Industry Committee on Dec. 9th, 2024

[Taylor Bachrach, NDP, Skeena—Bulkley Valley, BC]

You shared your number with me, Minister, and I texted you several times.

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

Not the CEO of the company....

[Taylor Bachrach, NDP, Skeena—Bulkley Valley, BC]

I would be happy to arrange a meeting with the CEO. That would be fantastic.

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

Perfect.

[Taylor Bachrach, NDP, Skeena—Bulkley Valley, BC]

I know Canada is a big country and you have a lot on your plate. However, this is very important to the part of the world I represent. It's a project that has the potential to be a game-changer for rural communities, but they need support. Your government has already invested money. Right now, they need support to armour that cable and ensure they have redundancy. I hope your department can commit to working with them and making that happen as soon as possible. It's vitally important that we get that link back up and running.

I'm looking at the chair in terms of whether we're right on time.

[The Chair, Liberal, Joël Lightbound]

You have about 29 seconds.

[Taylor Bachrach, NDP, Skeena—Bulkley Valley, BC]

It's 29 seconds. That's a tough one.

[The Chair, Liberal, Joël Lightbound]

I can credit that to your next round, if you'd like.

[Taylor Bachrach, NDP, Skeena—Bulkley Valley, BC]

Okay, I'll put it in the bank and withdraw it next time.

Thank you.

[The Chair, Liberal, Joël Lightbound]

Perfect. Thank you.

MP Rempel Garner, the floor is yours for five minutes.

[Michelle Rempel, Conservative, Calgary Nose Hill, AB]

Thank you, Chair.

Minister Freeland, it's been reported that the public service pension fund will post a large surplus. Do you plan to book, or have you booked, any of this reported surplus against the deficit?

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

No.

[Michelle Rempel, Conservative, Calgary Nose Hill, AB]

Thank you.

Are you expecting that a credit downgrade will result from the updated deficit numbers?

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

Let me be very clear that I am not confirming the implication of your question.

When it comes to Canada's credit rating, that is based on the fact that our public finances are sustainable, that we have the lowest debt-to-GDP ratio in the G7 and one that is declining, and that we've had the fastest rate of fiscal consolidation—

[Michelle Rempel, Conservative, Calgary Nose Hill, AB]

Thank you.

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

Hang on. I want to answer the question.

We've had the fastest rate of fiscal consolidation in the G7, and we have the lowest deficit in the G7. I am confident that our public finances continue to merit our AAA rating.

[Michelle Rempel, Conservative, Calgary Nose Hill, AB]

Thank you.

In your opening remarks, you said you would be prepared to take additional measures to ensure that payment processors like Stripe pass savings along to eligible small businesses. Does that include formal regulations with penalties to ensure compliance?

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

That's a very good question. I'm glad to have a question about the subject we were brought here to discuss.

Let me be very clear. Our government is very committed to bringing down fees for small businesses. We are very committed to transparency. We have accomplished a lot, and we are committed to doing more. You know, every tool is—

[Michelle Rempel, Conservative, Calgary Nose Hill, AB]

Thank you.

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

—in the tool box, and we're prepared to use all of them.

[Michelle Rempel, Conservative, Calgary Nose Hill, AB]

I'm trying to balance the amount of time you talk with when I talk.

I'll take that as a “no” for now.

How are you monitoring to what extent payment processors are passing along fee savings from Visa and Mastercard to small businesses? Are you doing that at all?

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

Let me say that your conclusion about what I said is not accurate.

I said we are prepared to act further, and that is absolutely the case. This is something we are very committed to. We are working very closely with—

[Michelle Rempel, Conservative, Calgary Nose Hill, AB]

How come you didn't act further to begin with?

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

—the Consumer Financial Protection Bureau. We are working very closely with the CFIB. We are working very closely with small businesses. We are committed that these savings should—

[Michelle Rempel, Conservative, Calgary Nose Hill, AB]

But you haven't suggested—