Bill C-15

Budget 2025 Implementation Act, No. 1

An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025

Part 1 implements certain measures in respect of the Income Tax Act and the Income Tax Regulations by
(a) expanding the rollover for small business corporation shares;
(b) expanding the list of expenses recognized under the Disability Supports Deduction;
(c) exempting the Canada Disability Benefit from income;
(d) aligning the taxation of investment income and active business income earned and distributed by controlled foreign affiliates with the rules that currently apply to Canadian-controlled private corporations;
(e) extending the deadline for making certain charitable donations eligible for tax support in the 2024 tax year;
(f) increasing the limit under the Lifetime Capital Gains Exemption so that it applies on up to $1.25 million of eligible capital gains, applicable to dispositions that occur on or after June 25, 2024, with indexation of the limit to resume in 2026;
(g) exempting the first $10 million in capital gains on the sale of a business to a worker cooperative and amending the corresponding exemption for sales to an employee ownership trust;
(h) removing the tax-indifferent investor exception to the synthetic equity arrangement anti-avoidance rule;
(i) improving the efficiency of the Home Accessibility Tax Credit;
(j) implementing the Personal Support Workers Tax Credit;
(k) enhancing the SR&ED program by increasing the annual expenditure limit and taxable capital phase-out thresholds for the enhanced 35% SR&ED credit, extending the enhanced credit to eligible Canadian public corporations and restoring the eligibility of SR&ED capital expenditures;
(l) extending the Mineral Exploration Tax Credit for individuals who invest in eligible mining flow-through shares for two years to March 31, 2027 at the current rate of 15%;
(m) expanding the eligibility of the Critical Mineral Exploration Tax Credit to bismuth, cesium, chromium, fluorspar, germanium, indium, manganese, molybdenum, niobium, phosphate, tantalum, tin and tungsten;
(n) amending the Canada Carbon Rebate for Small Businesses;
(o) extending the full credit rates for the Carbon Capture, Utilization and Storage investment tax credit to 2035;
(p) expanding the eligibility for the clean technology investment tax credit to support the generation of electricity and heat from waste biomass;
(q) expanding the eligibility for the clean technology manufacturing investment tax credit to investments in eligible polymetallic projects and to additional qualifying materials;
(r) providing a refundable investment tax credit to qualifying corporations and trusts for investments in certain clean electricity property;
(s) amending the alternative minimum tax to exempt certain trusts for the benefit of Indigenous groups;
(t) precluding a corporation from qualifying as a mutual fund corporation where it is controlled by or for the benefit of a corporate group;
(u) extending the period during which agricultural cooperatives can distribute tax-deferred patronage dividends paid in shares to their members until the end of 2030;
(v) narrowing the rules related to reporting by trusts;
(w) providing the Minister of National Revenue with the authority to waive the withholding requirement for payments to certain non-resident service providers;
(x) allowing the sharing of information for the purposes of administering and enforcing the Canada Labour Code as it relates to the misclassification of employees;
(y) reforming Canada’s transfer pricing rules;
(z) reinstating the accelerated investment incentive and immediate expensing for certain qualifying assets;
(z.1) providing an accelerated capital cost allowance of 10% for new eligible purpose-built rental projects;
(z.2) providing immediate expensing for new additions of property in respect of productivity-enhancing assets;
(z.3) introducing a temporary non-refundable tax credit applicable where an individual’s non-refundable tax credit amounts exceed the first income tax bracket threshold; and
(z.4) implementing a number of technical amendments to correct inconsistencies and to better align the law with its intended policy objectives.
It also makes a related amendment to the Excise Tax Act .
Part 2 repeals the Digital Services Tax Act and the Digital Services Tax Regulations and makes consequential amendments to other legislation.
Part 3 amends the Excise Tax Act , the Underused Housing Tax Act , the Select Luxury Items Tax Act and other related texts to implement various measures.
Division 1 of Part 3 implements certain measures in respect of the Excise Tax Act and a related text by
(a) clarifying that supplies of osteopathic services rendered by individuals who are not osteopathic physicians are taxable under the Goods and Services Tax/Harmonized Sales Tax;
(b) extending the Enhanced (100%) Goods and Services Tax Rental Rebate to qualifying cooperative housing corporations and student residences built by universities, public colleges and school authorities; and
(c) allowing input tax credits for redeemed coupons to be available only for payments made exclusively in the course of commercial activities.
Division 2 of Part 3 amends the Underused Housing Tax Act to end the underused housing tax in respect of 2025 and future calendar years. It also subsequently repeals the Underused Housing Tax Act and the Underused Housing Tax Regulations .
Division 3 of Part 3 amends the Select Luxury Items Tax Act to end the luxury tax in respect of subject aircraft and subject vessels. It also makes the Select Luxury Items Tax Regulations to provide greater clarity on the tax treatment of subject items.
Part 4 amends the First Nations Goods and Services Tax Act to, among other things,
(a) establish an opt-in framework for interested Indigenous governments to levy a value-added sales tax, under their own laws, on fuel, alcohol, cannabis, tobacco and vaping products within their reserves or settlement lands; and
(b) make process-type improvements and machinery of government changes to streamline the administration of taxes under that Act.
It also makes consequential amendments to the Excise Tax Act and to the Federal-Provincial Fiscal Arrangements Act .
Part 5 enacts and amends several Acts in order to implement various measures.
