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

[Kevin Lamoureux, Liberal, Winnipeg North, MB]

Mr. Speaker, I go back to the end of last year, when the Conservative Party was doing a considerable amount of filibustering and did not even want the current bill to go to the committee stage, where maybe we would have had more discussion and more accountability with respect to asking and answering questions.

I wonder if the member has any regret or remorse that there was so much filibustering being conducted by the Conservative Party, which prevented the legislation from going to committee earlier, late last year.

[Kelly McCauley, Conservative, Edmonton West, AB]

Mr. Speaker, there is so much fiction in the member's comment that it should be a Netflix special.

The reality is that we had to drag the government, kicking and screaming, to deliver a budget. Does the member not remember when the government actually said it would not be tabling a budget until around this time of the year? The media, for once doing its job, and the opposition had to drag the government, kicking and screaming, to deliver the very documents we have now. If it were up to the Liberals, we would just be starting debate on the budget.

[Patrick Bonin, Bloc, Repentigny, QC]

Mr. Speaker, I would like to hear my colleague's comments on scrapping the Digital Services Tax Act, which made it possible to tax large digital companies with sales figures greater than $750 million. That was supposed to bring in about $1.5 billion a year for culture and regional media.

Does my colleague agree that this much-discussed digital services tax should be reinstated?

[Kelly McCauley, Conservative, Edmonton West, AB]

Mr. Speaker, the issue is not whether we should bring back the digital sales tax but whether the government should, as the Prime Minister has promised twice, strike a deal with the United States. Twice he stood publicly and said he would have a deal, the best trade deal, struck with the United States. He has not delivered that for Canadians. That is what the issue at hand is.

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

Mr. Speaker, I rise to speak to Bill C-15, the budget implementation act, at third reading.

The Prime Minister often bills his government as Canada's new government. It is a clear public relations effort to distance himself from 10 years of failure under Justin Trudeau. Consistent with that, the Prime Minister promised that he would take, in his words, a “very different approach” than Justin Trudeau when it comes to Canada's finances.

It is true that the Prime Minister has a very different style from Justin Trudeau, but, putting aside the facade that the Prime Minister puts on, the more that things change with the Liberals, the more they stay the same. When it comes to the policies and priorities of the Prime Minister, he is nothing more than Justin Trudeau 2.0. In some respects, he is performing worse than Justin Trudeau, as tough as that is to believe.

One area, amazingly, in which the Prime Minister is performing worse than Justin Trudeau is Canada's finances. He is a Prime Minister who promised to spend less. It turns out he is spending more, an eye-watering $90 billion more. He is a Prime Minister who has managed to double the deficit. He is presiding over a $78.3-billion deficit, up from a massive $36.3-billion deficit, which was Justin Trudeau's last massive deficit. In fact, the Prime Minister now has the record of presiding over the largest deficit in Canadian history outside COVID.

It is not as though the Prime Minister can say that this is a one-off or a one-time deal, because when one looks at the government's fiscal outlook, what we see over the next three years are deficits that are projected to average $62.3 billion, double what Justin Trudeau's government forecast.

What about fiscal anchors? Justin Trudeau's government touted its fiscal anchor, and it was quite an unambitious one, as being to keep the deficit below 1% of GDP. What has the Prime Minister done with respect to that fiscal anchor? He has blown completely past it, because the deficit-to-GDP ratio has doubled to more than 2%. The government is on course to have a deficit-to-GDP ratio double that of Justin Trudeau's fiscal anchor in the coming fiscal years.

Speaking of fiscal anchors, what is the Prime Minister's fiscal anchor? He claims he has one, which I will get into momentarily, but in substance, I would say, the Prime Minister's fiscal anchor is nothing more than smoke and mirrors in an effort to create the mirage of balancing the budget, all the while hiding massive deficits and massive debt.

The Prime Minister has created a fiscal shell game by creating two budgets: an operating budget and a capital budget. The operating budget ostensibly deals with day-to-day government spending, whereas the capital budget deals with so-called investments. One of the problems is that the government's definition of an investment is quite elastic. That is not by accident. It is quite deliberate, to give the Prime Minister and the government the flexibility to move spending from the operating budget to the capital budget and say that actually it is not spending but is investing. Again, it is smoke and mirrors.

After creating this fiscal shell game, the Prime Minister has come out and announced his big fiscal anchor, which is to balance the budget by 2028-29, but not the federal budget, the operating budget.

Here is the bottom line. Whether we look at the operating budget or the capital budget, if we call it spending or we call it investment, it all relates to the fiscal finances of Ottawa and Ottawa's bottom line. As such, when we look at the fiscal projection for fiscal year 2028-29, the year the Prime Minister is going to meet his fiscal anchor of balancing the operating budget, and we look at total revenues projected versus total spending projected, the overall deficit is projected to be a staggering $57.9 billion, which would be one of the largest deficits in Canadian history.

