Bill C-69

Budget Implementation Act, 2024, No. 1

An Act to implement certain provisions of the budget tabled in Parliament on April 16, 2024

Part 1 implements certain measures in respect of the Income Tax Act and the Income Tax Regulations by
(a) denying income tax deductions for expenses incurred with respect to non-compliant short-term rentals;
(b) exempting from taxation the international shipping income of certain Canadian resident companies;
(c) exempting from taxation any income of the trusts established under the First Nations Child and Family Services, Jordan’s Principle, and Trout Class Settlement Agreement;
(d) doubling the volunteer firefighters and search and rescue volunteers tax credits;
(e) extending the eligibility for the Canada child benefit in respect of a child for six months after the child’s death;
(f) increasing the cap on labour expenditures per eligible newsroom employee from $55,000 to $85,000 and increasing, for four years, the Canadian journalism labour tax credit rate from 25% to 35%;
(g) extending eligibility for the mineral exploration tax credit by one year;
(h) providing a refundable tax credit to small and medium-sized businesses in designated provinces by returning a portion of fuel charge proceeds from the province;
(i) providing a refundable investment tax credit to qualifying businesses for investments in certain clean hydrogen projects;
(j) providing a refundable investment tax credit to qualifying businesses for certain investments in clean technology manufacturing property;
(k) amending the definition “government assistance” to exclude bona fide concessional loans with reasonable repayment terms from public authorities;
(l) implementing a number of amendments to the alternative minimum tax;
(m) increasing the home buyers’ plan withdrawal limit from $35,000 to $60,000 and deferring the repayment period by three additional years;
(n) excluding the failure to report under the mandatory disclosure rules from the application of the section 238 penalty;
(o) introducing a $10-million capital gains exemption on the sale of a business to an employee ownership trust; and
(p) implementing a number of technical amendments to correct inconsistencies and to better align the law with its intended policy objectives.
Part 2 enacts the Global Minimum Tax Act , a regime based on the rules of the Organisation for Economic Co-operation and Development (OECD). The global minimum tax regime will ensure that large multinational corporations are subject to a minimum effective tax rate of 15% on their profits wherever they do business. 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 amends the Excise Tax Act , the Excise Act , the Excise Act, 2001 , the Underused Housing Tax Act , the Greenhouse Gas Pollution Pricing Act and other related texts in order to implement certain measures.
Division 1 of Part 3 amends the Excise Tax Act by repealing the temporary relief for supplies of certain face masks or respirators and certain face shields from the Goods and Services Tax/Harmonized Sales Tax.
Division 2 of Part 3 amends the Excise Act , the Excise Act, 2001 and other related texts in order to implement changes to
(a) the federal excise duty framework for tobacco products by
(i) increasing the excise duty rates for tobacco products, including imposing a tax on inventories of cigarettes held by retailers and wholesalers,
(ii) changing the process by which brands of tobacco products for export are exempted from special excise duty and marking requirements,
(iii) allowing certain information to be shared for the administration or enforcement of the Tobacco and Vaping Products Act , and
(iv) requiring the filing of information returns in respect of tobacco excise stamps;
(b) the federal excise duty framework for vaping products by increasing the excise duty rates for vaping products; and
(c) the federal excise duty framework for alcohol by
(i) extending by two years the two per cent cap on the inflation adjustment on beer, spirits and wine excise duties, and
(ii) cutting by half for two years the excise duty rate on the first 15,000 hectolitres of beer brewed in Canada.
Division 3 of Part 3 amends the Underused Housing Tax Act and the Underused Housing Tax Regulations by, among other things,
(a) eliminating filing requirements for certain owners;
(b) reducing minimum penalties for failing to file a return; and
(c) introducing a new exemption for residential properties held as a place of residence or lodging for employees.
Division 4 of Part 3 amends the Greenhouse Gas Pollution Pricing Act by providing authority, in certain circumstances, for the sharing of certain information amongst federal officials and for the public disclosure of certain information by the Minister of National Revenue.
Part 4 enacts and amends several Acts in order to implement various measures.
Division 1 of Part 4 amends the Budget Implementation Act, 2022, No. 1 to delay the repeal of the Prohibition on the Purchase of Residential Property by Non-Canadians Act for two years.
