Finance Committee on Nov. 20th, 2023

[Jasraj Singh Hallan, Conservative, Calgary Forest Lawn, AB]

I'll take my time back.

Let me establish for Canadians, since the minister won't answer, that interest on Canadian taxpayers—

[Chrystia Freeland, Liberal, University—Rosedale, ON]

—economic plan, currently enjoys a premium on U.S. debt. Right now, the Canadian 10-year today—

[Jasraj Singh Hallan, Conservative, Calgary Forest Lawn, AB]

—because of the government's debt—

[Chrystia Freeland, Liberal, University—Rosedale, ON]

It's impossible for me to answer, Mr. Chair.

[The Chair, Liberal, Peter Fonseca]

Minister and MP Hallan, it's not going to work with this crosstalk.

[Jasraj Singh Hallan, Conservative, Calgary Forest Lawn, AB]

I'll continue, then. I have another question for the minister.

Minister, I have to establish for you, since you won't answer yourself, that the interest charge on Canadian taxpayers, because of your government's debt, is $52.4 billion.

Health transfers next year are going to be $52.1 billion. Why are you paying bankers, bondholders and your Bay Street buddies more money than what doctors, nurses and the health care system will get next year?

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Mr. Chair, thanks to our government's fiscally responsible economic plan, in addition to attracting foreign investors, Canada enjoys a premium relative to the U.S. when it comes to borrowing. That means Canadians pay less than Americans do. That speaks to the effect of having a fiscally responsible economic plan to make the necessary investments in Canada and Canadians.

[The Chair, Liberal, Peter Fonseca]

Thank you, MP Hallan.

We will now go to MP Baker, please.

[Yvan Baker, Liberal, Etobicoke Centre, ON]

Thank you, Mr. Chair.

Deputy Prime Minister, thank you very much for being with us today.

Thank you for wearing the ribbon you're wearing and for being there to commemorate the Holodomor in Toronto. I know it was very meaningful to the community and to many Canadians.

We're here today to study a bill that has important affordability measures for Canadians to help folks with the cost of living.

I think it's important to understand that global factors are driving inflation and affordability here at home. We know, as all of us have heard from multiple witnesses at this committee, how Russia's invasion of Ukraine for the last 21 months has impacted energy prices and food prices globally and here at home. These are prices that Canadians pay at the grocery store and at the pumps every day.

To stop these global pressures on inflation, I believe we have to ensure that Ukraine achieves a decisive victory in this war. The modernized Canada-Ukraine free trade agreement is essential to this. All parties in this House, except for one, understand this.

Minister, I'd like to hear your thoughts on the Conservative Party's failure to support Ukraine by voting against the Canada-Ukraine free trade agreement in this time of need.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

I have a point of order, Mr. Chair. I'm not sure what the relevance of that question is to the subject of Bill C-56.

[Yvan Baker, Liberal, Etobicoke Centre, ON]

Mr. Chair, the bill the minister is here to speak about is about affordability measures for Canadians. I outlined in the preamble to my question that affordability is a challenge for my constituents and for Canadians coast to coast, and that some of the key causes of the affordability challenges are from the war in Ukraine. I am asking the minister to comment on some of the measures in this Parliament that were recently voted on that touch on this.

[The Chair, Liberal, Peter Fonseca]

Thank you, MP Baker.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

On the point of order, Mr. Chair, the question was—

[Chrystia Freeland, Liberal, University—Rosedale, ON]

Let me speak directly to the relevance of that question.

G7 finance ministers, at our meeting in October in Marrakech, spoke directly to the economic consequences of Russia's illegal invasion of Ukraine: “Russia's war has...increased global food insecurity, and exacerbated global economic challenges.”

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

I have a point of order, Mr. Chair.

[The Chair, Liberal, Peter Fonseca]

Go ahead, on a point of order.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

Are we getting French interpretation?

[The Chair, Liberal, Peter Fonseca]

Yes, interpretation is coming to us in French on the English channel.

Can we switch? Okay. We've done that.

[Yvan Baker, Liberal, Etobicoke Centre, ON]

How much time do I have, Mr. Chair?

[The Chair, Liberal, Peter Fonseca]

You have a minute and 52 seconds.

[Chrystia Freeland, Liberal, University—Rosedale, ON]

G7 finance ministers further said, “We call on Russia to immediately end its illegal war against Ukraine, which would clear one of the biggest uncertainties over the global economic outlook.”

Therefore, Putin's illegal invasion of Ukraine is certainly a war of dictatorship against democracy. It is certainly—

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

On a point of order, again, I don't see what the relevance of this discussion is to the bill we are here to analyze: Bill C-56, the affordable housing and groceries act.

[Chrystia Freeland, Liberal, University—Rosedale, ON]

It is directly relevant.

[Marty Morantz, Conservative, Charleswood—St. James—Assiniboia—Headingley, MB]

I'd like you to rule on that.

[The Chair, Liberal, Peter Fonseca]

MP Morantz, I have been listening to the discussion and it is relevant.