Finance Committee on March 23rd, 2026

[Annette Ryan]

There are a couple of parts to your question.

First of all, I want to say that I have the utmost respect for Jason Jacques. As I said in my opening remarks, I fully intend to continue analyzing the financial situation and fiscal framework. Actually, I will add types of analysis to follow up on other kinds of fiscal anchors, such as the debt-to-income ratio. There are many ways to look at where we are regarding debt, deficits and so on. I have the courage to continue this work.

As for the government's decision to choose me, again, I think you should ask the government.

[Éric Lefebvre, Conservative, Richmond—Arthabaska, QC]

At the outset, you said you wanted to earn the elected officials' trust, and I thank you very much for that. That's what you said in your opening remarks. That said, you have a special relationship with Prime Minister Carney, since you attended Oxford University together.

How can you reassure Canadians you will remain neutral in your various interventions with the government?

[Annette Ryan]

The best way to answer that is to remind everyone that I've spent 30 years providing service to the Canadian government: 15 years under a Conservative government, and 15 years under a Liberal government.

I know a lot of people on both sides of the House, and I've stayed neutral for those 30 years. I can provide you with more details on that. I don't know how to convince you other than by doing the job with the integrity you're looking for while remaining neutral.

[Éric Lefebvre, Conservative, Richmond—Arthabaska, QC]

I'll ask you a question to learn more about partisan neutrality and independence.

Earlier, you talked about setting a timeline to appoint your successor, because you said you were going to be a one-term PBO. Thank you for wanting to set up this timeline.

Would you agree the government made a mistake by not setting a timeline for succession planning to avoid being without the Parliamentary Budget Officer for a period of time?

[The Chair, Liberal, Karina Gould]

A very brief answer, please.

[Annette Ryan]

I applied in December 2025. The question of the time gap is for the government to answer.

[The Chair, Liberal, Karina Gould]

Thank you, Mr. Lefebvre.

We'll continue now with Mr. MacDonald for five minutes.

[Kent MacDonald, Liberal, Cardigan, PE]

Thank you, Madam Chair.

Thank you, Ms. Ryan.

Ms. Ryan, over the past number of months here at committee, we've been discussing a lot of budget-related items: fiscal sustainability, affordability for Canadians, financial sector resilience and, just in general, the policy support in the government's programs. Obviously, these discussions have underscored the importance of credible and non-partisan economic analysis to guide us in our decision-making.

Given your extensive background—the over 30 years, as you laid out, in advising governments—how do you feel that your approach as the parliamentary budget officer can be objective and evidence-based and can enable Parliament to make key decisions?

[Annette Ryan]

Thank you. I think I'll answer this question in going back in time a bit.

I started with the Prince Edward Island provincial treasury in 1996, which was essentially the last time Canada hit a fiscal wall. At the time, Canada was paying roughly 35¢ of every revenue dollar in debt charges, and it was threatening our credit rating. The government of the day, the Chrétien government, introduced sweeping changes to transfers to provinces and territories.

I spent roughly the first 10 years of my career rebuilding that fiscal architecture, if you will, of transfers to provinces and territories. Fiscal sustainability is not a partisan issue. Nobody's agenda gets carried if you hit the fiscal wall. I don't actually see measures that support fiscal sustainability as being partisan in any way. I think that's an anchor for me on the personal level.

I will just point quickly, to not chew into your time, to my role in the 2008-09 global recession. I was at Industry Canada at the time. I was director general of strategic policy, where I was stickhandling some 23 projects to report back in terms of implementation. It was because we had the fiscal room at the time that Canada was able to come out of that recession more cleanly and clearly than other countries.

I think that from any number of parts of my career, I can assure you that I stand for fiscal sustainability and execution, implementation and quality of analysis to support decision-making.

[Kent MacDonald, Liberal, Cardigan, PE]

Thank you.

Most recently you've been working for FINTRAC. That's another topic that we discuss quite extensively here at committee.

We know that FINTRAC has been tracking and reporting and that we're having increasing fraud in all types of activities around the world. Can you elaborate on how those experiences will help you in your PBO role, or if there's an overlapping connection that's going to help you out?

[Annette Ryan]

For sure, and I think the common thread all the way through is the question of following the money. For the last six and a half years at FINTRAC, I've led the research group, international work, policy work and so on towards that question: How do you follow the money of bad folks doing bad things?

Really, that's been essentially the common denominator throughout my career: following the money, from Ottawa across the provinces, from the budget to the estimates process, through productivity issues and support to business and the employment insurance program. It's all a question of what money is flowing to what end, and what are the decision points and turning points that decision-makers need to be aware of.

I kind of see it all as one piece. I'm happy to follow up, if that wasn't where you were going with that.

[Kent MacDonald, Liberal, Cardigan, PE]

I just wanted to see what the overlap would have been in that role and in now entering this role.

The other question I would have for you today is in terms of the changing economic landscape that we're going through right now, with the war in Iran and the trade war with the U.S. It's a very—

[The Chair, Liberal, Karina Gould]

I'm sorry, Mr. MacDonald. That's your time. You can ask again when you have time in the next round.

[Kent MacDonald, Liberal, Cardigan, PE]

Thank you.

[The Chair, Liberal, Karina Gould]

Mr. Garon, you have the floor for two and a half minutes.

[Jean-Denis Garon, Bloc, Mirabel, QC]

Thank you, Madam Chair.

Ms. Ryan, I want to address one aspect that I consider quite important.

I know that, at this point in your career, you still have a number of years to work with competence and integrity. However, we looked at the situation of all the former parliamentary budget officers, including Mr. Fréchette, Mr. Page and Mr. Giroux. Mr. Jacques is likely to remain in the federal machine. I believe that this was the original agreement. However, none of the others returned to the federal machine after their term. On reflection, perhaps you don't want a second term. You don't want to owe anyone anything, in a sense, for your appointment. However, if you return to the federal machine after having strongly criticized it, things could turn out badly for you.

I myself tabled Bill C‑290 regarding whistle-blowers. We heard testimonies. We know that, in many ways, this machine isn't easy on people who step outside the fold a bit.

I want to know whether you think that we could strengthen the independence of the parliamentary budget officer. At the time of their appointment, we could first require that they serve only one term. Above all, we could require that they remain outside the federal machine for a certain period after their term.

[Annette Ryan]

Good question.

[Jean-Denis Garon, Bloc, Mirabel, QC]

That's why I asked it.

[Annette Ryan]

Clearly.

In all honesty, I didn't give this any thought before coming here today. I'm the type of person who prefers to think before speaking.

[Jean-Denis Garon, Bloc, Mirabel, QC]

You did give some thought to what you would do afterwards. You thought about this enough to bring it up in your opening remarks.

[Annette Ryan]

Certainly. I was thinking of certain circumstances. For example, after some time, there might be an inquiry into fiscal federalism. Given my expertise in this area, would I want to put my skills to work for the government? Perhaps. Am I saying here today that it will never be—

[Jean-Denis Garon, Bloc, Mirabel, QC]

I understand. I'll wrap this up quickly, since I have 20 seconds left.

You work for Minister Champagne. You could be the parliamentary budget officer in three weeks. Would you feel comfortable criticizing a policy that you worked on last month?

[Annette Ryan]

Absolutely.

[Jean-Denis Garon, Bloc, Mirabel, QC]

Thank you.

[The Chair, Liberal, Karina Gould]

Thank you, Mr. Garon.

We will now continue with Ms. Cobena for five minutes.