Division 2 of Part 4 amends the National Housing Act to increase the in-force limits for guarantees issued by the Canada Mortgage and Housing Corporation (CMHC) in respect of mortgage-backed securities and Canada Mortgage Bonds and for mortgage default insurance provided by CMHC from the temporary $750 billion to the permanent $800 billion. It also amends the Borrowing Authority Act to avoid the double counting of liabilities related to Canada Mortgage Bonds that are guaranteed by the CMHC and have been purchased by the Minister of Finance, on behalf of the Government of Canada, in the calculation of the maximum amount of certain borrowings under that Act.
Division 3 of Part 4 authorizes the making of payments to the provinces for the fiscal year beginning on April 1, 2024 respecting a national program for providing food in schools.
Division 4 of Part 4 amends the Canada Student Loans Act and the Canada Student Financial Assistance Act to expand eligibility for student loan forgiveness to early childhood educators, dentists, dental hygienists, pharmacists, midwives, teachers, social workers, psychologists, personal support workers and physiotherapists.
Division 5 of Part 4 amends the Canada Education Savings Act to, among other things,
(a) authorize the Minister responsible for that Act to open a registered education savings plan in respect of a child born after 2023 who is eligible for the payment of the Canada Learning Bond and is not the beneficiary under such a plan, so that the Minister may pay a Canada Learning Bond in respect of the child; and
(b) increase, from 20 to 30 years, the maximum age of a beneficiary under a registered education savings plan in respect of whom a Canada Learning Bond may be paid on application.
It also makes consequential amendments to the Income Tax Act .
Division 6 of Part 4 amends the Bretton Woods and Related Agreements Act to increase the maximum financial assistance that may be provided in respect of foreign states.
Division 7 of Part 4 amends the Bretton Woods and Related Agreements Act to increase the amount of the payment that the Minister of Finance may provide to the International Monetary Fund in respect of Canada’s subscriptions. It also amends the International Development (Financial Institutions) Assistance Act and the European Bank for Reconstruction and Development Agreement Act to provide for new financial instruments that the Minister of Foreign Affairs or the Minister of Finance, as the case may be, may use to provide financial assistance to the institutions referred to in those Acts.
Division 8 of Part 4 amends the International Financial Assistance Act to, among other things, provide that foreign exchange losses in relation to programs referred to in that Act must be charged to the Consolidated Revenue Fund and provide for the making of payments to Development Finance Institute Canada (DFIC) Inc. in relation to programs referred to in that Act out of the Consolidated Revenue Fund.
Division 9 of Part 4 amends the Export Development Act to lower the limit for total liabilities and obligations referred to in subsection 24(1) of that Act from $115 billion to $100 billion.
Division 10 of Part 4 amends the Financial Administration Act to broaden the application of subsection 85(2) of that Act to other Crown corporations.
Division 11 of Part 4 amends the Financial Administration Act to require certain banks and other financial institutions to disclose prescribed information for federal payments accepted for deposit.
Division 12 of Part 4 amends the Federal-Provincial Fiscal Arrangements Act to enhance the Canada Health Transfer for qualifying provinces and territories.
Division 13 of Part 4 amends the Pension Benefits Standards Act, 1985 to require that the Superintendent of Financial Institutions publish certain information relating to pension plan investments. It also amends the Pooled Registered Pension Plans Act to require that plan administrators provide specified information by written notice to certain persons when they become members of a pooled registered pension plan.
Division 14 of Part 4 amends the Canada Pension Plan to, among other things,
(a) provide for a death benefit of $5,000 in cases where no other Canada Pension Plan benefit, with the exception of the orphan’s benefit, has been paid in respect of the deceased contributor’s contributions;
(b) create a new child’s benefit for dependent children aged 18 to 24 who are in part-time attendance at school;
(c) maintain eligibility for the disabled contributor’s child’s benefit if the disabled contributor reaches the age of 65;
(d) allow for the deeming of an application for a disabled contributor’s child’s benefit on behalf of a child to have been made at an earlier date under the Canada Pension Plan ’s incapacity provisions;
(e) preclude entitlement to a survivor’s pension if an individual has received a division of unadjusted pensionable earnings in respect of their deceased separated spouse; and
