Budget 2025 Implementation Act, No. 2

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

Sponsor

Status

In committee (House), as of June 10, 2026

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Summary

This is from the published bill. The Library of Parliament has also written a full legislative summary of the bill.

Part 1 implements certain measures in respect of the Income Tax Act and the Income Tax Regulations by
(a) providing temporary immediate expensing for eligible manufacturing or processing buildings;
(b) delivering automatic federal benefits for lower-income individuals;
(c) expanding the anti-avoidance rule for direct trust to-trust transfers to include indirect transfers of trust property to other trusts;
(d) limiting the deferral of tax on investment income resulting from the use of tiered corporate structures with mismatched year ends;
(e) clarifying the expenses that qualify as Canadian exploration expenses;
(f) implementing the Crypto-Asset Reporting Framework;
(g) removing bankrupt corporations, trusts and partnerships from the exception to the debt forgiveness rules;
(h) introducing a supplementary rule to strengthen the tax debt anti-avoidance rule;
(i) expanding the clean hydrogen investment tax credit to include hydrogen produced from methane pyrolysis as an eligible production pathway;
(j) enhancing the efficiency and effectiveness of information gathering during tax audits;
(k) providing that no Canada Carbon Rebate payments would be made in respect of tax returns, or adjustment requests, filed after October 30, 2026;
(l) simplifying, streamlining and harmonizing the qualified investment rules; and
(m) making a number of technical amendments, including to correct inconsistencies and to better align the law with its intended policy objectives.
It also amends the Excise Tax Act , in relation to certain measures in respect of the Income Tax Act , and the Income Tax Conventions Implementation Act, 1996 , which suspends the operation of the Canada-Russia Income Tax Agreement. Finally, it amends the Air Travellers Security Charge Act , the Excise Act, 2001 and the Select Luxury Items Tax Act in relation to certain measures in respect of the Income Tax Act .
Part 2 amends the Global Minimum Tax Act to, among other things, implement the UTPR that subjects the Canadian constituent entities of certain MNE groups to top-up tax in respect of the low-taxed profits of constituent entities of those MNE groups not already subject to an IIR or qualified domestic minimum top-up tax, implement certain aspects of the administrative guidance in respect of the GloBE Model Rules approved by the Inclusive Framework and published by the OECD and implement a number of technical amendments to correct mistakes or inconsistencies and to better align that Act with its intended policy objectives. This Part also makes amendments to the Access to Information Act , the Income Tax Conventions Interpretation Act and the Tax Court of Canada Act .
Part 3 amends the Excise Tax Act , the Excise Act , the Excise Act, 2001 and other related texts to implement various measures.
Division 1 of Part 3 implements certain measures in respect of the Excise Tax Act and related texts by
(a) clarifying the tax treatment of federally regulated credit unions for Goods and Services Tax/Harmonized Sales Tax (GST/HST) purposes;
(b) extending the application of the special GST/HST rules for certain investment plans to first home savings accounts;
(c) clarifying the application of the imported supply rules to financial institutions in respect of insurance policies or loans relating to persons resident in, or property located in, Canada;
(d) clarifying the GST/HST treatment of certain services supplied by the Canadian Payments Association or any of its members as a consequence of a recent amendment to the Canadian Payments Act ;
(e) ensuring that special GST/HST rules for financial institutions apply correctly to certain small investment plans, master pension entities, insurers that issue only annuities and sureties of performance bonds;
(f) making technical corrections to the input tax credit rules respecting the change in use of property following a sale of a business and to the GST/HST rules for financial institutions relating to mergers of investment plans;
(g) ensuring that the GST/HST applies properly to Lloyd’s Insurance;
(h) clarifying, in respect of financial institutions that do business in an HST province and at least one other province, filing requirements and rules related to the recovery of embedded GST/HST amounts;
(i) providing a six-month period, following the death of an individual who is a GST/HST registrant, during which no return of the individual or their estate is required to be filed;
(j) ensuring that a GST/HST reporting election between a supplier and its agent continues to apply despite the amalgamation, merger or wind-up of either party;
