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

[The Assistant Deputy Speaker, John Nater]

The hon. member for Algonquin—Renfrew—Pembroke.

[Cheryl Gallant, Conservative, Algonquin—Renfrew—Pembroke, ON]

Mr. Speaker, the government does not know the difference between an investment and a purchase. It thinks buying a Lada is an investment.

If we add up all the money the Liberals have spent since they became a government in 2015, when there was an actual surplus, it is $500 billion, with our national debt at $1.266 trillion. Each household owes $77,256. For any household that does not have the taxes to pay that back, this will be passed on to their children, including the students and children who are in the galleries today. They will be paying the debt we are talking about today.

[Maxime Blanchette-Joncas, Bloc, Rimouski—La Matapédia, QC]

Mr. Speaker, I would like to commend my colleague on her speech.

I agree with some of the things she said. One is that the Liberal government changed the accounting rules. This criticism was echoed by the Parliamentary Budget Officer. The Liberals are trying to hide a deficit with artificial assets of $45 billion out of $78 billion. That is basically tantamount to trying to deceive people, at least those who have a basic understanding of accounting and finance.

That said, I have a question for my colleague. I do not understand the Conservatives' position. They told us that they would not support the budget if the deficit exceeded $42 billion. I do not hear them criticizing the government's policies. Based on what I see, this is a Conservative budget. There are cuts to government spending, cuts to the public service and 15,000 people are at risk of being laid off. There is unprecedented spending in the military sector. There are tax credits for oil and gas companies to the tune of $100 billion until 2040.

Give me a break. This is such a Conservative budget that Conservatives are crossing the floor to join the Liberals. I would like my colleague to specifically tell me what she does not like about the budget policies, apart from the deficit.

[Cheryl Gallant, Conservative, Algonquin—Renfrew—Pembroke, ON]

Mr. Speaker, I can tell the member that there are 600 pages of things I do not like in the budget implementation bill, but he was correct about something in the preamble of his question. He talked about accounting practices. What the Liberals have done is a perversion of quantitative easing. They are simply taking expenses and putting them in the asset column. That is cheating, and any other government would be taken to task on it and thrown out of office.

[Harb Gill, Conservative, Windsor West, ON]

Mr. Speaker, I have a question regarding the planned savings the government is projecting. It says it will save $48 billion over the next five years. Most analysts are suggesting this is wishful thinking.

Over the past 10 years, the government has tried finding efficiencies and failed miserably. It has caused an affordability crisis never seen before.

Should Canadian voters believe the government's rosy projections this time around?

[Cheryl Gallant, Conservative, Algonquin—Renfrew—Pembroke, ON]

Mr. Speaker, I do not think Canadians believe them. I know of older people who cannot pay their rent or electricity bills now. They are telling me that if this bill goes through, they are going to sign up for MAID because they are already depressed and do not want to continue living this way. They would rather die than suffer the way the Liberal government has been making them suffer.

[Jessica Fancy-Landry, Liberal, South Shore—St. Margarets, NS]

Mr. Speaker, I will be sharing my time with the member for Spadina—Harbourfront.

Today I rise to talk about my strong support for Bill C-15, the budget implementation act, and to highlight what this legislation means to the hard-working tradespeople who keep Canada moving forward every single day.

The trades are not just jobs; they are the backbone of our economy, the foundation of our infrastructure and the heart of our communities. In a country as large and diverse as Canada, skilled trades workers are essential in every region, from our busiest cities to our most rural coastal towns. That is even more evident in my own riding of South Shore—St. Margarets.

It is our tradespeople who keep our fisheries running, maintain our homes and our public buildings, and build the wharves, the roads, and the bridges that connect us. They support the marine, forestry and housing sectors that anchor our rural economies. From the traditional boatbuilders in Lunenburg, Nova Scotia, to the electricians and carpenters in Bridgewater to the welders and machinists in Liverpool, these workers are essential to our way of life, to everyone's way of life. They are the people residents call when a storm damages a roof, when a community hall needs repairs, when a family business needs an addition or when a vessel must be brought back to life after decades at sea.