(f) clarify the determination of the payee of the disabled contributor’s child’s benefit.
It also makes a consequential amendment to the Canada Pension Plan Regulations .
Division 15 of Part 4 amends the Public Sector Pension Investment Board Act to provide for the payment of certain amounts into the Consolidated Revenue Fund by the Public Sector Pension Investment Board.
Division 16 of Part 4 enacts the Consumer-Driven Banking Act , which establishes a consumer-driven framework for individuals and small businesses to safely and securely share their data with the participating entities of their choice.
It also makes related amendments to the Financial Consumer Agency of Canada Act to establish the position of Senior Deputy Commissioner for Consumer-Driven Banking who is responsible for consumer-driven banking matters and to provide for, among other things, the supervision of participating entities.
Division 17 of Part 4 amends the Bank Act to, among other things, clarify the definitions “deposit-type instrument” and “principal-protected note”.
Division 18 of Part 4 amends the Office of the Superintendent of Financial Institutions Act to increase to $100,000,000 the maximum amount that expenditures made out of the Consolidated Revenue Fund to defray the expenses arising out of the operations of the Office may exceed the Office’s total assessments and revenues.
Division 19 of Part 4 amends the Bank of Canada Act to clarify that the Bank of Canada may enter into repurchase, reverse repurchase and buy-sellback agreements.
Division 20 of Part 4 amends the Canada Business Corporations Act to
(a) harmonize fines for a corporation guilty of an offence related to the collection or sending of information regarding individuals with significant control; and
(b) set separate fines and imprisonment terms on the basis of a summary conviction or a conviction on indictment for a director, officer or shareholder of a corporation guilty of an offence related to individuals with significant control.
Division 21 of Part 4 amends Parts I to III of the Canada Labour Code to, among other things,
(a) provide that a person who is paid remuneration by an employer is presumed to be their employee unless the contrary is proved by the employer;
(b) provide that if, in any proceeding other than a prosecution, an employer alleges that a person is not their employee, the burden of proof is on the employer; and
(c) prohibit an employer from treating an employee as if they were not their employee.
Finally, it also includes transitional provisions.
Division 22 of Part 4 amends the Canada Labour Code to, among other things, set out certain employer obligations relating to policies respecting work-related communication and clarify certain employee rights and employer obligations relating to terminations of employment. It also includes transitional provisions.
Division 23 of Part 4 amends the Employment Insurance Act to extend, until October 24, 2026, the duration of the measure that increases the maximum number of weeks for which benefits may be paid in a benefit period to certain seasonal workers.
Division 24 of Part 4 amends section 61 of An Act for the Substantive Equality of Canada’s Official Languages in order to add a reference to subsections 18(1.1) and (1.2) of the Use of French in Federally Regulated Private Businesses Act in subsection 19(1) of that Act, which An Act for the Substantive Equality of Canada’s Official Languages enacts.
Division 25 of Part 4 authorizes a corporation that is to be incorporated as a wholly owned subsidiary of the Canada Development Investment Corporation to provide loan guarantees as part of an Indigenous loan guarantee program and authorizes the payment out of the Consolidated Revenue Fund by the Minister of Finance of amounts that are required in respect of those guarantees.
Division 26 of Part 4 authorizes the payment of up to $1.3 million to entities or individuals involved in the government’s engagement in a pilot project for the creation of a Red Dress Alert.
Division 27 of Part 4 provides that the subsidiary of VIA Rail Canada Inc. incorporated with the corporate name VIA HFR - VIA TGF Inc. is, as of the date of its incorporation, an agent of His Majesty in right of Canada and may enter into contracts, agreements and other arrangements with His Majesty as though it were not such an agent.
Division 28 of Part 4 amends the Impact Assessment Act , in response to the majority opinion of the Supreme Court of Canada on the constitutionality of that Act, to, among other things,
(a) align the preamble and purpose provision with the primary objective of that Act, which is to prevent or mitigate significant adverse effects within federal jurisdiction — and significant direct or incidental adverse effects — that may be caused by the carrying out of physical activities;
(b) replace the definition “effects within federal jurisdiction” with “adverse effects within federal jurisdiction” and, in doing so,
(i) restrict the definition to non-negligible adverse changes,