(k) authorizing the Canada Revenue Agency to share information with international tax authorities with which Canada has an information-sharing agreement, in a manner consistent with the Income Tax Act ; and
(l) making a number of technical amendments to correct inconsistencies and to better align the law with its intended policy objectives.
Division 2 of Part 3 implements certain measures in respect of the Excise Act , the Excise Act, 2001 and other related texts by
(a) making technical corrections in respect of the computation of the additional excise duty on cigars and the computation of negative amounts generated by statutory formulas;
(b) clarifying the tax treatment of certain cannabis and vaping products that are unaccounted for or that are taken for use;
(c) implementing a new limit in respect of packaged raw leaf tobacco for importation for personal use and making consequential amendments to ensure the proper enforcement of the new limit;
(d) allowing the Canada Revenue Agency to consider and grant relief to brewers in certain circumstances;
(e) extending the maximum validity period for certain licences from two years to three years; and
(f) authorizing the Canada Revenue Agency to share information with international tax authorities with which Canada has an information-sharing agreement, in a manner consistent with the Income Tax Act .
Part 4 enacts an Act and amends several Acts in order to implement various measures.
Division 1 of Part 4 amends the Trust and Loan Companies Act , the Bank Act and the Insurance Companies Act to prohibit financial institutions from issuing documents in bearer form and provide for the replacement of documents that are currently in bearer form.
Division 2 of Part 4 amends the Trust and Loan Companies Act , the Bank Act and the Insurance Companies Act to provide that no action lies against His Majesty in right of Canada and federal government officials for any acts or omissions made in good faith under those Acts.
Division 3 of Part 4 amends the Bank Act to require an institution to offer or sell deposit products in a non-discriminatory manner in certain circumstances.
Division 4 of Part 4 amends the Financial Administration Act to provide the Governor in Council with authority to make regulations with respect to the conditions under which contracts may be entered into by His Majesty or a Crown corporation. The Division also amends the Department of Public Works and Government Services Act to provide the Governor in Council with authority to make regulations respecting the complaints that may be reviewed by the Procurement Ombudsman and the persons who may file a complaint. The Division also makes a related amendment to the National Capital Act .
Division 5 of Part 4 increases the maximum amounts for accessing the Tax Court of Canada’s informal procedure for appeals under the Income Tax Act and Part IX of the Excise Tax Act .
Division 6 of Part 4 amends Schedule II to the Access to Information Act to prohibit the disclosure of confidential information obtained under the Retail Payment Activities Act or prepared from information obtained under that Act.
Division 7 of Part 4 amends the National Housing Act to increase the total of Canada Mortgage and Housing Corporation outstanding guarantees that are in force. The Division also amends the Protection of Residential Mortgage or Hypothecary Insurance Act to increase the limit for loans that are insured under that Act.
Division 8 of Part 4 amends the Bankruptcy and Insolvency Act to provide the Superintendent of Bankruptcy with the power to request various orders from the court if an unlicensed person acts or represents itself as a licensed trustee, and if a person solicits from another person insolvency filings under that Act or makes representations that are false or misleading in a material respect in relation to bankruptcy and insolvency. The Division also increases the maximum fines for certain offences under that Act.
Division 9 of Part 4 amends the Canada Labour Code to, among other things, prohibit non-compete clauses and other employment-related restrictions, except in certain circumstances.
Division 10 of Part 4 amends the Canadian Human Rights Act to eliminate the position of Deputy Chief Commissioner of the Canadian Human Rights Commission and to provide that the person holding that office is deemed to have been appointed as Chief Commissioner.
Division 11 of Part 4 amends the International Development Research Centre Act to, among other things, reduce the number of members of the Board of Governors of the International Development Research Centre from 14 to 12.
Division 12 of Part 4 amends the Tobacco and Vaping Products Act to provide that a review of the provisions and operation of that Act must be undertaken within five years after the report on the previous review has been tabled in both Houses of Parliament rather than every two years and to specify the period within which the report on the review must be tabled.