Division 1 of Part 5 enacts the High-Speed Rail Network Act , which establishes a legislative framework to facilitate the implementation of a rail network that allows for the carrying of passengers at high speed between Quebec and Ontario. That Act, among other things,
(a) deems the construction of the railway lines that are to be part of the high-speed rail network to have been approved under section 98 of the Canada Transportation Act ;
(b) provides that the construction, operation, decommissioning and abandonment of each segment of the high-speed rail network, and any incidental physical activity, is subject to the Impact Assessment Act ;
(c) permits certain land to be subject to a notice of right of first refusal or a notice of prohibition on work;
(d) amends the expropriation process in relation to the high-speed rail network;
(e) provides that Indigenous knowledge that is provided in confidence in relation to the high-speed rail network is treated as confidential; and
(f) makes certain Parts of the Official Languages Act applicable to certain entities, including those that operate a railway that is part of the high-speed rail network.
The Division also makes a consequential amendment to the Access to Information Act .
Division 2 of Part 5 amends the Canada Post Corporation Act to repeal the power to make regulations prescribing rates of postage and the terms and conditions related to the payment of postage and instead provide the Canada Post Corporation with the authority to establish those rates and terms and conditions and provide for exceptions.
Division 3 of Part 5 provides, among other things, that an aggregate amount not exceeding $11.5 billion to fund the operations and activities of Build Canada Homes and an aggregate amount not exceeding $1.515 billion as a contribution of capital to, or to purchase shares in, Canada Lands Company Limited may be paid out of the Consolidated Revenue Fund.
Division 4 of Part 5 amends the Canada Infrastructure Bank Act to increase the aggregate amount that the Minister of Finance may pay to the Canada Infrastructure Bank to $45,000,000,000.
Division 5 of Part 5 amends the Red Tape Reduction Act to, among other things, authorize, subject to certain conditions, ministers to grant temporary exemptions from the application of provisions of certain Acts of Parliament and instruments with the aim of facilitating the design, modification or administration of regulatory regimes to encourage innovation, competitiveness or economic growth in the clean technology or financial technology sector.
Division 6 of Part 5 amends the Public Service Superannuation Act to, among other things, expand the eligibility for early retirement available to certain contributors employed in operational service to new groups of contributors.
Division 7 of Part 5 amends the Public Service Superannuation Act to authorize certain contributors to exercise a temporary early retirement option during a period for which a workforce reduction initiative is in effect. It also makes a related amendment to the Income Tax Regulations .
Division 8 of Part 5 amends the Farm Credit Canada Act to, among other things, provide for a review of the provisions and operation of that Act within five years after the day on which the amendment comes into force and every 10 years after that.
Division 9 of Part 5 repeals the Consumer-Driven Banking Act and enacts a new Consumer-Driven Banking Act to ensure that individuals and businesses can safely and securely share their data with the participating entities of their choice. That Act addresses, among other things, accreditation, national security, data sharing, security safeguards, consent, authentication, liability, complaints, administration and enforcement and screen scraping. The Division also makes related amendments to the Access to Information Act , the Financial Consumer Agency of Canada Act and the Budget Implementation Act, 2024, No. 1 .
Division 10 of Part 5 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 11 of Part 5 amends the Trust and Loan Companies Act , the Bank Act and the Insurance Companies Act to, among other things, modernize prudential limits by repealing certain provisions that impose limits on federally regulated financial institutions with respect to debt obligations and borrowing, consumer and commercial loans and investments in real property and equity.
Division 12 of Part 5 amends the Bank Act , the Trust and Loan Companies Act and the Insurance Companies Act to allow for the electronic delivery of certain documents to shareholders, members and policyholders without their consent, while ensuring that they receive paper copies if they request them.
Division 13 of Part 5 amends the Trust and Loan Companies Act , the Bank Act and the Insurance Companies Act to increase the equity threshold related to the public holding requirement from $2 billion to $4 billion and to make changes to other provisions that include that threshold.
Division 14 of Part 5 amends the Trust and Loan Companies Act , the Bank Act , the Insurance Companies Act and the Office of the Superintendent of Financial Institutions Act to, among other things,
(a) clarify the powers of the Superintendent of Financial Institutions in respect of the adherence by federally regulated financial institutions to their policies and procedures to protect themselves against threats to their integrity or security;
(b) provide the Superintendent of Financial Institutions with powers to issue directions of compliance in respect of unsafe or unsound practices in the conduct of the affairs of those financial institutions; and
(c) provide that the Superintendent of Financial Institutions is not prevented from disclosing information to any federal government agency or body for purposes related to the Superintendent’s regulation or supervision of financial institutions.
Division 15 of Part 5 amends the Bank Act to raise the amount of funds that can be withdrawn immediately from a retail deposit account after the deposit of a cheque or other instrument and to remove the delay for the withdrawal of funds deposited by a cheque or other instrument that is not deposited in person.
Division 16 of Part 5 amends the Bank Act to, among other things,
(a) prohibit the activation of certain capabilities for a personal deposit account in Canada without the express consent of the natural person in whose name the account is kept;