In short, the Prime Minister is not balancing anything. All that he is doing is making the budgeting process more complex and less transparent, all to make it more difficult to see the state of federal finances. What is the Prime Minister's spending plan between now and when he balances the operating budget? The Prime Minister is planning to rack up a quarter-trillion dollars in new debt, double the amount of debt that Justin Trudeau's government was planning to rack up during the same period of time.

The bottom line is that the Prime Minister has separated operating and capital budgets to hide from Canadians the fact that he is presiding over more spending than Justin Trudeau, and with bigger deficits, and accumulating significantly more debt. It is straight-up budget trickery by the Prime Minister.

When the Prime Minister promised that he would take a very different approach to Canada's finances than Justin Trudeau, most Canadians expected that the Prime Minister meant he would be more fiscally responsible. That is certainly what he was hoping Canadians would think. By the way, this would not be that difficult to achieve, given 10 years of fiscal vandalism under Justin Trudeau. However, the Prime Minister has not taken a very different approach. He has taken the same approach as Justin Trudeau. Just like Justin Trudeau, the Prime Minister is presiding over out-of-control spending, massive deficits and massive debt.

Here is the deal: He is a Prime Minister who is not as advertised. He calls it Canada's new government, but it is not a new government. It is the same old Liberals with the same failed and reckless fiscal policies. It is Justin Trudeau 2.0, except worse.

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

Mr. Speaker, first and foremost, the member opposite has to take in the reality that there was an election and Canada does have a new Prime Minister. As much as they might want to go back, that is not the case.

Let me give a quote. This comes from the IMF's managing director. The IMF represents 190 different countries, and this is what the managing director has to say:

Both Germany and Canada recognize that in this very testing time, they need to use their fiscal space....

In the case of Canada, the Canadian authorities have been very decisive to take action in the context of changing relations with their main trading partner. And one of these actions is indeed to reform—modernize the budget framework [separating] operating expenses in the budget from investment—that ability to then focus strategically on investment that are progrowth, that can lift up productivity.

This is what the IMF is—

[The Deputy Speaker, Tom Kmiec]

I have to give the member for St. Albert—Sturgeon River a chance to respond.

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

Mr. Speaker, let us look at the definition of what constitutes an investment. It includes so-called incentives. It includes things that support the formation of capital or which meaningfully raise private sector productivity. In other words, the government's definition of investment includes handouts and corporate welfare. It is all part of a scheme by the Prime Minister to blur, to hide and to make it more difficult to understand the massive deficits and massive debt he is presiding over, which, as I noted, is double the deficits and double the debt of Justin Trudeau, one of the most—

[The Deputy Speaker, Tom Kmiec]

Questions and comments, the hon. member for Saint-Hyacinthe—Bagot—Acton.

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

Mr. Speaker, I am wondering about something. I have a hard time understanding the Conservatives' position on Bill C‑15. They were enthused about Bill C‑5 last June; they supported not only Bill C‑5, but the different closure motions as well, including the super closure motion imposed that week. Furthermore, what kind of official opposition would support the closure motion of a government that wants to give itself free rein, proceed without consultations and circumvent existing laws? What kind of opposition is going to give a blank cheque to a government it spends all its time criticizing?

I want to understand why Bill C‑5 was acceptable when today, in their estimation, Bill C‑15 is not. Both are similar in almost every respect.

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

Mr. Speaker, we are standing in opposition to a budget implementation bill that is reckless, that doubles the debt of Justin Trudeau. We are not the only party that is opposing this budget implementation bill. I believe all opposition parties oppose this budget implementation bill. We are not going to support this bad legislation coming from the government.

[Kelly McCauley, Conservative, Edmonton West, AB]

Mr. Speaker, it is funny to hear the member for Winnipeg North quote—

[The Deputy Speaker, Tom Kmiec]

There is so much noise in the courtyard. It is really distracting. I am going to invite those people in the courtyard to leave the area. It is part of the downside of the courtyard. There is a lot of noise when people circulate there.

I will let the member for Edmonton West resume and complete his question or his comment.

[Kelly McCauley, Conservative, Edmonton West, AB]

Mr. Speaker, the member for Winnipeg North was quoting the IMF, which was funny because the deputy minister of finance just two weeks ago stated in the public accounts committee that anything the IMF says should be taken “with a grain of salt.” This is from his own government, but I will quote from the exact same report that states, “Directors encouraged steps to improve the transparency and accountability of public investment”. This is regarding the capital versus operating. The IMF wants transparency and accountability. It continues, “and to clarify the debt-to-GDP ratio as a formal fiscal anchor”.

I am wondering if the member can comment on the Liberals' choosing only to hand-pick and cherry-pick a few items from the IMF report and not some of the more important items.

[Michael Cooper, Conservative, St. Albert—Sturgeon River, AB]

Mr. Speaker, I guess it is politics as usual from the Liberals. That would be the explanation. I spoke about the fiscal anchor. The Liberal government had, previously, a pretty weak fiscal anchor, but it was at least a clear fiscal anchor. The Prime Minister has a convoluted, complicated fiscal anchor that is nothing more than a shell game, as I noted, to hide massive deficits and massive debt.