Division 13 of Part 4 amends the Pest Control Products Act to replace the mandatory re-evaluation of registered pest control products with a requirement for the Minister of Health to initiate a re-evaluation if, after carrying out an assessment, that Minister has reasonable grounds to believe that the health or environmental risks of a product have increased significantly.
Division 14 of Part 4 amends the Territorial Lands Act to, among other things,
(a) empower the Governor in Council, if the Governor in Council is of the opinion that it is in the national interest, to make orders
(i) to take certain measures with respect to certain lands in Nunavut, including to cancel licences to prospect, the recording of claims or leases of recorded claims or to provide that claims are not to be recorded, that leases of recorded claims are not to be issued or that licences to prospect or leases of recorded claims are not to be renewed, and
(ii) to provide for prohibitions associated with those measures for the persons that are the subject of the orders, including prohibiting the making of an application for a licence to prospect, to record a claim or to lease a recorded claim;
(b) provide that the Minister of Northern Affairs may determine whether compensation is to be paid to certain mineral rights holders that are the subject of the orders referred to in paragraph (a) and, if so, the amount; and
(c) empower the Governor in Council to make regulations respecting the implementation of the orders referred to in paragraph (a) and the compensation referred to in paragraph (b).
Division 15 of Part 4 amends the Red Tape Reduction Act to, among other things, ensure that the provisions of the Official Languages Act , or the provisions of an instrument made under that Act, cannot be the subject of an exemption under Part 2 of the Red Tape Reduction Act .
Division 16 of Part 4 contains measures relating to procurement, production and investment in respect of national defence and national security.
Subdivision A of Division 16 enacts the Defence Investment Agency Act . That Act establishes the Defence Investment Agency, whose mandate is to assist the Minister who presides over that Agency in the exercise of the Minister’s powers and performance of the Minister’s duties and functions relating to production, procurement and investment in respect of national defence or national security. That Act also provides for certain other powers, duties and functions of that Minister. Subdivision A also makes related and consequential amendments to other Acts.
Subdivision B of Division 16 amends the Defence Production Act to, among other things,
(a) extend the application of that Act to supplies and projects related to national security and to services related to national defence and national security;
(b) provide that the Minister who presides over the Defence Investment Agency has exclusive authority to acquire supplies and services related to national defence and national security that are required for the purposes of a department, board or agency of the Government of Canada, subject to certain exceptions;
(c) extend the purposes for which that Minister may engage in stockpiling to include national defence and national security, including economic security, and the defence and security of an associated government or other state;
(d) provide that Minister with new financial authorities, including the authority to enter into financial transactions for the purpose of investment in national defence and national security sectors; and
(e) establish procurement rules in relation to national defence and national security.
Subdivision B also makes consequential amendments and terminology changes to certain legislative texts.
Division 17 of Part 4 amends the Canada Transportation Act to, among other things,
(a) authorize the Governor in Council to choose to have the backlog of air travel complaints resolved by third parties engaged by the Minister of Transport or the Canadian Transportation Agency;
(b) transfer responsibility for the resolution of air travel complaints from the Canadian Transportation Agency to the Minister of Transport;
(c) authorize the Governor in Council to choose to have future air travel complaints resolved by third parties approved by the Minister of Transport;
(d) transfer authority to make regulations respecting air passenger rights from the Canadian Transportation Agency to the Minister of Transport;
(e) remove mandatory confidentiality requirements regarding air travel complaints; and
(f) increase the maximum administrative penalty payable by corporations for certain violations of the Canada Transportation Act or its regulations.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from Parliament. You can also read the full text of the bill.

Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other C-31s:

C-31 (2022) Law Cost of Living Relief Act, No. 2 (Targeted Support for Households)
C-31 (2021) Reducing Barriers to Reintegration Act
C-31 (2016) Law Canada-Ukraine Free Trade Agreement Implementation Act
C-31 (2014) Law Economic Action Plan 2014 Act, No. 1

Votes

June 3, 2026 Passed 2nd reading of Bill C-31, A second Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (all remaining provisions of the bill)
June 3, 2026 Passed 2nd reading of Bill C-31, A second Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (Part 4, Division 17, that is clauses 339 to 364 of the bill)
June 3, 2026 Failed 2nd reading of Bill C-31, A second Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025 (reasoned amendment)
June 1, 2026 Passed Time allocation for Bill C-31, A second Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025

Debate Summary

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This is a computer-generated summary of the speeches below. Usually it’s accurate, but every now and then it’ll contain inaccuracies or total fabrications.

Bill C-31 is a complex budget implementation act that establishes a new Defence Investment Agency to streamline military procurement, amends the Pest Control Products Act, and implements various fiscal measures. Opposition parties have criticized the bill as an omnibus measure that lacks transparency and accountability.

Liberal

  • Strengthening the national economy: The party prioritizes a one Canadian economy approach by removing interprovincial barriers, diversifying global trade markets, and establishing a sovereign wealth fund to drive major infrastructure investments across all regions of Canada.
  • Modernizing defence procurement: Bill C-31 proposes a stand-alone Defence Investment Agency to streamline equipment delivery for the Armed Forces, meet NATO spending benchmarks, and leverage procurement to support Canadian manufacturing and technological innovation.
  • Protecting Northern sovereignty: Amendments to the Territorial Lands Act give the government tools to safeguard mineral rights in the national interest, ensuring responsible resource development and deeper economic partnerships with Inuit and Northern communities.
  • Addressing affordability and housing: The legislation includes measures to lower the cost of living and accelerate housing construction, particularly near transit hubs, while maintaining robust social programs for seniors, women, and vulnerable populations.

Conservative

  • Address the economic recession: Conservatives argue the bill fails to address the current recession or reduce wasteful government spending, which fuels inflation and contributes to record-high food bank usage across Canada.
  • Reform defence procurement oversight: Members oppose Division 16, asserting it creates a bureaucratic Defence Investment Agency with broad, unaccountable spending powers and potential for patronage instead of addressing the military's actual operational needs.
  • Provide tax and housing relief: The party calls for eliminating federal fuel taxes and removing the GST from new home construction to combat the cost-of-living crisis and encourage housing development.
  • Oppose omnibus legislative tactics: Conservatives criticize the bill’s omnibus nature, arguing that substantive changes to defence procurement and transportation require separate legislation to ensure proper parliamentary scrutiny and accountability.

NDP

  • Tax corporate excess profits: The NDP criticizes the government for prioritizing corporate subsidies over families and calls for an excess profit tax on grocery and oil companies to fund public services and help Canadians manage rising costs.
  • Enforce the Canada Health Act: The party demands federal enforcement of the Canada Health Act against healthcare privatization and calls for full commitment to universal pharmacare, integrated mental health care, and expanded dental care for all Canadians.
  • Oppose international development cuts: Heather McPherson rejects the $2.7-billion cut to international development assistance, asserting that Canada is retreating from its responsibility to lead in peacekeeping and diplomacy during a period of global economic instability.
  • Address structural affordability issues: The party argues that temporary rebates fail to solve underlying economic insecurity, advocating for a focus on structural changes including large-scale housing projects and investments directly in people rather than shareholders.

Bloc

  • Lack of transparency and consultation: The Bloc opposes the bill and the government's use of closure motions, arguing that the Liberals have abandoned meaningful consultation with opposition parties and are rushing the massive bill through without proper technical briefings.
  • Fails to address Quebec's priorities: Members critize the legislation for failing to address the tariff crisis affecting Quebec's SMEs, the forestry industry's needs, and the provincial government's requests for funding regarding asylum seekers and stolen election funds.
  • Opposes oil industry subsidies: The party rejects the bill's expansion of subsidies to the oil and gas industry and criticized the classification of methane-derived hydrogen as clean, arguing these measures contradict environmental priorities and waste billions in potential revenue.
  • Concerns about passenger protection: The Bloc expresses concern that the bill reduces government accountability by allowing private firms to handle air traveller complaints, potentially leaving passengers at the mercy of companies selected by the airlines themselves.

Green

  • Restricted parliamentary debate: The Green Party opposes the frequent use of time allocation and gag orders on massive omnibus bills, arguing it prevents the necessary scrutiny and debate required for substantial legislation.
  • Weakening pesticide oversight: Elizabeth May criticizes changes to the Pest Control Products Act that replace mandatory 15-year cyclical re-evaluations with discretionary assessments, arguing this shift undermines science-based protections for human health and the environment.
  • Prioritizing economics over health: The party expresses concern that new provisions allow cabinet to override scientific health and safety decisions regarding dangerous pesticides based on economic interests, potentially compromising national safety for commercial gains.
Was this summary helpful and accurate?

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 12:40 p.m.

Winnipeg North Manitoba

Liberal

Kevin Lamoureux LiberalParliamentary Secretary to the Leader of the Government in the House of Commons

Mr. Speaker, there is no surprise at the approach the Conservative Party of Canada is taking. It does not necessarily believe in investing in Canada's infrastructure. The information that the member talks about focuses on taxes and tax breaks. The government has provided tax breaks for the issue of affordability in several different ways. I will get into that in my comments.

