Finance Committee on Oct. 8th, 2026

[David Bexte, Conservative, Bow River, AB]

Yes.

[Pierre Gratton]

There are a couple of gaps. One of them is the very one we've been talking about, which is CEE, or the valley of death. Juniors can't get to the next stage to do the feasibility study and then enter the approval process and move on to construction. That's one area.

The other is that, even with the mega deduction of a couple of weeks ago, for the companies that are most vulnerable to China and are therefore struggling to make a profit, the mega deduction doesn't help, so we still have vulnerability.

Those are the two areas.

[David Bexte, Conservative, Bow River, AB]

I appreciate that.

We have a short period of time. The question, fundamentally, was, how far away are we from where we should be?

[Pierre Gratton]

Not too far.

[David Bexte, Conservative, Bow River, AB]

That's fair enough.

What is the scale of the opportunity if we get it right?

[Pierre Gratton]

It's huge.

[David Bexte, Conservative, Bow River, AB]

Is it double, triple or quadruple?

[Pierre Gratton]

There's tremendous potential across Canada, but we need to get back to where we were, first of all. We need to start building new mines. We need to start opening new smelters.

[David Bexte, Conservative, Bow River, AB]

We need to start exploring.

[Pierre Gratton]

We have a long way to go, because we have declined over the last 25 to 30 years while China was growing.

[David Bexte, Conservative, Bow River, AB]

Will it take 25 to 30 years to get back to that?

[Pierre Gratton]

No, because we have a base to build on and because we are still a strong mining nation. We didn't lose it all, but we do—

[David Bexte, Conservative, Bow River, AB]

It's only if we get the regulations and incentives right.

[Pierre Gratton]

That's right.

[David Bexte, Conservative, Bow River, AB]

Thank you very much.

[The Chair, Liberal, Karina Gould]

Thank you very much, Mr. Bexte.

We will conclude this hour with Dr. Martin for five minutes.

[Danielle Martin, Liberal, University—Rosedale, ON]

Thank you.

I have some questions for our friends Ms. Batstone and Mr. MacLennan.

What you're proposing is an interesting proposal, and as I understand it, it links to two problems. The first is the absence of financial planning, probably for many Canadians in general but specifically for low-income Canadians. Of course, it's hard to make a plan when the future feels very uncertain. The second is saving, which is really hard to do when you're having trouble making ends meet. I hear that you're trying to bring forward solutions to both of those problems.

I wonder if you could speak about the way in which jobs and the economy are changing that would require us to think about this. The most well-used mechanism for forced saving is the Canada pension plan. As we see the rise of the gig economy and the number of people in this country—young people, newcomers, all kinds of people—who are working on contracts, working short-term and moving between jobs, increasingly there are people who will never really have access to a public pension or any pension. In my area of health care, people in that category also don't have access to benefits, so employer-based health insurance, for example, that covers people's medications and other essential services also falls through the cracks.

Could you speak about that trend? Do you think what you are proposing addresses it, and does this speak to a way that government needs to think differently about the kinds of services we support people with in this new economy?

[Tashia Batstone]

That's a great question.

For me, what we're proposing transitions from when a difficult situation exists to giving somebody a cash outflow to help them through that difficult situation, whether that's a loss of employment or a health care issue. It's shifting the narrative to one that's more about how to prepare for those challenges in advance.

I take your point about saving. It is very difficult for a young person today to save, but it is possible with the right support and the right guidance. That's what a lot of our young people are missing today, and we feel that a financial planner can provide an opportunity to come in and have a conversation about their financial management. It's a fundamental competency that financial planners are taught to deliver to their clients, and we think that can make a real difference.

It comes down to the notion of giving somebody a fish versus teaching somebody how to fish. What we're proposing is the element of building up long-term financial resilience so that when life circumstances hit, whether that's an economic hit or a health care issue, they are prepared to manage them.

[Craig MacLennan]

To your point about the gig economy and the changing nature of work, it's no longer about someone starting a career and staying in it for 40 years. What we're proposing to do, in times that are uncertain and unclear globally, domestically and in households, and as people engage with work and different types of work, is to help them build up their capacity to understand how to make good financial decisions to be able to navigate future shocks and uncertainty.

It's interesting. Every time we ask consumers about this, as Tashia touched on in her remarks, the highest priority and the highest likelihood of participating is from 18- to 35-year-olds.

[Danielle Martin, Liberal, University—Rosedale, ON]

Thank you. I apologize for cutting you off. That was helpful, but I want to make sure I ask one question of Mr. Fair before I run out of time.

Mr. Fair, I heard you say that you feel that deemed filing is essential. I think it's important for us to hear that at this committee. I want to be clear that it seems to me that of all your recommendations, the only one that is not already possible within the existing wording is the one around missed returns in the last three years.

Am I correct in understanding that's the only one of your recommendations that is not in the current wording? If you need to send us an answer to that in writing, that would be okay too, because I'm out of time.

[The Chair, Liberal, Karina Gould]

Give a very brief response in five seconds.

[Adam Fair]

The other one is that I think there's a risk in benefit cut-off for the time in the legislation right now—needing 45 days after filing and then 90—

[The Chair, Liberal, Karina Gould]

Thank you, Mr. Fair. I'm sorry.

Thank you, Dr. Martin.

On behalf of the committee, I would like to thank all of our witnesses for their time and contributions today.

Colleagues, before I let you go, I have a couple of housekeeping reminders.

The first one is that you would have all received during the last break a budget for the study of Bill C-31. Do I have approval from the committee to approve the budget?

[Some hon. members]

Agreed.

[The Chair, Liberal, Karina Gould]

Thank you very much.

There are two final reminders. First, amendments to Bill C-31 are due at noon on October 22. Second, we will be meeting on Monday, October 19, and Tuesday, October 20, and we'll be hearing from the remaining witnesses, who are the ministers.

With that, I wish everybody a very happy Thanksgiving. See you soon.

The committee is adjourned.