As a member of the Standing Committee on Human Resources, Skills and Social Development and the Status of Persons with Disabilities, I hear directly from workers, unions, business owners and educators. We hear regularly about the challenges tradespeople face: the cost of living, affordable housing, the cost of modernizing equipment and the importance of practical, hands-on training opportunities to keep pace with new technologies.

Bill C-15 as a whole responds to those concerns, not with slogans but with real, tangible, practical measures that will make a meaningful difference for workers and small businesses from coast to coast to coast. Today, I want to highlight five of the most significant measures in this budget and how it supports trades workers and strengthens the industries they power.

The first measure in the budget is the productivity superdeduction. This measure would allow businesses to immediately write off 100% of eligible capital investments. This means that small and medium-sized businesses, especially the shops that form the backbone of our communities, can upgrade their equipment right away without waiting years for depreciation to keep up.

The second measure is the clean electricity investment tax credit. This 15% refundable tax credit would help businesses invest in renewable energy and energy-efficient upgrades. In communities like mine, where the economy is closely tied to the ocean, clean energy investments are not just good for the environment, but reduce operating costs and create new opportunities for trades.

Imagine vessel sheds and processing plants with solar panels. Imagine a small business with a battery storage system that can protect against outages during storms. Imagine community buildings, marinas, workshops and boatyards completing energy-efficient retrofits that cut costs while putting local electricians, installers and energy professionals at work.

The third thing I would like to talk about, and why I am supporting this budget, is the investments in infrastructure and climate resilience. Budget 2025 would accelerate the permitting of major infrastructure projects, something rural and coastal communities are desperately in need of. Faster permitting means less time waiting for more building. Who does not like that? Oh wait, maybe it is those across the aisle. There would be more work for concrete crews, heavy equipment operators, carpenters and marine construction teams. Who does not like that?

This past summer, the town of Mahone Bay became a national model in my riding when it received federal support to build a living shoreline that protects homes, businesses and public spaces from storm surges and erosion. This shows what is possible when different levels of government work together and when trades workers are empowered to bring climate-resilient designs to life.

The House resumed consideration of the motion that Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025, be read the second time and referred to a committee, and of the amendment.

[Chi Nguyen, Liberal, Spadina—Harbourfront, ON]

Mr. Speaker, I rise to speak to Bill C-15, the budget implementation act. It is a budget for a moment of profound global change. This is not a routine budget; it is a blueprint for generational transformation, a plan that would define Canada's future for decades to come. We are laying the foundation for a modern, secure and competitive Canada in the 21st century, future-proofing our economy while protecting our people, and we are doing so by making bold, responsible choices.

We will build the infrastructure, the homes and the industries that drive long-term prosperity. We will protect our communities and uphold our values, and we will empower Canadians, especially young people, with better careers, strong public services and a more affordable life. In a time of global uncertainty, Canada will not stand still. We choose to lead. We choose to build. With U.S. tariffs rising and global supply chains shifting, how we invest in Canadian infrastructure and manufacturing will shape our competitiveness and resilience for a generation. That is why the budget focuses on what we can control: building our economy here at home, stronger and faster than ever before. We are cutting waste and redirecting resources toward smart, generational investments that will grow our economy, protect communities and empower Canadians. This is our moment to build big, build bold and build now.

In times of economic uncertainty, when families across Canada are facing high rents, rising food prices and mounting child care costs, Canadians need to know that their government is protecting the programs that make life possible. These are not luxuries; these are essential for all Canadians. Toronto's families know that child care costs have historically been among the highest in the country, but investing in child care has changed that. Budget 2025 would protect the national child care program, ensuring that parents in Spadina—Harbourfront and across Canada can continue to access good-quality care. This is not just social policy; it is economic policy, enabling more parents, especially women, to participate more fully in the workforce.

We are also investing in our new Canadian dental care plan, one of the largest expansions of health care in a generation, and it is already transforming lives. Thousands of my constituents, including children, seniors living on a fixed income and low-income families, have been able to visit a dentist for the first time in years. Access to oral health is not a luxury. This is more than coverage; it is prevention. Untreated dental issues lead to pain, illness, ER visits, and missed work and school. By introducing the Canadian dental care plan, we are saving families money, reducing pressure on our health care system and protecting long-term health outcomes.

