Thank you, Madam Chair.
It is a privilege to appear before you today.
I would like to congratulate all my colleagues on their appointment to the Standing Committee on Finance.
Colleagues, first of all, let me thank you for inviting me to speak today.
I want to thank the committee, because it is important to have an open and regular dialogue between the Minister of Finance and the Standing Committee on Finance.
As you know, Bill C‑4 contains several pieces of good news for Canadians. I would like to take a few moments today to discuss this bill and talk about how future federal budgets will help build on the momentum of Bill C‑4.
Faced with the economic uncertainty caused by a very fast-changing global order, Canadians have called for a serious plan to address this new economic landscape and the rising cost of living. I said that in a press conference: I think it's the speed, scale and scope of the change in the world economic order that really mandate that we do things differently in this country.
They've asked for change that puts more money in their pockets, builds the strongest economy in the G7 and builds one Canadian economy, not 13. With Bill C-4, our new government is delivering on that mandate for change. With our upcoming budget, we will seize upon a generational opportunity to transform the Canadian economy, through ambitious investments and a rigorous expense review, so that we can spend less and invest more.
Our government is committed to building, protecting and strengthening the Canadian economy and empowering Canadians across the country. This includes ambitious investments in workers, industries and communities across the country.
Bill C-4 received unanimous consent at second reading. I want to thank colleagues. There are not many things that go on in this House with unanimous consent, but everyone agreed that this was the right thing to do for Canadians. We have a package of affordability measures for Canadians, which is going to be transformational for our country. I want to thank all of you for voting in favour of it.
From a middle-class tax cut, which is saving money for 22 million Canadians, to eliminating the GST for first-time buyers on new homes of up to $1 million and removing the federal consumer fuel charge from law, this legislation will put more money in Canadians' pockets.
I should also mention that we heard concerns regarding unintended consequences of the tax cuts on some disability tax credit recipients. I can assure you, Madam Chair, that we are working on resolving them.
To build upon the momentum of Bill C-4, on November 4, I'll be tabling budget 2025.
Today, I am pleased to inform members of some fundamental changes to our government’s approach to budgeting that will help us deliver more results for Canadians.
What we're proposing is a new way forward on budgeting. The global economy has changed, as I said, and Canada must change with it. We're responding with generational investments that build bigger and better at home. The urgency of this moment demands new ways of budget planning, and that's exactly what we're doing.
The cornerstone of this new approach is a capital budgeting framework that distinguishes and enables the government to prioritize spending that stimulates public and private sector capital investment versus day-to-day operational spending. This will mean more transparent decision-making and more taxpayer dollars allocated to investments that will grow our economic potential.
Going forward, the Government of Canada will also adopt a fall budget cycle, starting with budget 2025. The fall timing, before the main estimates, will facilitate the oversight and study of public expenditures for parliamentarians, inherently making the process more transparent. It will also support effective financial planning for federal departments and agencies, provinces and territories and Canadian businesses and organizations, allowing for more informed decision-making on where public funds will have the most impact.
This updated budget cycle will more closely align with construction season and provide increased certainty and predictability for businesses and investors. Spring budgets often didn't allow projects to take full advantage of the construction season. A fall budget cycle changes that, giving builders and investors a real head start.
The new fall budget will be followed by a spring economic and fiscal update as the new fiscal year begins, as well as pre-budget consultations over the course of the summer, as we did this year.
Holding these consultations during the summer will give us more time to develop budgets that better reflect the priorities of Canadians—