(b) permit a natural person in whose name such an account is kept to deactivate certain account capabilities;
(c) permit a natural person in whose name such an account is kept to adjust certain transaction limits on the account;
(d) require institutions to establish policies and procedures for detecting and preventing consumer-targeted fraud and mitigating its impacts; and
(e) require institutions and the Commissioner of the Financial Consumer Agency of Canada to prepare annual reports on consumer-targeted fraud.
Division 17 of Part 5 amends the Canada Deposit Insurance Corporation Act , the Bank Act and the Financial Consumer Agency of Canada Act to support the growth of federal credit unions, including by way of amalgamation or asset acquisition and by permitting them to engage in motor vehicle leasing in certain circumstances.
Division 18 of Part 5 amends the Special Economic Measures Act to, among other things,
(a) provide that the Minister of Finance must be consulted before an order or regulation identifying certain persons is made under subsection 4(1) of that Act;
(b) authorize the Governor in Council to make regulations requiring financial institutions to provide to the Minister of Finance information on property that is in their possession or control and that is owned, held or controlled by a person, including a foreign state, identified under that Act and information on profits realized from such property; and
(c) authorize the Minister of Finance to make an order directing a financial institution to pay such profits to the Receiver General.
It also makes related and consequential amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act .
Division 19 of Part 5 amends the Pension Act to, among other things,
(a) set out in a schedule to that Act the amounts of the basic pension payable during the period beginning on April 1, 1985 and ending on December 31, 2025;
(b) authorize the Governor in Council to amend that schedule;
(c) define the term “province” for the purposes of paragraph 75(1)(b) of that Act; and
(d) update certain regulation-making powers.
It also amends the Royal Canadian Mounted Police Superannuation Act to provide that, beginning on January 1, 2027, certain benefits are to be adjusted only on the basis of the Consumer Price Index.
Finally, it amends the Department of Veterans Affairs Act and the Veterans Health Care Regulations to retroactively clarify the meaning of the term “province” with respect to the calculation of the accommodation and meals charge for the recipients of intermediate and long term care.
Division 20 of Part 5 retroactively amends the Veterans Well-being Regulations to specify that the first annual adjustment to certain amounts used in the calculation of the earnings loss benefit is to be prorated to the number of days remaining in the calendar year. It also authorizes the Governor in Council to make regulations respecting the earnings loss benefit under the Veterans Well-being Act , as it read from time to time before April 1, 2019.
Division 21 of Part 5 amends the Royal Canadian Mounted Police Superannuation Act , among other things, to specify that claims for awards made under Part II of that Act are to be dealt with and determined by the Minister who administers the Pension Act . It also enacts related provisions.
Division 22 of Part 5 enacts the Canada Development Investment Corporation Act , which continues the Canada Development Investment Corporation and sets out its purpose to assist in the creation and development of businesses, resources, property and industries of Canada by providing advice and support to the Government of Canada and by making investments and managing assets that advance Canada’s economic growth and development. The Division also makes a consequential amendment to the Access to Information Act .
Division 23 of Part 5 amends the Personal Information Protection and Electronic Documents Act to require that an organization disclose to another organization an individual’s personal information, at the individual’s request, if both organizations are subject to a data mobility framework.
Division 24 of Part 5 amends the Broadcasting Act to provide that it is to be construed and applied in a manner that is consistent with the right to privacy of individuals.
Division 25 of Part 5 amends the Human Pathogens and Toxins Act to, among other things, reaffirm that security of the public is a key purpose of that Act, provide that the Minister of Health must establish and update a registry that will replace Schedules 1 to 4, add requirements for persons who carry out activities in relation to high risk human pathogens and toxins, increase the maximum penalties to which a person who commits an offence under that Act is liable and establish an administrative monetary penalty regime for certain contraventions of that Act or its regulations.
Division 26 of Part 5 amends the Customs Tariff to amend the definition “obsolete or surplus goods” to allow for the refund of duties paid in respect of certain goods that are donated to a registered charity.
Division 27 of Part 5 amends the Export and Import Permits Act to authorize the Governor in Council to add articles to the Export Control List and the Import Control List for reasons related to Canada’s economic security interests.
Division 28 of Part 5 amends the Aeronautics Act to, among other things,
(a) authorize the Minister of Transport to make interim orders that give effect to international standards, agreements, conventions and arrangements;
(b) extend the effective period of interim orders;
(c) modernize regulation-making powers respecting the development of, and compliance with, systems, processes, procedures, programs, plans and documents in relation to aviation safety and security;
(d) provide that air traffic service providers and certain maintenance organizations may be found vicariously liable for offences or violations;
(e) authorize the electronic service of documents;
(f) prohibit interference with the operation of a remotely piloted aircraft system unless authorized by the Minister;
(g) modernize the administrative monetary penalties framework and increase the maximum amounts for penalties and fines; and
(h) establish a regime for the voluntary provision of information related to aviation safety and security and set out limits on the disclosure and use of information provided under that regime.