Budget 2025 would also maintain and strengthen the Canada child benefit, a lifeline for families in Toronto, where housing and food costs are among the highest in Canada. At a time of tough fiscal choices, our government chose to protect families and the services they rely on. That is leadership Canadians deserve and expect. Many parents rely on the Canada child benefit to make life more affordable. This benefit helps cover essentials, such as groceries, clothing and school supplies, the things that make raising children possible. We know this: When we invest in children, we do not just help families; we build a stronger, more resilient economy and community. We are not stopping there. We are simplifying access through automatic benefit systems, so the families who need support most receive it without barriers. From employment insurance enhancements to the permanent national school food program, the budget would reinforce the social infrastructure that keeps Canadians secure.

Protection alone is not enough. In a world of uncertainty, we cannot simply hold the line; we must move forward boldly. That is why the BIA, Bill C-15, and budget 2025 would launch the most ambitious building agenda in generations. To secure our future, we must build it, and we are building Canada strong.

When I was knocking on doors just seven months ago, I heard about the same two issues again and again: affordable housing and transit. Residents have told me time and time again that we need homes we can afford and we need transit that gets us where we need to go. These are daily realities for the people of Spadina—Harbourfront. In our city, we understand what it means to grow. We know how to live close together. We know how to thrive in dense, vibrant, connected communities. Because we know how to live together, we can lead together. Toronto can be a model for urban growth and for how cities build more neighbours, not more barriers. Through the build communities strong fund, we have committed $51 billion over 10 years to infrastructure. For Toronto, that means continued and expanded investments in transit, green infrastructure and community facilities, projects that make our city more livable, sustainable and connected.

The budget also responds boldly to the housing crisis, with $25 billion in housing commitments, including the launch of Build Canada Homes, backed by $13 billion to accelerate construction using modern, modular and sustainable methods. Build Canada Homes would double the pace of homebuilding, powered by Canadian technology, Canadian workers and Canadian innovation.

Our focus is clear: We will build more non-market, affordable community housing to meet a range of needs. We will build for families, for seniors, for students, for workers and for those at risk of homelessness. We will work with the provinces, municipalities, indigenous communities, mission-driven housing providers, non-profits, co-operatives and organizations serving women, newcomers, people with disabilities and those needing supportive housing.

The math is simple. When we build more, supply increases. When supply increases, more Canadians can find a place to call home.

Budget 2025 is not just about building houses. It is about building opportunity. For many young professionals and families in Toronto, buying a first home has felt simply out of reach. We are eliminating the GST on new homes, including condos, up to $1 million, making home ownership more attainable for more younger Canadians.

The budget is a generational investment strategy designed to unlock $1 trillion in private sector investment and position Canada for success in a world where resilience is economic strength. We are not just building for today. We are building for the next generation. We are building Canada strong. Budget 2025 is not only about building homes and infrastructure. It is about building the heart and soul of our country. The arts and culture sector is central to building the strongest and most resilient economy in the G7. It is how we tell our story. It is how we protect our sovereignty in a world where culture is influence.

By investing in the institutions that carry Canada's diverse stories to the world, we protect our cultural sovereignty, reinforce national unity and project our values across the world. Canada's values are rooted in our shared identity and deep connection to community. We have so much to be proud of, to celebrate and to defend.

That is why budget 2025 would make one of the largest investments in arts and culture in our history, with $769.3 million over four years to strengthen Canada's creative economy, support storytelling and journalism, and bring Canadians together through national celebrations and shared moments of pride.

The budget would also renew the Canada Strong pass. Families and young people will have free or discounted access to national parks, museums, galleries and rail travel, giving more Canadians the chance to explore our country and experience our history. Canada's artists, musicians, filmmakers, publishers and writers are at the heart of our creative economy. They are job creators, innovators, entrepreneurs and ambassadors for Canada on the world stage.