I would like to understand why the Conservatives say two things. The first thing they constantly say is that Canada is broken, and the second, which is their default or natural fallback, is to tell us to just get out of the way.

Why do the Conservatives not believe in investing in Canadians and investing in Canada?

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 12:40 p.m.

Conservative

Eric Duncan Conservative Stormont—Dundas—Glengarry, ON

Mr. Speaker, when I talk about our economy, I am saying that it is the Liberal government that is broken. Let us make it very clear: We are now in a recession. We have seen negative growth for two quarters in a row, and over the course of the last year, three of those four quarters have seen negative growth. That is the Liberal record. That is the reason we are criticizing the Liberal government and its record. It is clearly not working.

Let us be very clear: We are the only G7 country now in a recession. All the other G7 countries are facing the same headwinds with tariffs, gas prices and oil prices. They are facing the exact same circumstances and headwinds, yet they are not in a recession. Canada is the only G7 country in a recession. That is the Liberal Prime Minister's record.

When we criticize, we are criticizing the Liberal government's record, because as Statistics Canada is showing today, we are going into a recession. Clearly the government's plan is not working.

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 12:40 p.m.

Conservative

Rachael Thomas Conservative Lethbridge, AB

Mr. Speaker, my hon. colleague talked about where Canada is at economically. I would like him to drill down on that further and its impact on Canadians.

What I mean is that the Liberal government has spent and spent for over a decade, and today we learned that Canada is now in a recession. It is the only G7 country to enter into that. That is due to the current Prime Minister's policies.

That is more than stats on a page. That impacts Canadians. It impacts families. It impacts seniors. It impacts students. It impacts those who are simply trying to make ends meet. I am curious if my colleague would care to expand on that impact.

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 12:40 p.m.

Conservative

Eric Duncan Conservative Stormont—Dundas—Glengarry, ON

Mr. Speaker, my colleague from Lethbridge has an insightful question, and I thank her for the opportunity to reflect.

Today, I am thinking, as we look at the struggles, that the data confirms that Canada is the only G7 country going into a recession. Canada is officially in a recession under the Liberal government. Today, I am thinking of the millions of Canadians who are relying on food banks. Under the government, we have seen food prices double over the course of the last 10 years.

We have also seen rent and housing prices double, not just in Cornwall and Stormont—Dundas—Glengarry, but in every part of the country. We are seeing the strain when it comes to housing. We are seeing the strain on our immigration system and the chaos there. We are seeing, when it comes to affordability, things getting worse. The Liberals have a big laundry list of all the things they claim to be doing to help with affordability, but affordability has never been more difficult for families to meet.

Whether it is the House of Lazarus in Mountain, the Agapè Centre in Cornwall, or Saint Vincent de Paul in Cornwall or Alexandria, we have many people and organizations stepping up to help thousands of people in need in this country. Our goal, as Conservatives, is to change the trajectory, to get ourselves back out of the recession and have Canadians able to afford rent and food in this country. After 11 years, things have gotten worse, not better, under the Liberal government. That is the fact.

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 12:45 p.m.

Winnipeg North Manitoba

Liberal

Kevin Lamoureux LiberalParliamentary Secretary to the Leader of the Government in the House of Commons

Mr. Speaker, Canada has the best credit rating in the G7, arguably in the world, with a AAA rating. We have the opportunity to use our financial space in order to build a stronger Canada.

Why does the Conservative Party oppose that?

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 12:45 p.m.

Conservative

Eric Duncan Conservative Stormont—Dundas—Glengarry, ON

Mr. Speaker, deficits and money printing add to inflation, the inflationary fire being set by the Liberal government. We are seeing now our public debt at $1.4 trillion, and it is expected to go to $1.8 trillion by the year 2030. That is using the government's own summary statement of transactions when it comes to budgetary revenues and expenses.

For 11 years, the government has borrowed and spent incredible amounts. We are seeing affordability get worse. We are seeing housing access get worse. We are seeing our immigration and government services getting worse. It leaves a lot—

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 12:45 p.m.

The Deputy Speaker Tom Kmiec

Resuming debate, the hon. parliamentary secretary to the government House leader has the floor.

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 12:45 p.m.

