadians and Canadian families, and that is the recent announcement by Honda to invest $15 billion into the Canadian auto sector and the development of electric vehicles, along with the manufacturing plants.

Last week, I was able to join the Premier of Ontario, the Prime Minister, ministers across the board and many of my hon. colleagues of the House for an announcement of $1.6 billion from a Japanese company, Asahi Kasei, to develop separators for electric vehicles. This will create thousands of jobs in the Port Colborne area of Ontario and provide bright futures for families there, something that we believe in. Confident governments and countries invest in their citizens.

A few days later, I was able to visit Vellore Corners Dentistry, Dr. Elena Panovski and her staff, to talk about the Canada dental care plan. This dentist sent out a flyer in my neighbourhood and many neighbourhoods in the city of Vaughan, telling patients that if they are eligible for the Canada dental care plan, they should go to her clinic. The dentist had also put up a billboard along a major regional road in the city. I visited the clinic and met Peter, an 80-year-old senior citizen in my riding, someone who came to this country and worked hard. He had his Sun Life Canadian dental care plan card with him and was at the dentist thanks to the program that we have implemented. That is awesome. That is progress.

We were sent here to do what is right for our citizens. In fact, as of today, over 90,000 seniors have gone to dental care providers across this country. If we do not all clap about that, I do not know what we are going to clap about. Members on the other side are not clapping. Over two million eligible seniors have signed up, have been approved and will receive their cards. Why is that important? It is important because the day I arrived here in 2015, one of the programs that I knew would make a difference in the lives of literally millions of Canadians was a dental care program, and that is what we have done.

We have done so much: the Canada child benefit, raising personal income tax rates on the wealthiest, cutting taxes for the middle class, raising the basic personal expenditure amount, signing free trade deals with countries around the world and being at the table, and we will continue to do so.

This bill will implement important and fiscally responsible measures from the 2023 fall economic statement that support our government's efforts to build more homes faster, make life more affordable and create more good jobs. Our government is working to create a better future for all generations, and Bill C‑59 is essential to making that goal a reality.

With Canada's housing plan and the 2024 budget, we are taking numerous steps to help increase the supply of housing with the goal of reducing the high costs Canadians face. Bill C‑59 promises to support those efforts by helping increase the supply of rental housing in Canada. About one-third of all Canadians rent their homes, but the number of available rental units has failed to keep pace with demand.

Bill C-56, the affordable housing and groceries act, which received royal assent on December 15, 2023, and the federal component of the HST on the cost of newly purpose-built rental housing introduced a 100% rebate on the GST. Bill C-59 would extend the eligibility for the GST rental rebate to co-operative housing corporations that provide long-term rental accommodation. Our objective, as a government, is to incentivize the construction of even more rental units, and that is what is happening in the Canadian housing market.

We know that our growing, vibrant communities also require critical infrastructure, like public transit, modern water systems and community centres, which is all infrastructure that Canadians depend on daily in their lives. That is why Bill C-59 would establish the Department of Housing, Infrastructure and Communities in the federal lead for improving housing outcomes and enhancing the public infrastructure.

The cost of living is weighing heavily on household budgets. Bill C‑59 would make life more affordable by strengthening competition to help stabilize prices in Canada. We have heard public concerns about increasing corporate concentration and the power of private sector giants.

Complementing the changes introduced in Bill C-56, which I mentioned a few moments ago, Bill C-59's suite of amendments to the Competition Act and the Competition Tribunal Act would provide Canadians with more modern and effective competition laws.

As everyone knows in this House, I love capitalism and wealth creation, which lead to higher standards of living, but what I do not like is corporate concentration and measures that are introduced that are anti-competitive by organizations and companies, and that is why we need guardrails. That is why it is smart for us to introduce amendments to the Competition Act and the Competition Tribunal Act, which the opposite party had ignored for the years that it was in power, and it can remain in opposition for many more years.

Together, these amendments would represent generational changes to Canada's competition regime. More competition means lower prices, more innovative products and services and more choices for Canadians in where they take their business. The amendments are designed to empower the Competition Bureau to better serve the public in its role as watchdog and advocate dynamic markets.

Bill C-59 would further modernize merger reviews and position the Competition Bureau to better detect and address killer acquisitions and other anti-competitive mergers. The legislation would also support Canadians' right to repair by preventing manufacturers from refusing to provide the means of repair of devices and products in an anti-competitive manner.

Our plan is also focused on Canadians' well-being. Therapy and counselling play a critical role in the lives and mental health of millions of people in Canada, but they can also be costly. To ensure that Canadians can get the help they need, our government is taking the necessary steps to make these essential services more accessible and affordable. Bill C‑59 would eliminate the GST and HST from psychotherapy and counselling therapy.

Our government is also taking care of young families. EI parental or maternity benefits provide essential support to new parents. The legislation would bring in a 15-week shareable EI benefit and amend the Canada Labour Code so that adoptive parents who work in federally regulated sectors have the job protection they need while receiving the new benefit. The legislation would go even further by creating new paid leave for federally regulated employees with a view to supporting families in the event of a miscarriage.

Turning now to Canada's fiscal position, we do know that Canada's deficit-to-GDP ratio is number one in the G7 and G20: we have the lowest deficit-to-GDP ratio in the G7. Our net debt-to-GDP ratio is also in the mid-30s range, which is top-notch. We are one of the few countries in the world with an AAA credit rating. These ratings were affirmed and confirmed after the budget was delivered by the rating agencies, one of which I spent several years working for, and covered many sectors that we talked about in this wonderful House, which continue to employ hundreds of thousands of Canadians and continue to grow our economy.

It has been an honour to rise in this House and, again, I wish all the residents of Vaughan—Woodbridge a wonderful Thursday morning and wonderful and safe travels to work.

[Ed Fast, Conservative, Abbotsford, BC]

Mr. Speaker, in the hon. member's speech, he said that he loves capitalism. I believe those were his exact words. He loves capitalism, yet he knows that the Liberal Party has veered sharply to the left, so far to the left now that I think it can be accurately said that the Liberal Party is a party of socialists.

He knows, and he knows very well, that socialism and capitalism cannot coexist. When one looks at the Liberal government's record of allowing large companies to merge, of huge subsidies of billions, or tens of billions, of dollars, this guy asks us to believe that he is a capitalist.

If he is such a capitalist, why is he in a party like the Liberal Party, which has now gone socialist big time?