It also makes a consequential amendment to the Access to Information Act and a related amendment to the Budget Implementation Act, 2019, No. 1 .
Division 29 of Part 5 amends the Canada Transportation Act to provide the Minister of Transport with the authority to make interim orders to give effect to international standards or ensure compliance with Canada’s international obligations.
Division 30 of Part 5 amends the Judges Act to increase the number of salaries authorized for judges of the Court of Appeal for Ontario and judges of unified family courts in the provinces. It also reduces in a corresponding manner the number of salaries authorized for judges of superior courts in the provinces other than appeal courts.
Division 31 of Part 5 amends the Administrative Tribunals Support Service of Canada Act to create a Schedule 2 to that Act, allow the Minister of Justice to add territorial bodies to that Schedule and to allow the Administrative Tribunals Support Service of Canada to provide support services and facilities to those bodies.
Division 32 of Part 5 amends the Canadian Environmental Protection Act, 1999 to provide for the establishment of the Environmental Protection Tribunal of Canada and the transfer of the functions of the Chief Review Officer and review officers to that Tribunal. It also amends the Administrative Tribunals Support Service of Canada Act to enable the Administrative Tribunals Support Service of Canada to provide the Tribunal with any necessary support services and facilities and makes consequential amendments to other Acts.
Division 33 of Part 5 authorizes the taking of various measures with respect to the divestiture and dissolution of all or any part of the Freshwater Fish Marketing Corporation. It also makes consequential amendments to other Acts and repeals the Freshwater Fish Marketing Act .
Division 34 of Part 5 repeals section 16 of the Government Annuities Improvement Act .
Division 35 of Part 5 repeals sections 195 and 196 of the Naskapi and the Cree-Naskapi Commission Act .
Division 36 of Part 5 amends the Canada Student Financial Assistance Act to deny the provision of financial assistance to qualifying students in relation to designated educational institutions outside Canada that are private and for-profit and offer courses at a post-secondary school level. It also amends that Act to empower the Minister of Employment and Social Development to suspend or deny the provision of financial assistance in certain circumstances in order to align with a provincial suspension or denial.
Division 37 of Part 5 amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act to
(a) clarify that all regulations made under that Act are to be made on the recommendation of the Minister of Finance;
(b) clarify that paragraph 36(3.01)(b) of that Act applies to donations that are not charitable donations; and
(c) prohibit the disclosure of reports, or the information contained in them, related to discrepancies in information discovered in the course of verifying the identity of persons having beneficial ownership or control of an entity.
It also amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations to
(a) clarify that paragraph 138(5)(b) of those Regulations applies to donations that are not charitable donations; and
(b) clarify the application of those Regulations to mortgage administrators, mortgage brokers and mortgage lenders.
Finally, it makes a consequential amendment to the Access to Information Act .
Division 38 of Part 5 amends the Borrowing Authority Act to increase the maximum amount of certain borrowings.
Division 39 of Part 5 amends the Canada Business Corporations Act , the Canada Cooperatives Act and the Canada Not-for-profit Corporations Act to provide an additional ground on which the Director appointed under the Act in question may dissolve a corporation or a cooperative, as the case may be, namely, when the Director is notified that it is a “listed entity” as defined in subsection 83.01(1) of the Criminal Code .
Division 40 of Part 5 amends the Building Canada Act to add to the information that must be included in the public registry of national interest projects the extent to which each project can contribute to clean growth and to meeting Canada’s objectives with respect to climate change.
Division 41 of Part 5 amends the Canadian Energy Regulator Act to set the maximum duration of licences for the exportation of liquefied natural gas at 50 years.
Division 42 of Part 5 amends the Canadian Environmental Protection Act, 1999 to, among other things, remove the mandatory five-year limit for agreements made under subsection 9(5) or 10(3).
Division 43 of Part 5 amends the Competition Act to remove the requirement that the substantiation of representations about the environmental benefits of businesses or business activities must be done in accordance with internationally recognized methodology. It also amends that Act to exclude the application of the provision respecting those representations from proceedings before the Competition Tribunal that are initiated by a person other than the Commissioner of Competition.
Division 44 of Part 5 enacts the National School Food Program Act , which sets out the Government of Canada’s vision for the National School Food Program. That Act also sets out the Government of Canada’s commitment to maintaining long-term funding to be provided to the provinces, the territories and Indigenous peoples for the ongoing implementation and maintenance of the Program.
Division 45 of Part 5 enacts the Stablecoin Act , which imposes duties on persons that create stablecoins and make them available for purchase, directly or indirectly, by persons in Canada. That Act sets out the objects of the Bank of Canada in respect of stablecoin and requires the Bank to maintain a public registry of stablecoin issuers. That Act also addresses, among other things, the redemption of stablecoins by issuers, the reserve of assets that issuers must maintain to fulfill their redemption obligations and the policies that they must establish. The Division also makes consequential and related amendments to the Access to Information Act , the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Retail Payment Activities Act .