(ii) limit transboundary changes to those involving the pollution of transboundary waters and the marine environment, and
(iii) include, in respect of federal works or undertakings and activities carried out on federal lands, non-negligible adverse changes to the environment or to health, social and economic conditions;
(c) ensure that the impact assessment process applies only to those physical activities that may cause adverse effects within federal jurisdiction or direct or incidental adverse effects;
(d) ensure that, in deciding if an impact assessment of a designated project is required, one factor that the Impact Assessment Agency of Canada must take into account is whether another means exists that would permit a jurisdiction to address those effects;
(e) amend the final decision-making provisions to provide for an initial determination as to whether the adverse effects within federal jurisdiction and the direct or incidental adverse effects are likely to be, to some extent, significant, and then, if so, provide for a determination as to whether those effects are justified in the public interest; and
(f) improve cooperation tools to better harmonize the impact assessment process with the processes for assessing effects that are followed by provincial and Indigenous jurisdictions.
Finally, it also includes transitional provisions.
Division 29 of Part 4 amends the Judges Act to increase the number of salaries authorized for judges of superior courts other than appeal courts. It also reduces in a corresponding manner the number of salaries authorized for judges of provincial unified family courts.
Division 30 of Part 4 amends the Tax Court of Canada Act to provide that, if a party to a proceeding under the general procedure of the Tax Court of Canada is not an individual, that party must be represented by counsel, except under special circumstances.
Division 31 of Part 4 amends the Food and Drugs Act to, among other things, authorize the Minister of Health to
(a) establish rules for the purpose of preventing, managing or controlling the risk of injury to health from the use of therapeutic products, other than the intended use, or the risk of adverse effects on human beings, animals or the environment from the use of a drug intended for an animal;
(b) exempt any food, therapeutic product, person or activity from the application of certain provisions of that Act or its regulations; and
(c) deem, on the basis of decisions of, information or documents produced by, a foreign regulatory authority, that certain requirements of that Act or its regulations are met in respect of a therapeutic product or food.
Finally, it also includes a transitional provision.
Division 32 of Part 4 amends the Tobacco and Vaping Products Act to authorize the provision of customs information to the Minister responsible for that Act for the purpose of the administration and enforcement of that Act and to authorize that Minister to disclose information to other federal ministers for certain purposes.
Division 33 of Part 4 amends the Criminal Code to broaden the criminal interest rate offence to prohibit a person from offering to enter into an agreement or arrangement to receive interest at a criminal rate and from advertising an offer to enter into an agreement or arrangement that provides for the receipt of interest at a criminal rate. It also repeals the provision that requires the consent of the Attorney General prior to commencing proceedings related to the offence.
Division 34 of Part 4 contains measures that are related to money laundering, terrorist financing and sanctions evasion and other measures.
Subdivision A of Division 34 amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to, among other things,
(a) permit information sharing between reporting entities for the purpose of detecting and deterring money laundering, terrorist financing and sanctions evasion;
(b) authorize, subject to certain conditions, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to disclose certain information to provincial and territorial civil forfeiture offices and to the Department of Citizenship and Immigration;
(c) authorize FINTRAC to publicize additional information pertaining to violations of that Act; and
(d) extend the application of that Act to cheque cashing businesses.
It also makes consequential amendments to the Personal Information Protection and Electronic Documents Act and the Cross-border Currency and Monetary Instruments Reporting Regulations .
Subdivision B of Division 34 amends the Income Tax Act and the Excise Tax Act to allow provincial or superior court judges, a judge of a superior court of criminal jurisdiction or a judge as defined in section 552 of the Criminal Code to grant on application by a Canada Revenue Agency official the authorization to use device or investigative technique, or procedure or otherwise do any thing provided in a warrant, for purposes of tax investigations.
