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

[Gérard Deltell, Conservative, Louis-Saint-Laurent—Akiawenhrahk, QC]

Mr. Speaker, I would like to thank my colleague for his speech and congratulate him on his election. I know it has been a long time, but I still want to congratulate him on his first term in the House.

My question is very simple. We know that his government likes to talk about a generational budget. We keep hearing that it is generational, that it is going to be talked about for generations, that it is going to impact generations. Can you tell us how many generations of children, grandchildren and great-grandchildren will have to pay for the $78.3-billion deficit?

[The Deputy Speaker, Tom Kmiec]

The member used the word “you”. The Chair will not answer the question, but I invite the hon. member for Honoré-Mercier to respond.

The hon. member for Honoré-Mercier.

[Eric St-Pierre, Liberal, Honoré-Mercier, QC]

Mr. Speaker, I would like to thank my colleague for asking such an excellent question during our first exchange in the House. I thank him for the outstanding work he does in his riding.

To answer my colleague's question, our budget includes operating costs and investments. We are making significant investments in projects. We talked a little earlier about transformative projects like the Alto project. Last week, there was also an announcement about the Crawford mine in Timmins, in northern Ontario.

The idea really is to invest and think about our children's future. I have two young daughters, aged six and 10. We really need to think about their future.

[Patrick Bonin, Bloc, Repentigny, QC]

Mr. Speaker, my hon. colleague from Honoré-Mercier really surprises me.

He formed an environment and climate change committee within the government out of concern that the government is completely giving up on the fight against climate change. Today, he shows up in the House and delivers a speech that is literally greenwashing, where he brags about a budget that has been so harshly criticized that Canada won a fossil award, an international booby prize.

That budget cuts Environment and Climate Change Canada's spending, abandons important measures, gives billions of dollars to oil companies and abandons the emissions cap for the oil and gas sector. I would like my hon. colleague to explain to me how he can support and praise a budget that surrenders to climate change, that is criticized by NGOs, that is criticized internationally, and that gives money to oil and gas companies. It is shameful.

[Eric St-Pierre, Liberal, Honoré-Mercier, QC]

Mr. Speaker, I thank my colleague from Repentigny for his question and his commitment, but I must correct some of his comments. He mentioned an environmental committee. I think my colleague is referring to the caucus within the Liberal Party. All parties have caucuses, and this caucus was created to fuel discussion. It gives us an opportunity to discuss climate change.

My colleague's remarks are not accurate. As I mentioned in my speech, our government is working on measures that my colleague supported. These include taxonomy and methane regulations, which is truly one of the most effective ways to reduce our greenhouse gas emissions.

Then there is industrial carbon pricing, another measure that my colleague also supported. We know that this measure is very effective in reducing greenhouse gas emissions.

[Bruce Fanjoy, Liberal, Carleton, ON]

Mr. Speaker, could the member elaborate on how measures such as industrial carbon pricing, methane regulations and investments in clean energy are benefiting Canadians in Honoré-Mercier and all across the country?

[Eric St-Pierre, Liberal, Honoré-Mercier, QC]

Mr. Speaker, we know that there was some support in the budget for the youth climate corps, support that will help youth advance work on important issues in protecting the environment.

As I mentioned, there is also a sustainable bond framework, which is helping to advance green bonds. There is also advancement on climate disclosure. There are a lot of measures that are going to benefit the folks in my riding.

Last week in Montreal, there was an announcement of the REM extension, increasing public transportation and some further work. As I mentioned, there is $51 billion being invested in infrastructure projects across the country. We are very happy and excited to continue this great work.

[Gérard Deltell, Conservative, Louis-Saint-Laurent—Akiawenhrahk, QC]

Mr. Speaker, thank you for calling me to order. It appears that I addressed another member using the informal form “tu”. I am quite embarrassed and must apologize. I have been an elected official for 17 years and yet I made this mistake. Even in my private life I tend to address everyone with the formal “vous”. Well, it happens to everyone.

It is Thursday evening. It has been a good day, and I am in a good mood, so I want to start this speech, my response to the budget speech, on the right foot. There is one thing in this budget that makes me very happy, and that is page 82.

On page 82 of the budget, there is a box, a separate bit of text, that very clearly defines the political philosophy that inspires me here in the House. It addresses the idea of “one project, one review”, meaning one environmental review.

My colleagues will recall that, a little over two years ago, I introduced Bill C-375 in the House. After eight years in the House of Commons, this was the first time I had the opportunity to introduce a private member's bill that would be debated in the House. There is a lottery, and those who win get to introduce a bill.

Before I go any further, I wish to say that I will be sharing my time with the member for Regina—Wascana.