Winnipeg North Manitoba

Liberal

Kevin Lamoureux LiberalParliamentary Secretary to the Leader of the Government in the House of Commons

Mr. Speaker, let me give a bit of a sense of this to those who might have been following the debate over the last number of months here in the House of Commons. Let me give a sense of the reality of what has taken place since the last federal election.

I think we do need to take a more holistic approach, because the picture that the Conservatives paint every day, whether inside or outside the House, is one that leads to an opinion, which the Conservative leader says all the time, that Canada is broken, when actually nothing could be further from the truth.

Looking at the lead-up to the last federal election just over a year ago, we can ask what was on the minds of Canadians back then. People were concerned about Trump, the tariffs, trade and the issue of crime. Those were the top four issues that were raised with me constantly. Health care was also something that was raised. I would like to be able to attempt to deal with those.

The issue of affordability really started to gel and come to the surface just prior to the election, when the Prime Minister made the commitment to get rid of the carbon tax. Members will recall that it was the very first initiative that our Prime Minister took.

Then we went into an election where, by far, the issue was, as I say, the three Ts: Trump, tariffs and trade. We made a commitment back then to Canadians that, as a government, we would build one Canadian economy. We would look at diversification of our trade. We would look at how we could attract more investment into Canada.

Canadians had the opportunity to take a look at the Prime Minister's background and what it was that the leader of the Liberal Party was proposing during the last federal election. They understood that he had been the Governor of the Bank of Canada, a Stephen Harper appointee. He was not a Liberal appointee. It was Stephen Harper who appointed him to be the Governor of the Bank of Canada. He then went on to be the Governor of the Bank of England.

The Prime Minister's economic credentials are not questionable. He is someone who has been looked at as a source, in many different ways, of providing economic advice, not just here in Canada. Canadians contrasted him to, as I have said before, the leader of the Conservative Party, who is, much like myself to a certain degree, a career politician. That is not to take anything away from career politicians, but I do believe that, at a time when Canadians were looking for someone to take care and provide that sense of security and understanding of the economy, they chose, I would argue, the right person. Never before had the Liberal Party of Canada received as many votes as it did in the last national election. I attribute that in good part to the background of Canada's Prime Minister.

We should take a look at some of the things that have taken place since we first formed government. I already made reference to getting rid of the carbon tax. The government, shortly after the election, brought forward legislation, in particular, Bill C-5, and a commitment to Canadians to reduce the middle-class tax rate, and 22 million Canadians benefited from that tax break. Our population, by the way, is just over 40 million people.

We also brought in legislation to bring forward a one Canadian economy. I remember, shortly after the election, how busy the government was in terms of reaching out to and consulting and working with premiers, indigenous leaders, business leaders and union leaders, in whole or in part, to really amplify how important it was that we work collectively, in a collaborative fashion, to build a stronger and healthier Canada that is there for all Canadians, in every way, whether it was of an economic nature, a health care nature or a crime nature.

In order to be able to achieve that, we have to have a sense of co-operation. There needs to be collaboration. Many of the responsibilities that I just listed off are joint responsibilities. When we talk about building a one Canadian economy, that means taking down the barriers that would allow for more trade, whether it is merchandise or labour, among the federation. We actually did that. We took down the national barriers. We also continue to encourage, where we can, like-minded provinces and territories to do likewise. We have seen significant progress in that area. There have been significant initiatives taken by provincial jurisdictions in Canada to build upon the principle of a one Canadian economy. I hope that we continue to see barriers being taken down.

The Prime Minister also made a commitment to build a stronger Canada by investing in infrastructure and in major projects, again, looking to the different stakeholders in particular provinces and territories, indigenous leaders and others, to identify what those major projects should be.

The office is located Alberta, which is one of the driving economic forces in the nation. I was pleased at the decision to locate the Major Projects Office there.

When we take a look at the amount of investment that is projected to go through that office, we are talking somewhere in the neighbourhood of $150 billion. Those are investments that are going to be throughout our nation. Every region of Canada will invest because we have a Prime Minister who understands the federal system and understands the benefits of working collaboratively with others to ensure that we have the right projects and that all regions of our nation are going to benefit.

We talk about, and we will put into place, Canada being an energy superpower in the world. Members can take a look at the major projects that we are talking about from coast to coast and will see the potential of things like energy and wind power in Atlantic Canada. We can talk about nuclear power in Ontario. We can talk about fossil fuels in Alberta, Saskatchewan and the Prairies, where I am from. I have lived many years in all three provinces. I have a personal thing that I love about our Prairies. In B.C., we have LNG. The opportunities are there. They are real. They are tangible.