Subdivision C of Division 34 amends the Criminal Code to provide for an order to keep an account open or active and for a production order to require the production of documents or data that are in a person’s possession or control on dates specified in an order that fall within the 60-day period after the day on which it is made.
Division 35 of Part 4 amends the Criminal Code to, among other things,
(a) create new offences in respect of motor vehicle theft, including an offence concerning the possession or the distribution of an electronic device suitable for committing theft of a motor vehicle, and in respect of criminal organizations; and
(b) add, as an aggravating factor, evidence that an offender involved a person under the age of 18 years in the commission of an offence.
It also makes consequential amendments to other Acts.
Division 36 of Part 4 amends the Radiocommunication Act to, among other things, prohibit the manufacture, import, distribution, lease, offer for sale, sale or possession of certain devices specified by the Minister of Industry. It also amends that Act to establish as an offence or a violation the contravention of that prohibition.
Division 37 of Part 4 amends the Telecommunications Act to, among other things, require telecommunications service providers to provide their subscribers with a self-service mechanism that allows them to cancel their contract for telecommunications services or modify their telecommunications service plan and to inform those subscribers before the expiry of their fixed-term contract, as well as in other specified circumstances, of other service plans that those providers offer. It also amends that Act to prohibit the charging of certain fees.
Division 38 of Part 4 amends the Corrections and Conditional Release Act to, among other things,
(a) provide that the Correctional Service of Canada is responsible for implementing any arrangement — approved by the Minister of Public Safety and Emergency Preparedness — entered into by the Commissioner of Corrections and the Canada Border Services Agency with respect to the support that the Service may provide to the Agency to assist in the exercise of certain powers or the performance of certain duties and functions;
(b) control the access of the inmates of a penitentiary to a designated immigrant station adjacent to the penitentiary and the access of the immigration detainees of a designated immigrant station to a penitentiary adjacent to the station; and
(c) provide that, in exigent circumstances, staff members of the Service may provide additional support to detention enforcement officers of the Agency to assist them in the exercise of certain powers or the performance of certain duties and functions.
It also amends the Immigration and Refugee Protection Act to define the term “immigrant station”, to provide that an area of a penitentiary may be an immigrant station only if it is designated under the Corrections and Conditional Release Act and to set out the circumstances under which a person detained under that Act may be detained in a designated immigrant station.
Finally, it provides for the repeal of those amendments on a specified date and includes a transitional provision.
Division 39 of Part 4 contains measures related to public debt and the borrowing of money.
Subdivision A of Division 39 amends the Financial Administration Act to clarify that certain regulations and directions do not apply to contracts related to the borrowing of money entered into by the Minister of Finance.
Subdivision B of Division 39 amends the Borrowing Authority Act to increase the maximum amount of certain borrowings.
Division 40 of Part 4 amends the Trust and Loan Companies Act , the Bank Act and the Insurance Companies Act to require certain financial institutions to make available information respecting diversity among directors and members of senior management.
Division 41 of Part 4 amends the Trust and Loan Companies Act , the Bank Act and the Insurance Companies Act to extend the period during which federal financial institutions governed by those Acts may carry on business.
Division 42 of Part 4 amends the Federal Courts Act to provide that the Federal Court has jurisdiction to hear applications for judicial review of decisions of the Social Security Tribunal on the extension of time to make a request for review or reconsideration under the Canada Disability Benefit Act . It also amends the Tax Court of Canada Act and the Department of Employment and Social Development Act to, among other things, provide the Tribunal with jurisdiction to hear appeals of decisions made under the Canada Disability Benefit Act and require that matters related to income raised in those appeals be referred to the Tax Court of Canada.
Division 43 of Part 4 amends the Controlled Drugs and Substances Act to repeal provisions related to the ministerial power to exempt supervised consumption sites from the application of that Act. It also amends that Act to allow for the making of regulations respecting authorizations for supervised consumption and drug checking services and includes transitional provisions.