Budget 2025 Implementation Act, No. 1

[François-Philippe Champagne, Liberal, Minister of Finance and National Revenue]

moved that Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025, be read the third time and passed.

[Charles Sousa, Liberal, Mississauga—Lakeshore, ON]

Mr. Speaker, I am proud to stand before the House to speak to the third reading of the budget. The finance minister has done an extraordinary job of putting forward a blueprint for Canada that would enable us to be more competitive, to provide for prosperity and to protect our sovereignty. These are important steps, so I thank the minister of finance for doing so. These are values that are critically important to all of us. I believe it is a vision shared by all parties and certainly by Canadians.

I came back into politics for a number of reasons. I think many members have as well. It is important for us to provide value in the House and to enable the next generation to be better off than we are, given the circumstances and the opportunities that we have in this place to do something better.

We are at a pivotal moment in our history. Geopolitical challenges are before us. Our largest trading partner is becoming less dependable, which is requiring us to be more forthright, to broaden our reach. The budget speaks to that. These are complex issues, so gimmicks do not work in this case. We need a serious road map. We need some serious engagement by all sides to enable this to succeed and to enable Canada to succeed.

At times, I hear us attacking the independent institutions in our democratic society that make us trusted partners around the world. I hear attacks on the Governor of the Bank of Canada or our securities commissions or our independent judges. We create the laws, but judges enact them, and we need that to be the case. The blame game that we sometimes see in the House can only go so far. We are all accountable here. We are all accountable to our constituents. We are all accountable to our children and to our parents. We in this House are trying to enable our society to care for our elders and to provide every opportunity for our children, which brings us to the budget.

I joined politics after 25 years in the private sector having my own business. I spent 20-plus years in the banking sector, supporting commercial business clients and participating in the capital markets. I enabled mergers and acquisitions and fostered ways for Canada to succeed. In that circumstance, I recognized—

[The Assistant Deputy Speaker (Alexandra Mendès), Alexandra Mendes]

I must interrupt the hon. member to remind members that if they wish to have conversations, they may do so outside the chamber.

The member for Mississauga—Lakeshore.

[Charles Sousa, Liberal, Mississauga—Lakeshore, ON]

Thank you, Madam Speaker. I know the members are very interested in what is happening. It is creating discussion, and that is important.

After 25 years in the private sector, I wanted to give back to a society that enabled us to have opportunity. Many of us are products of immigration. My parents came in 1953 from a postwar fascist regime in Europe, seeking that opportunity to continue to prosper, to allow us that engagement and recognize that we all play an essential role in the well-being of Canada.

My first priority in politics and government is to promote economic growth, to promote economic stability and to enable opportunity and prosperity. That is essential to who we are and what we do in the House. The budget speaks to that in a large way.

The second priority is to be able to sustain social programs. We cannot do that without a strong economic force, and those programs are essential to help those less fortunate, to ensure that we have education and health care and that we have the backstop for those who are most in need. My community in Mississauga—Lakeshore cares about our economic prosperity and our ability to have jobs but also about ensuring that no one is left behind and that we support our elders as they move on to retirement.