The Prime Minister, the cabinet and all Liberal members of Parliament understand why it is so important that we do not do what the Conservative Party is saying and just get out of the way. To me that would be silly. We recognize that the government has a role, and we have seen that in a very tangible way with these major projects. They are just some of the things that I talk about with regard to energy.

We can talk about our resources and mining opportunities in northern Canada. In Saskatchewan, there is potash and copper. In B.C., there is copper. We have a forest industry that we are supporting in whatever way we can today, because we want it to be there for future generations. We understand the true value of the resources that Canada has and the ways we can work through consultation, in particular with indigenous peoples, provinces and territories. When I talk about the idea of building bigger and better, we can do it at the same time as protecting our environment; expanding, where we can, our national parks; and protecting our waterways, all of which are very important to this government. We will do the work that is necessary to ensure that there is sustainable development, because we recognize that is the expectation that Canadians have.

We have seen things in this budget and in the budget implementation bill that I would have thought every member of the House would have been in support of. I was disappointed in the collective opposition parties, in terms of their not seeing the benefit of a sovereign wealth fund. They come up with excuses to try to justify their position on it, but they do not realize there are many nations that have sovereign wealth funds. It has been demonstrated that they can work and that they can be effective. This is a wonderful opportunity for the government to allow Canadians to invest. It is a wonderful opportunity for us to see the types of investments that we are going to need in order to get many of the major projects not only off the ground, but completed.

This government and this Prime Minister have a very high objective. The bar has been set at a trillion dollars over five years, and we are committed to achieving that and to making sure that we continue to strive to make Canada the strongest economy in the G7, and we are prepared to do the necessary work.

We need to realize what has taken place south of our border. It has had an impact; let there be no doubt about it. That is the reason we have the tariff issues. We have supports in place to protect some of our most valuable industries. We will continue to have the backs of the workers who are being most affected by some of the decisions that are being made in the United States today.

However, having said that, as the Prime Minister indicated in the last election, we are committed to diversifying our trading opportunities far beyond the Canada-U.S. border.

That means taking a look at export opportunities in areas where we have seen trade agreements brought to the floor of the House. There were two, one with Indonesia and one with Northern Ireland and the U.K. That is legislation we have already passed through the House, not to mention the dozen other trade agreements that were signed.

We are talking with two great nations that I am a very big fan of, India and the Philippines. The Prime Minister has had communications directly with both the President and the Prime Minister. I am very optimistic that Canada will have trade agreements with the Philippines and India in 2026.

Canada is the only nation to have trade arrangements and agreements with all G7 countries. Canada is a trading nation. We make up 0.5% of the population, yet we contribute 2.5% to world trade. We understand the importance of trade and we have been very successful at reaching out. If we talk to the Prime Minister or other ministers, like the Minister of Agriculture, the Minister of Foreign Affairs or the Minister of International Trade, what we hear when they come back is that everyone wants to do business with Canada. We need to set the stage to allow that to happen. That is why we have a Prime Minister and a government committed to being in Toronto this September, where we are going to have investment, ideas, thoughts and billions in potential out there that we need to secure to help build Canada strong.

I can tell members that there is a very strong social component to this government. We are committed to the Canada Health Act. We are committed to supporting people through our social net. Whether it be for seniors, young people or people with disabilities, we are providing those core services that are absolutely essential. We are continuing to support programs such as the OAS, the GIS and the New Horizons program, all of which are for seniors. With respect to health care, whether it is dealing with things such as mental health, home care or providing that financial support, we continue to support it financially in a very big way. No government has given more money toward health care than the current government, and there were no cuts made there. At the end of the day, we need to focus our attention on the way we can continue to see that growth.

At the tail end of his speech, the last Conservative speaker talked about the military. I indicated that it is truly amazing that the Conservatives spent at one point just under 1% of the GDP on the military and the Canadian Armed Forces. This government, under this Prime Minister's leadership, has already hit 2% of the GDP. However, that is not good enough. We are also looking at ways to modernize, generate and support a military industry. Canada already contributes worldwide in that industry area, but there is so much more that we can do. Just earlier this week we had a good example of that. By working collaboratively with our international allies, there is so much more potential. Unlike the Conservative Party of Canada, we will not neglect that area because we see the potential. Equally, we have legislation before us that will enable us to grow.