Budget Implementation Act, 2024, No. 1

[Mona Fortier, Liberal, Ottawa—Vanier, ON]

Mr. Speaker, I listened carefully to my colleague's speech. I found it somewhat interesting to hear him talk about the dream of home ownership, of owning a house. For several years, the government has had a plan to build more housing. In budget 2024 alone, we are increasing the number—

[The Deputy Speaker, Chris d'Entremont]

I have a point of order from the hon. member for North Okanagan—Shuswap.

[Mel Arnold, Conservative, North Okanagan—Shuswap, BC]

Mr. Speaker, I would like to ask if there is a quorum in the House.

[The Deputy Speaker, Chris d'Entremont]

There is a quorum call. The bells shall not ring for more than 15 minutes.

And the bells having rung:

[The Deputy Speaker, Chris d'Entremont]

We now have quorum.

The hon. member for Ottawa—Vanier.

[Mona Fortier, Liberal, Ottawa—Vanier, ON]

Mr. Speaker, as I was saying, my hon. colleague was talking in his speech about the dream of home ownership. For several years now, the government has been working to build new homes so that both younger and older people can have the opportunity to own a home. For example, the 2024 budget includes investments in the housing accelerator fund, which will help municipalities.

Can the member tell me whether the fact that he is voting against the budget means that he does not believe that we are helping municipalities to build more housing? If he thinks he wants more housing—

[The Deputy Speaker, Chris d'Entremont]

The hon. member for Saint-Hyacinthe—Bagot on a point of order.

[Simon-Pierre Savard-Tremblay, Bloc, Saint-Hyacinthe—Bagot, QC]

Mr. Speaker, I really do not want to interrupt my colleague, who had to start her question again, but I am having trouble hearing her. I should be able to hear her. I think the quorum call interrupted things. Some people are talking about their travel plans and rum tasting.

Perhaps they should be asked to focus and promise not to break quorum, if it is going to prevent us from being able to hear the—

[The Deputy Speaker, Chris d'Entremont]

I thank the hon. member for his intervention.

Journals Branch is telling me that it is really nice outside, so members can take the conversations outside, if they need to.

The hon. member for Flamborough—Glanbrook.

[Dan Muys, Conservative, Flamborough—Glanbrook, ON]

Mr. Speaker, I am all in favour of rum tasting.

In response to the question, there is a reason why nine in 10 young people have entirely given up on the dream of home ownership. We are building fewer homes today.

[The Deputy Speaker, Chris d'Entremont]

Order. I am still hearing a lot of chatter, and the hon. member for Saint-Hyacinthe—Bagot is really trying to listen. I see the pain on his face. I am just saying, for those who want to be outside, that it is beautiful outside, so take the conversations at least out into the lobbies where it is not quite as hot as it is outside.

The hon. member for Flamborough—Glanbrook.

[Dan Muys, Conservative, Flamborough—Glanbrook, ON]

Mr. Speaker, in terms of home ownership, we see fewer homes being built today than we did in 1972. That is more than 50 years ago. In terms of the macroeconomic policy of the current government, fuelled by taxes and overspending, even Scotiabank has said that 2% of the rate hikes are attributable to government overspending by the Liberals. That is causing massive pain to those renewing their fixed and variable-rate mortgages. It is having a direct impact on the ability to access home ownership. It is also exacerbating the issue of people's ability to save for a down payment.