About two years ago, I introduced Bill C‑375, which aimed to do exactly what is found word for word in the budget speech on page 82, specifically, “one project, one review”.

The purpose of that bill was to speed up the process and make it much more efficient and pragmatic so that projects could get done. Now more than ever, we need to unlock our full potential in terms of energy, natural resources and green projects. We know that in the past, a project had to undergo a provincial assessment and then a federal assessment. Sometimes, these assessments contradicted each other and, ultimately, everything had to start over from scratch. It was completely inefficient.

The purpose of Bill C‑375 was to move projects forward in a positive and constructive manner. The goal was not to take away accountability, but rather to eliminate the consecutive and often conflicting assessments. The objective was to work together to cover all the environmental aspects of a project by requiring one assessment, not two, to get to the bottom of the matter immediately.

I am very pleased that the government has adopted my proposal. However, I would like to point out that the bill was introduced on February 12, 2024. There was a debate in the House on March 18 of that year and a vote on May 8 of the same year.

What happened? Obviously, we Conservatives voted in favour. Since the bill was at second reading stage and the vote was on the principle of the bill, the Bloc Québécois members at the time supported the essence or spirit of Bill C-375. They had some reservations, of course. That is perfectly fine. That is how democracy works. There were 150 votes in favour of the bill, but unfortunately, this bill to create a single environmental assessment was defeated by 177 votes from the NDP and the Liberal government.

I see members opposite who remember that situation. At the time, they insulted us for wanting to axe the carbon tax. In the end, they axed it themselves. They were against the “one project, one review” principle back then, but now it is reproduced word for word on page 82 of the budget. I just wanted to point that out.

That is one of the only things in this budget that I see as positive. The government keeps referring to this budget as “generational”, saying that it is truly a turning point in the history of the country and that generations of Canadians will be able to benefit from it.

Well, it is not. Generations of Canadians will pay the price because we are living beyond our means. We are living on credit. It is a credit card budget.

There will be a $78.3‑billion deficit. That is twice as much as Prime Minister Trudeau's deficit. The man had many fine qualities—really, I mean that sincerely—but there is no denying that he was spendthrift.

No one could have ever believed that a Prime Minister with such international prestige, a banker who is highly regarded around the world, would do worse than Mr. Trudeau, but that is what happened.

I would like to remind members that the Liberals were elected on a promise to run a deficit $19 billion lower than what they are now saying. Members should also recall that the deficit is twice as high now as it was last year at around the same time.

What is even more shocking about this budget is that there is no timeline for getting spending under control and balancing the budget. There is no timeline at all. On the contrary, deficits will pile up: $78.3 billion this year, $65.4 billion next year, $63.5 billion the year after that, $57.9 billion the year after that, and finally $56.6 billion. There is no plan to get back on track, and $321 billion is being added to the debt. Again, what this current Prime Minister is doing is twice as much as Mr. Trudeau planned to do. These people did not get elected by saying that they would do twice as badly as Justin Trudeau, yet that is exactly what they have done.

It is our children, grandchildren and great-grandchildren who will have to pay for this. I am blessed by the gods and very privileged in life. I am a father, and for the past five years, I have been a grandfather. That is why, even though I cannot show it, I am wearing a little bracelet made by my three-year-old granddaughter. I try to wear it as often as possible in the House because I have always believed that we are here thanks to our parents, but that we are here for our children and grandchildren. This belief has been a driving force for me throughout my 17 years in politics. More than ever, that is how I see it and that is what I want.

Debt is a bill that we pass on to our children. Debt has to be paid off at some point. Interest on debt has to be paid every year. That interest amounts to $55.6 billion that we are going to pay. The people watching at home need to know that every dollar and cent of the GST we pay is not used to improve services or make transfers to the provinces to improve health care services or other things. It is used solely and exclusively to pay the interest on the debt. Every penny of the GST will be used for that instead of investing more in health care. The government is investing $54.7 billion in health care, while GST revenues total $54.4 billion. That is why it is imperative for the government to get the finances under control, to get the deficit and debt reduction under control and, above all, to have a timeline for returning to a balanced budget.

Allow me to remind the House that, yes, a balanced budget is possible. Here in the House, we have an experienced man who was once elected to the National Assembly and who now serves all of Canada as a member of the House of Commons. On March 11, 2015, he said, “Balancing the budget...is a way to cement the credibility of the province and the financial stability of the province.” Who said that? It was the current Parliamentary Secretary to the Minister of Industry. I had the pleasure of serving alongside him in the National Assembly in another life. The current parliamentary secretary to the current government's Minister of Industry balanced Quebec's budget. That means that yes, it can be done. As a Quebecker, I am very pleased to have had that man around at the precise moment when he was the finance minister because, thanks to him and the government he belonged to, including the member for Bellechasse—Les Etchemins—Lévis, Quebec was able to balance its budget. Where there is a will, there is a way.