I am proud that Spadina—Harbourfront is home to the headquarters of the CBC, an institution that connects Canadians from coast to coast to coast. It protects our official languages and strengthens our cultural sovereignty. Budget 2025 would strengthen CBC/Radio-Canada's mandate and modernize its role in the digital age, ensuring that Canadian stories continue to be told by Canadians, for Canadians and to the world.

The arts and culture sector is not an afterthought. It is an economic driver. It is a nation-building sector. It fuels tourism, attracts investment and showcases Canada's excellence on the world stage. From a recent report by the Canadian Chamber of Commerce, we know that over the past three years, the sector has grown nearly twice as fast as the broader economy; cultural exports have reached a record $25 billion, and GDP from the sector has risen almost 8%. It now supports more jobs per dollar than oil and gas, manufacturing or agriculture, and it generates $17 billion in government tax revenue. The return on public investment is extraordinary. For every dollar the federal government invests, the arts and culture sector generates $29 in economic activity.

Supporting arts is not a luxury. It is a strategic investment in economic strength, national unity and Canadian sovereignty. When we invest in the creative economy, we are not only creating jobs; we are protecting our identity and strengthening Canada's voice in the world.

Budget 2025 is a plan to build, protect and empower. It would protect the social programs that families rely on. It would build the homes, infrastructure and industries our communities need. It would empower Canadians and our cultural sector to tell Canada's story to the world. For Spadina—Harbourfront, for Toronto and for all Canadians, this is a budget to prepare us for a stronger, more resilient future.

[Frank Caputo, Conservative, Kamloops—Thompson—Nicola, BC]

Mr. Speaker, it is always a pleasure to rise on behalf of the people of Kamloops—Thompson—Nicola. Before I begin, I want to recognize a very special birthday for a resident of Kamloops—Thompson—Nicola, and that is the 40th birthday of my friend and a wonderful lawyer, Greg Thompson. I wish him and his family all the best on his 40th.

I listened to my colleague's speech, and I do not believe we have had the opportunity to have an intervention with one another in the House.

We talk about the budget; the budget is adding a tax base of $5,400 of debt for every family.

How is that tenable? When are we ever going to dig out of this debt, which will cripple future generations?

[Chi Nguyen, Liberal, Spadina—Harbourfront, ON]

Mr. Speaker, my colleague's question is a very thoughtful one. Our government has taken a very prudent, smart and responsible approach to how we are delivering the budget, our first budget under the Carney government. We are making choices—

[The Deputy Speaker, Tom Kmiec]

The member cannot use the Prime Minister's last name or first name in the House of Commons.

I will return the time to the member if she can finish.

[Chi Nguyen, Liberal, Spadina—Harbourfront, ON]

Mr. Speaker, with our new government, the choices we are making are about protecting the social infrastructure and the core pieces I know my residents in Spadina—Harbourfront talk about as really key to securing their future: the programs and the social infrastructure. These are the choices we are making as a government to continue to support Canadians.

[Andréanne Larouche, Bloc, Shefford, QC]

Mr. Speaker, I am very pleased to hear my colleague speak about culture in the House.

In Quebec, we fully appreciate that our cultural sector contributes to our economy. While we are on the topic of culture, I would like to hear the member's thoughts on the issue of discoverability and, better yet, the connection between democracy and strong local media.

Unfortunately, while the government prides itself on supporting the cultural sector, it has completely abandoned local media. These outlets help promote local artists and get people interested in municipal politics, which upholds democracy at the local level. Unfortunately, the government has completely abandoned this diversity of viewpoints and this media diversity. It has not announced anything for community media or local media.

Of course, it boasts about allocating $38 million to the local journalism initiative. In my region, La Voix de l'Est and other media outlets like Le Val-Ouest use these funds, and that is appreciated. However, that is not going to ensure the survival of community media and private media in the regions.

[Chi Nguyen, Liberal, Spadina—Harbourfront, ON]

Mr. Speaker, I thank my esteemed colleague for her question.

I know that the work of local democracy and local journalism is critical for storytelling and for the information ecosystem we need in this country. That is why we have committed $37 million to the local journalism fund. That kind of investment will strengthen democracy and ensure that Canadians have access to high-quality local news that will allow us to understand what is happening in our country.