Yes, there will be some bumps as we go forward, but let there be no doubt that every single Liberal member of Parliament is committed to building Canada strong, a Canada that is there for every Canadian, and we will have their backs.

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 1:05 p.m.

Conservative

Garnett Genuis Conservative Sherwood Park—Fort Saskatchewan, AB

Mr. Speaker, I do not think the member has well understood the debate about the sovereign wealth fund. I will explain it simply by analogy. If I open a savings account to save my money, that is a good idea. If I have no money, so I open a savings account then take money off the credit card and put it in the savings account, that does not make a lot of sense. The issue is not the existence of the account but whether or not we have something to put into it.

The principle of having a sovereign wealth fund is great, but when the government is running massive deficits, its proposal is not for a sovereign wealth fund. It is for a sovereign debt fund. It would be taking out even more money we do not have and then requiring the additional costs and capacity around a fund that would invest borrowed money. There is also a lack of the protections from political interference, and all kinds of other problems.

Will the parliamentary secretary recognize the real problem and understand that the Liberals should not have a sovereign debt fund that would land on future generations?

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 1:05 p.m.

Liberal

Kevin Lamoureux Liberal Winnipeg North, MB

Mr. Speaker, part of what the member said might actually have been a little encouraging, because he seems to imply that, in principle, he would support a sovereign wealth fund. Well, I can tell the member opposite that there are many countries that actually have a sovereign wealth fund for which borrowed money was used.

If the member genuinely supports the principle of a sovereign wealth fund, I would suggest that he flip his position and actually support it. The Conservative Party should change its position and support the sovereign wealth fund, a Canada Strong fund in which Canadians will ultimately be able to invest. I think that there might be some hope for some members of the Conservative caucus.

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 1:05 p.m.

Liberal

Doug Eyolfson Liberal Winnipeg West, MB

Mr. Speaker, we hear the phrase “Government should get out of the way.” Whenever I hear that phrase, I think that someone has been reading a little too much Ayn Rand.

I would like to ask the hon. member this: In the face of the punishing tariffs from the United States, what would be happening to Canadian businesses if government got out of the way?

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 1:10 p.m.

Liberal

Kevin Lamoureux Liberal Winnipeg North, MB

Mr. Speaker, whether it is the Prime Minister, the government, or any member of the Liberal caucus, that is something we will not do, because we understand the significance of the Canada-U.S.A. relationship. Billions of dollars cross our borders every day. The relationship between Canada and the United States is well rooted, but there is something that is really important for us to recognize: Canada is a sovereign nation.

We are not going to capitulate, as the Conservatives were proposing yesterday, on our arts programs in Canada. We are going to continue to recognize that if it is going to take time, we are prepared not only to take the time but also to put the resources and energy into ensuring that Canada gets the best deal possible. On Trump version one, what we found was there was an abandonment by the Conservative Party. We are not going to do that. We are going to persist at getting that deal.

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 1:10 p.m.

Conservative

Connie Cody Conservative Cambridge, ON

Mr. Speaker, the bill would allow ministers to hand out sole-source contracts to insider friends without competition. I am wondering if the member agrees that if there is no clear mechanism to hold ministers accountable when decisions go wrong, this is effectively granting immunity from consequences.

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 1:10 p.m.

Liberal

Kevin Lamoureux Liberal Winnipeg North, MB

Mr. Speaker, this is one of the things that really have not changed since the last election. In fact, this has been there for a long time. Even when I was in opposition, the Conservative twist always seems to be to attack the personalities through personal character assassinations. We often hear that today and have heard it in the past. It is a consistent issue for the Conservative Party.

I say to my friends opposite that, as much as they like to attack the character of individuals such as the people who sit on the government benches, our benches will continue to focus on Canadians and on building Canada strong.

Budget 2025 Implementation Act, No. 2Government Orders

May 29th, 2026 / 1:10 p.m.

Liberal

Bruce Fanjoy Liberal Carleton, ON

Mr. Speaker, building Canada strong for all creates an extraordinary opportunity in the trades. Can the hon. member please inform the House of the opportunities that exist for young people in the trades?