Another priority has been unity. Spending the years I did in the private sector, I recognized some of the challenges between provinces. Tearing down those barriers and enabling us to foster greater competitiveness as a country means we have to have stronger unity as a country between provinces. I tried at one point to foster a national co-operative securities regulator across all provinces, and I was able to get eight provinces to sign on. That enabled us to have a shared vision, one where we could attract more foreign direct investment at a lower cost to them, and people of all political stripes understood that.

National unity is essential for Canada's prosperity. We can have our differences, but we recognize that when we work in tandem and try to help one another, we all succeed in our federation. At that time, I was representing the Province of Ontario, and we in that provincial government were going through some challenges with the 2008 downturn and the financial crisis. We still picked up, and we still contributed more to the rest of the federation than we brought in, because we understood that Canada is one, notwithstanding all the provincial differences. I strongly support co-operation and success in Quebec, success in British Columbia, success in Alberta and success in all of our provinces, because that way we all succeed.

Last, a fourth priority in this engagement, as to why I became a member and sought elected office, is to ensure that Canada stands proudly on the world stage. We have a lot to be proud of. Some may say we are reliant on major powers, and others may say Canada is a trusted partner and one that actually provides engagement regarding peace and the rule of law. That stands Canada apart. It is why we are a major force in NATO. It is why we continue to be a major force in the United Nations. It is why we must continue to stand tall and stand proud, to enable the rule of international law to prevail.

Canada is sought after because of our sense of peace, our sense of democracy and our sense of rule of law. We are not here to dictate what others should do but to, by our own example, encourage other parts of the world to behave appropriately, with respect. The budget speaks to respect: respect of our businesses, respect of our citizens and respect of those around the world. Yes, we have global challenges, and Canada is facing them.

In Mississauga—Lakeshore, in my community where I grew up, people care about the community. They care about education, jobs and security. They do not care about who is responsible. They just care about the results. They do not care about us deflecting blame to others. They care about us working together to ensure that greater security is had at home, that protection measures are there for them, and that prosperity and opportunity are provided for them as we go forward. The budget speaks to their priorities, investing to build more homes and protecting our society through a number of bills beyond our budget, on crime and bail. In the budget, there is already an allotment for greater border security, greater RCMP and greater measures of protection to ensure that Canada remains safe.

More importantly, this budget is about empowering Canadians, giving them skills and job opportunities and providing a number of aspects within industry, with our trade routes and our negotiations abroad, to enable Canada and Canadians to do even more. The budget not only charts a course for Canada, but it charts a course for individuals to succeed.

There are a lot of discussions around generational investments in the budget to build major infrastructure. The major projects being proposed would unleash the great potential that Canada has. It is why so many are seeking to invest in Canada and so many are trying to control those investments. We need to foster and protect our indigenous communities and protect Canadians. We must protect our borders, and we must empower Canadians by also providing better measures of affordability.

Again, the budget would provide tax cuts for low-income Canadians, incentives to produce more housing, and support within the mix so people can afford those groceries that have been costed up by inflation, which has been under control, but we need to do better in the interim. We must compete, and the budget talks about how we can compete and prosper, how we can build to enable that support and that prosperity, but it also says we must be more responsible and eliminate some wasteful spending. There are measures within the budget to empower us to invest but also to be mindful of where we spend. That is clear in the budget and the process by which we are proceeding without impeding those social programs that are so critical to all Canadians.

Attracting investment is a third issue in the budget that I want to touch upon. Canada is one of the strongest in the G7. We are unleashing over $1 trillion over the next five years through our major projects, our critical minerals sovereign fund, roads and bridges, our communities strong fund and Build Canada Homes. The defence industrial strategy is yet another piece of an economic imperative as well as a sovereign imperative.

The Major Projects Office will trigger $150 billion in total capital investment, which is critical. Many Canadians want to see Canada invest in itself. It is not just about taking minerals out of our ground. It is about processing and refining those minerals for value-added use. These things are essential as we proceed.

Let us talk about the fiscal impacts in the budget. We are in the midst of many trade agreements. We have witnessed a record number of measures already being taken by the Prime Minister, the trade commissioner and our trade minister. The world is looking to work with Canada.

Canada is the only country that has trade agreements with all G7 countries That says something about how we are viewed by other parts of the world. Canada is also sought after because we are an energy superpower, one that has a sufficient amount of oil and natural gas that has yet to be taken to its full potential. We recognize that, but we also recognize the clean energy grid that is also important in our ability to trade and to enable some of our industry to be even more competitive in the long term. Those measures are taken into account.

Our fiscal capacity is strong. We have a strong credit rating. We have very low net debt to GDP among others. Interest rates have come down, and we have locked in our bonds and yields for the long term to enable us to take advantage of the low rates today.