Unfortunately, this man who sits here in the House could serve Canada much better if he were in cabinet. Since he is not, could the Prime Minister at least consult him on how to tackle the deficit issues? This is a very heavy burden that will have far-reaching consequences for the future of our children and our great-grandchildren.

I just want to say in the House of Commons that, in my mind, this budget is good for one aspect, one project, one evaluation. We have that definition on page 96 of this budget. This is very interesting. This is exactly what we proposed two years ago here in the House, but unfortunately, the Liberals voted against it at that time. Today, they are doing what we were asking them to do two years ago.

[The Deputy Speaker, Tom Kmiec]

It is my duty, pursuant to Standing Order 38, to inform the House that the questions to be raised tonight at the time of adjournment are as follows: the hon. member for Saanich—Gulf Islands, Foreign Affairs; the hon. member for Sherwood Park—Fort Saskatchewan, Employment; the hon. member for Similkameen—South Okanagan—West Kootenay, Carbon Pricing.

I recognize the member for Hamilton West—Ancaster—Dundas.

[John-Paul Danko, Liberal, Hamilton West—Ancaster—Dundas, ON]

Mr. Speaker, I have heard the member opposite speak a few times. He is an excellent speaker, and I think he would make an excellent leader of the opposition.

The member opposite has spoken about streamlining evaluation across jurisdictions. I think that is a very important point. He was at a Green Building event recently, speaking very highly of and advocating for green building standards. Of course, the Canadian debt is a concern, so I thank him for highlighting that.

I was wondering if the member opposite could also acknowledge that, in the current geopolitical context with the United States and shifting trade alliances, we are in a different reality now, and this budget addresses some of those realities.

[Gérard Deltell, Conservative, Louis-Saint-Laurent—Akiawenhrahk, QC]

Mr. Speaker, obviously the world has changed. I remember pretty well the Prime Minister, while he was campaigning, saying, “Elbows up”. What happened? He went to the White House twice, and was it elbows up? No, it was thumbs up. The reality today is empty hands. He went from elbows up to thumbs up to empty hands. That is not the way to address the reality of the geopolitical situation right now.

Talking about the Leader of the Opposition, he was so efficient and so good that he convinced the Liberal Party to kick out Justin Trudeau and to cut the carbon tax. This is a leader who is very efficient. I can assure the member of that.

[Andréanne Larouche, Bloc, Shefford, QC]

Mr. Speaker, I am torn. Yes, we need to have control over public finances, but we also need to consider the social aspect. I started my week by attending a press conference to announce a food drive being organized by SOS Dépannage in Granby. I found out that more and more seniors are requesting food hampers.

My colleague used to be a journalist. I would like to hear his comments on the critical issue of helping regional media survive. I know he is aware of this issue. I studied journalism, so I understand the link and how important it is, in a democracy, to have local media in the regions. What are the consequences of investing in only one media outlet, namely Radio-Canada, and completely failing to support other media outlets, whether private or community-based? This is particularly important given the advertising crisis we are currently experiencing. This has direct consequences for democracy in our regions.

What does my colleague, a former journalist, think about that?

[Gérard Deltell, Conservative, Louis-Saint-Laurent—Akiawenhrahk, QC]

Mr. Speaker, I would like to thank my colleague for her question and congratulate her on her work. Yes, I am a former journalist, so I can truly appreciate what is going on, but I recognize that everything also happens on social media now and that the media has to adapt. There used to be a local newspaper in my riding, but it has now become much more of a virtual newspaper that is much more in tune with everyday reality, which is evolving very quickly.

We also need to recognize that the Liberal Party's commitment to give the Crown corporation alone another $150 million is not the best approach. Our approach was completely different, of course. The Liberals won, and that is fine, but I sincerely encourage them to reconsider the $150 million they are offering to CBC/Radio-Canada.

[Connie Cody, Conservative, Cambridge, ON]

Mr. Speaker, this budget means that Canadians will pay more in interest on the national debt than the federal government will transfer for health care and than the government collects in GST. It is as though every dollar collected from GST revenue will go to interest payments, not to doctors and nurses.

How do you think Canadians feel about the government prioritizing debt payments—

[The Deputy Speaker, Tom Kmiec]

I have to interrupt the member. The member referred to hon. member directly. The member has speak through the Chair to the member for Louis-Saint-Laurent—Akiawenhrahk.

I will let the member finish her question, and I will then let the member respond.