[Lori Idlout, NDP, Nunavut, NU]

Uqaqtittiji, unfortunately, what we do not see in Bill C-69 is an investment in the Kivalliq hydro-fibre link project, which would help Nunavut communities not to rely on diesel. Does the member agree that there needs to be more taxation on oil and gas companies so that tax collected from them can help fund projects such as the Kivalliq hydro-fibre link project?

[Dan Muys, Conservative, Flamborough—Glanbrook, ON]

Mr. Speaker, our energy sector in Canada is a large contributor of tax dollars to the federal government and to transfers to the respective provinces. In fact, the oil and gas industry in Canada is the most environmentally conscious and socially conscious, and it consults with indigenous communities more than any other energy sector in the world. I would reject the fact that we are importing oil from jurisdictions that have a horrible human rights record when we could be getting that right here from Canadian sources.

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

Mr. Speaker, it is great to rise this evening and represent the most generous and entrepreneurial residents in the country, the residents of Vaughan—Woodbridge. It is a privilege to represent them. I understand there are other residents in the 338 ridings, but mine are the most special, in my humble view.

Bill C-69, the budget implementation act, is another major piece of legislation that would move Canada forward, move our economy forward, and provide foundational pillars for a strong economy and a strong future for my children and all the children who are blessed to call Canada home.

One thing I want to really be adamant about tonight is Canada's economic fundamentals. If we look at the foundation that we are building as a government, that we have built, one piece is the dental care plan. In my riding of Vaughan—Woodbridge, all over the riding, there are billboards up of dentists accepting patients under the Canadian dental care plan. We can think of the over two million seniors who have been approved by the plan. Over 200,000 seniors have seen oral health care providers from coast to coast to coast. Now, kids who are under 18 can also go.

This is transformational, and it is moving the country forward. This is helping Canadian families, not only for today, while we are elected to be in the House, but also for the future and for decades to come. It is part of our health care system. We did it, and we should be proud of that.

On the early learning and national day care plan, I am blessed to have a two-and-a-half-year-old who is in day care. We know of the reductions that have taken place in Ontario. By September 2025, we will get day care down to an average of $10-per-day, working with the province of Ontario. We need to expand the child care spaces to meet the demand, and that is happening. Yes, there are always kinks in the road. Life is not a straight line, and every representative knows this. However, it is about working hard and making sure that we are doing the right thing for our constituents, and the constituents in Vaughan—Woodbridge know that. We will continue to move forward.

On the housing accelerator fund, there has been a $59-million investment into the city of Vaughan, and we are using those funds to incentivize home building.

The Canada child benefit is a transformational plan. When the Conservatives were in power, they were sending $100 cheques to millionaires. We stopped that. We now have monthly, tax-free cheques going out to families across the country. It is nearly a $30-billion program.

Now, we know that Conservatives equal austerity, and they are going to need to come clean on their plan to cut vital programs for Canadians and hard-working Canadian families, much like the ones in my riding of Vaughan—Woodbridge.

On the capital gains front, I have heard some chirping on the other side about the inclusion rate. Capital gains were taxed at 25% versus dividends in the mid-30% and versus interest. When we look at forms of capital income, it can lead to tax avoidance strategies put in place by accountants across this country, but I love accountants. I was halfway through doing my CPA. I have my CFA, and I have my master's degree in economics. I also worked on Wall Street and Bay Street, and I understand the tax system very well.

However, this is a fairness question that we need to fundamentally debate in the House. We move to integration, and the IMF said it in its review that this measure would make the tax system fairer. It makes it neutral, and we do not undertake strategies such as surplus stripping. I recommend members of the House to type in “surplus stripping”. They will see that it is a tax avoidance strategy.