The skills, training and career ability of our people are also essential. This attracts people to Canada, knowing that we have the talent pool to enable manufacturing and advanced manufacturing innovation to succeed. Canada is nurturing that. We are an incubator as well as a builder. Those things must be maintained within Canada. We know that companies all too often will go after larger markets to enable them to succeed. We can do more to help them succeed here at home by having alternative trade routes across other parts of the world.

We have talked about affordability, the grocery benefit, and having the ability to ensure that people who are less able today would be able to reduce their taxes and have a way to foster greater engagement if they have found it difficult, certainly after the COVID years. We all recognize that. We talk about that, but Canada, by enabling greater prosperity and job creation, is also able to provide greater support and opportunity for people who have had a difficult time.

However, that measure is one of global effect, as colleagues know. The United States is going through the same thing, as well as other parts of Europe and other parts of the world. Canada is one of the few countries that has stood out in providing help and supports directly to the people most in need. We also supported industry, providing stimulus and other measures to help it be more competitive through the industrial strategy.

We have a housing strategy to try to foster and create more affordable homes, reduce homelessness and provide greater social well-being. The acceleration of some of those housing projects through our housing strategy will enable that to take place. Many are now breaking ground.

Public safety, as I talked about earlier, is an essential part within this budget. So many border security officers have now been hired For the RCMP, the funding of those essential supports are part of this budget.

Also considered as a part of this budget is fraud and financial crime, which affects so many and is hard to engage. Within this budget, as we go forward, we are engaged in those protection measures.

Our defence strategy recently came out, funded by the opportunities within this budget. It will help us bolster Canadian-made supports in aerospace, ammunitions and critical minerals. Our defence industrial strategy is aligned also with NATO and Europe, our allies, because we need to ensure that we are able to broaden our reach and our markets so we can have those measures invested here in Canada to enable Canadians to invest and also to prosper within those skills and manufacturing sites.

The key to this is our defence investment agency to foster and partner with the manufacturing and production facilities at home. The security action plan with Europe, and our strategic investments as we align ourselves across this country to support the industry, will help support and guarantee northern sovereignty, as well as our overall sovereignty in Canada and the Arctic, and provide an international boost for new careers across Canada.

Our focus is on Arctic and northern defence, technology and innovation, and, more importantly, on maintaining and securing a strong Canadian supply chain.

We are talking about a budget that encompasses housing abilities, our defence ability, our industrial major projects ability, the enablement of energy, the opportunity to maximize our critical minerals, and, above all, to be a trusted partner in the engagement with other parts of the world. Buy Canadian is a big part of this budget. We recognize that is a key factor for Canadians, our citizens, to succeed. It is a positive vision, one with confidence and discipline and one that abides by the rule of law.

I thank all members across the way as we maintain and strengthen Canada to keep Canada strong.

[Kelly McCauley, Conservative, Edmonton West, AB]

Madam Speaker, I normally thank colleagues across the way for their speeches, but I cannot today.

I enjoyed serving on OGGO with the member opposite, but the media, if it bothered to fact-check the member's speech today, would probably spend two or three hours picking everything apart. It was funny to listen to the beginning of his speech. The former Kathleen Wynne finance minister who helped destroy Ontario's finances thanked the finance minister, who is on his way to matching the massive debt spending. He was also the Ontario finance minister who saw Ontario receive equalization payments from the rest of the country for every year he was finance minister.

I want to talk about one specific item. The member talked about respecting institutions. The government has not yet appointed a new Parliamentary Budget Officer. The interim officer's term ends March 3, and a new officer has not yet been named. The government operations committee put forward a motion that the government consult with Parliament about choosing a new Parliamentary Budget Officer, but none has been named yet.

Why is the government not respecting the institutions the member talks about its wanting to support so much?

[Charles Sousa, Liberal, Mississauga—Lakeshore, ON]

Madam Speaker, having engaged with the member opposite in OGGO, I appreciate his reminding the House that I did six budgets and that I did balance the books. Ontario was the largest contributor to the rest of the federation. Even when it was a so-called have-not province, we contributed more to Canada, over $11 billion, than all the other provinces, while Quebec and others were receiving some of that funding.

Ontario was also the first to increase its credit rating, during the time I was there, recognizing the strength of our measures being taken. Over one million net new jobs were brought to the province of Ontario during that time, after we had to suffer the 2008 recession, during which the Conservatives were in power. We were still able to balance the books.

The member opposite talked about the PBO being an independent member of the House. That is essential, and I am sure it will happen in time. We will require that to be the case. All of us are held to account, and the truth matters.

[Alexis Brunelle-Duceppe, Bloc, Lac-Saint-Jean, QC]

Madam Speaker, it can be difficult to maintain order in the House. However, we in the Bloc Québécois respect the Chair, of course.

