Finance Committee on Nov. 8th, 2017

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

In regard to that, Minister, because you have said that the concern is about consumers mixing up the terms of entities that use the term “bank”, I'm sure you would agree with me that a food bank would not be subject to OSFI's regulation in this regard.

[Bill Morneau, Liberal, Toronto Centre, ON]

Can I help you in some way? Is there...?

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

I just asked you a question. I was hoping you'd answer it.

[Bill Morneau, Liberal, Toronto Centre, ON]

I'm clearly not involved in food banks in this country.

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

Again, it's an entity operating using the term. I would certainly hope that you would agree that this would not be the intent of the Bank Act?

[Bill Morneau, Liberal, Toronto Centre, ON]

We've worked together with the Credit Union Association and the credit unions to ensure that we preserve their ability to be an important part of our economy, which they are. I will continue to make sure those consultations move forward in a way that protects their ability to effectively provide their services to Canadians who seek them.

[Dan Albas, Conservative, Central Okanagan—Similkameen—Nicola, BC]

I certainly won't be offended, Mr. Chair, if he utilizes exactly the same language. Ultimately, it's about giving the certainty that credit unions deserve so that they can help our local economies. I hope the minister would agree that it shouldn't matter who gets the credit. It's about doing things right by Canadians.

Thank you.

[The Chair, Liberal, Wayne Easter]

I don't believe there's a question there.

Mr. Fergus.

[Greg Fergus, Liberal, Hull—Aylmer, QC]

Thank you, Mr. Chair.

Sometimes, Minister, it's unfortunate and it's certainly to be regretted that some people are more interested in striking a pose when they ask a question than being able to discern an important answer.

One of the answers you gave that I think is well worth going over was when you said, “within the time period that we are estimating, we will actually have the lowest debt burden as a function of our GDP in 40 years”.

Can you talk about that and can you talk about why that's important?

[Bill Morneau, Liberal, Toronto Centre, ON]

What we're obviously trying to—

[The Chair, Liberal, Wayne Easter]

We're in the supplementaries.

[Greg Fergus, Liberal, Hull—Aylmer, QC]

It came up in a discussion that took place right across the table.

I'm sorry, Mr. Chair.

[The Chair, Liberal, Wayne Easter]

Okay.

We'll let one question go on that.

Go ahead, Mr. Minister.

[Bill Morneau, Liberal, Toronto Centre, ON]

I will be short.

We will continue to work to be fiscally responsible. In our fall economic statement we showed the kinds of investments we're making have enabled us to have a growth rate in excess of what we expected at this time six months or a year ago. That, together with our responsible approach on delivering what we want to deliver for Canadians, is allowing us to have a lower and lower debt as a function of our economy. In looking forward in our five-year time horizon, we see that we'll get to the lowest debt as a function of GDP since 1977. We think this is an important marker to explain to Canadians how successful the policies we put in place have been for them and their families.

[Greg Fergus, Liberal, Hull—Aylmer, QC]

Thank you very much, Minister.

I also notice in the supplementaries, Minister, you put aside some funds.

I'm referring to the item “Funding to continue the negotiation and implementation of comprehensive land claims, treaty-related and self-government agreements.” Your department is requesting $331,000. Seven other federal organizations are requesting funding under this horizontal item, for a total of more than $100 million. What will the funds be used for? I would like to have a better idea of the difference in the way these amounts are allocated.

My question is perhaps for Mr. Rochon rather than for you.

[Bill Morneau, Liberal, Toronto Centre, ON]

Mr. Rochon is going to answer that question.

[Greg Fergus, Liberal, Hull—Aylmer, QC]

Thank you.

[Paul Rochon]

As far as first nations are concerned, the amounts are for negotiations on the tax agreements and the revenue transfers that we carry out under those agreements. There is a whole process, and a number of first nations and departmental officials are involved in it.

[Greg Fergus, Liberal, Hull—Aylmer, QC]

Do you think those amounts will be spent before March 31, 2018?

[Paul Rochon]

I think so, yes.

[Greg Fergus, Liberal, Hull—Aylmer, QC]

Thank you very much.

My second question is about the government's commitment, in Budget 2017, to spend $11 billion over 10 years to support home care and mental health initiatives. Toward the end of the summer, the federal government announced that it had agreed to a common statement of principles with provinces and territories. This spending was previously authorized, but can you quickly tell us when the funds will flow to provinces and territories? In addition, do they have to be spent this fiscal year?

[Paul Rochon]

The amounts will be spent over 10 years. Those transfers will basically go to the provinces and territories, within a framework that the Minister of Health will negotiate with them. I understand that discussions are well under way and we expect the money to be spent over the years indicated.

[Greg Fergus, Liberal, Hull—Aylmer, QC]

That even includes the current year.

[Paul Rochon]

Yes, that even includes the current year.

[The Chair, Liberal, Wayne Easter]

Thank you, all.

Next is Mr. Kmiec, and final questions will go to Mr. Sorbara.