We need to build a country that incentivizes entrepreneurs and incentivizes investment, such as in the auto sector, and we know that the opposition would have abandoned the auto sector. They would have abandoned St. Thomas, Windsor, Oakville, Brampton, Alliston and Oshawa. The investments in Quebec and British Columbia would not have happened. However, we stood up, and we collaborated with our provincial partners, the Ontario Progressive Conservative government, and that is what it is about. It is working with industry and labour, and getting those strategic investments.

I have heard much about energy and the forms of energy. We know that we will not, in the world, reach net zero by 2050 without nuclear energy, and Ontario is a leader. I am proud of our government, which believes in nuclear energy and is investing in nuclear energy. I have been up to Bruce Power in Kincardine, and I have been over to OPG on the east side of Toronto, near the area of my colleague's riding, the hon. member for Whitby, who is seated close to me. We are investing in small modular reactors. We have put in an ITC to assist the nuclear sector. The Conservatives would cancel that.

The Conservatives do not believe in incentivizing investment. They believe in small government. They want to shrink the size of government. They would starve the government.

Some of my Conservative friends say that the FTE count has increased on the federal bureaucracy. Yes, it has, but do colleagues know why? It is because the Conservatives cut the living daylights out of the public service when they were in power. That is what they did. They made cuts. How do colleagues think Phoenix happened? The former Conservative government cut border services. It made cuts to the RCMP. It made cuts to everything to try to achieve a magic balanced budget, and used some accounting gimmicks from the sale of the shares of GM. Conservatives claim that was due to the small government. They should come clean and put out a plan.

It is 40°C outside. The world is experiencing climate change. It is real. They have no plan. We need an environmental plan. We need an economic plan. They have neither. They have slogans which mean absolutely nothing. It is unfortunate because I know that, on the other side, there are some hon. members with a lot of substance. It is unfortunate that they are not allowed to put forth ideas that have substance.

On Bill C-69, I look at our economic growth rate, which has forecasts for the IMF, built on the budget implementation act, built on the past. In 2025, Canada is forecasted to lead the G7 in growth. I think it is around 2.5%. Yes, we have had a population increase that has impacted our per capita rate. That will adjust itself in time. We know that. As an economist, I know that.

Let us be serious. We need to build a country where all Canadians are given the chance to succeed, not just the lucky few. I hear the chatter about capital gains. I hear the chatter against dental care. I hear the conversation against child care, which has increased labour participation rates, and I hear the chatter against nuclear energy and renewable energy, which half that caucus probably does not believe in. We know the cost curve has come down, that it is the cheapest form of energy there is and how many hundreds of billions of dollars is going into that. That is where the smart money is going. The member from Calgary on the opposite side knows that. We understand that.

Look at our AAA credit rating, which we have sustained since the former Liberal government, under Martin and Chrétien, fixed it. Look at our growth rate. Look at our net debt-to-GDP ratio and our deficit-to-GDP ratio, which is at 1%, versus the United States, which is between 5% and 7%, depending on how one measures it, and the European countries, which is three or four times that. Countries around the world look at us with envy and say, wow, look at their fiscal framework. Look at their banking system. Look at the FDI they are receiving for indirect investment. That is how to build a country. That is how to move forward.

On climate change, I am going to say that, again, we need to believe in climate change. The science is there. The next thing we will be having is a debate about vaccines again. Thinking about some of the commentary I have heard over the last couple of years, maybe members on the other side will say we should not vaccinate against measles, polio or something else.

When I look at my own riding, the EDA president was just shamed on Instagram for putting up fake news about our Minister of the Environment. That is what the Conservative Party of Canada is about. It is about fake news and misinformation, not real solutions for people at home and middle-class Canadians who work hard, get up and do the right thing every single day. That is unfortunate because Canadians deserve better. As an economist, as a father, as someone who worked for 25 years in the private sector before coming to this place, I will debate any one of those colleagues on economics, finance and business at any time. We are building a country where all Canadians get a fair shot of success, and that is what we need to continue to do.

I would be more than happy to have questions and comments. It is a beautiful day outside, but it is very hot. Climate change is real.