My colleague is a former finance minister. In the budget and the budget implementation bill, Bill C‑15, the government is extending carbon capture tax credits for five years to help oil and gas companies.

Does my colleague, who, as I just said, is a former finance minister, believe that oil companies are having so much trouble staying afloat and making a profit that it is justified for Quebec and Canadian taxpayers to help them spend money?

Does my colleague really think that oil companies are in such bad shape and that they are not making enough money?

[Charles Sousa, Liberal, Mississauga—Lakeshore, ON]

Madam Speaker, the question enables us to talk about some of the measures that I took when I was minister of finance, as the member opposite reminds us. We brought in a cap-and-trade system in Ontario, aligning ourselves with Quebec. Quebec was part of the western climate initiative with California. Ontario had decarbonized its system, so we were great receivers of $1.3 billion annually through that system.

It was the Conservatives who brought in carbon tax pricing to Ontario as a gas tax. We were the ones who were exempt. The Liberal Party of Ontario was able to provide an exemption on that very issue, as was Quebec.

We talk about the $1.3 billion that we use for dollar-for-dollar reinvestment in inspiring economic growth in the province of Ontario. This has now been delayed because the Conservatives brought forward a carbon gas tax that was unnecessary. As it stands, all of us should be paying a little extra to provide greener opportunities for all of Canada.

[Kevin Lamoureux, Liberal, Parliamentary Secretary to the Leader of the Government in the House of Commons]

Madam Speaker, I would be interested in hearing the member's understanding or appreciation of the importance of trade to Canada and why, whether it is the Prime Minister, the cabinet or so many of our colleagues, they are pursuing ways in which we can increase exports. It is a very important aspect of the economy. Canada makes up about 0.5% of the world population, yet we participate in 2.5% of world trade.

I am wondering if the member could provide his perspective on the important issue of trade.

[Charles Sousa, Liberal, Mississauga—Lakeshore, ON]

Madam Speaker, it is an essential part of the budget. Expanding our trade routes and expanding trade across the world is part of what gives Canada an opportunity to provide a measure, a step, for some countries to deal in the western hemisphere. Canada has been succeeding. Over $1 trillion is now being projected in supports with Canada's engagement. We are punching above our weight. In fact, Canada remains one of the top destinations for foreign direct investments, and the reason is that investors believe in Canada.

[Leslyn Lewis, Conservative, Haldimand—Norfolk, ON]

Madam Speaker, I would like to ask the member opposite why it was necessary for the government to include a provision to exempt individuals and companies from acts of Parliament, rather than using the usual legislative amendment provisions.

[Charles Sousa, Liberal, Mississauga—Lakeshore, ON]

Madam Speaker, the member opposite is speaking about exemptions for opportunities to make Canada more effective, to expedite matters more essential to our economy. I would refer her to those particulars. Every exemption that occurs has to be fully transparent.

There is one thing that should never be hampered but is when the Conservatives try to control the Governor of the Bank of Canada, the Ontario Securities Commission or judges. That is uncalled for, and it is one of the reasons a public budget officer is also essential to this role.

[Jean-Denis Garon, Bloc, Mirabel, QC]

Madam Speaker, the government is bringing back the clean electricity tax credit in Bill C‑15, which, in many ways, is a better written bill than some of its predecessors. Officials confirmed to the Standing Committee on Finance that this credit would apply to small modular nuclear reactors that would be specifically used to clean up the oil sands in order to produce more oil.

Can my colleague explain what is clean about using nuclear electricity to produce even more of the dirtiest oil in the world?

[Charles Sousa, Liberal, Mississauga—Lakeshore, ON]

Madam Speaker, the member opposite may or may not know that CANDU reactors and the corporation are within my riding. I have met with representatives of Candu Energy on a number of occasions. We talked about small modular reactors providing supports and electricity to those remote communities in the far north that rely primarily on diesel, which is extremely dirty, to provide greater sources of, and more secure, electricity in those areas. As we move into major projects around Canada, we are going to need some greater degree of energy.

I can say that world markets are looking to Canada-made reactors and that our CANDU reactors, not just the small modular reactors but our CANDUs, are sought after because of their ability, effectiveness, competitiveness and safety measures. I support our nuclear program in Canada for that very reason.

[Kristina Tesser Derksen, Liberal, Milton East—Halton Hills South, ON]

Madam Speaker, my colleague mentioned the respect that Canada commands from countries and international organizations around the world. One recent example is from the International Monetary Fund. The IMF highlighted that Canada is a G7 country that has significant fiscal headroom to support economic growth through investment.

Can my colleague comment on how this budget leverages Canada's fiscal capacity to build and unleash our country's economic potential? Does he agree with the IMF's accolade?