Madam Speaker, it is a pleasure to rise today on this second act to implement certain provisions of the budget.
Many of my colleagues who were former municipally elected officials would join me. As mayors and councillors, we frequently passed budgets that were in the $50-million range and, in some cities, in the $1-billion range, like the regional government in Montreal, and yet meetings were very sparsely attended. There may have been one or two people in attendance to see a $1-billion budget pass and yet if there was a meeting on a dog run, there would be 400 people. The reason is that it is very difficult to understand bills that consist of 243 pages and go into very minute financial detail. It is not sexy, but it is important.
I am proud of the budget that we delivered earlier this year and I am pleased to talk about this bill, as well as the investments that the Government of Canada has been making to keep Canada and its people strong and growing for the long term.
This second budget implementation act proposes items that would complete the implementation of outstanding measures from the Government of Canada's first budget. As a government, and as the MP for Mount Royal, I am proud of our first budget. It put people and families first. It introduced investments that were an essential step to grow the middle class, such as, of course, the improved family allowance. I was particularly happy to see it targeted at families who needed it the most on a tax-free basis. This is the first step of a long-term plan to restore hope and revitalize the economy for the benefit of all Canadians.
This is a budget and a plan, by the way, that not only resonated with many Canadians but is garnering international praise as well. The Financial Times called Canada a glimmer of light. The Wall Street Journal called Canada the poster child for the International Monetary Fund's global growth strategy. Christine Lagarde, head of the International Monetary Fund, praised our approach as well.
The Economist magazine has put Canada's approach on its cover, with a story entitled, “Liberty moves north”. It stated, “the world owes Canada gratitude for reminding it of what many people are in danger of forgetting: that tolerance and openness are wellsprings of security and prosperity, not threats to them”. Our budget earned endorsements because we, as a government, are focused on the right things. We are focused on people, growing the economy for the long term, and doing so in a way that should benefit every Canadian.
Canadians deserve financial consumer protection that keeps pace with their needs. In line with this, budget 2016 contained plans to strengthen and modernize our financial consumer protection framework. Budget implementation act, 2016, No. 2, a very sexy title, would amend the Bank Act in order to strengthen and modernize the financial consumer protection framework.
Canada's financial sector weathered the 2008 financial crisis well, but we are seeking to build on this strength. We want to make sure the financial sector is able to adapt to new trends, including emerging financial innovation and technologies that would challenge existing business models, evolving consumer preferences and customer relationships, changing demographics, and continuing globalization.
Budget 2016 proposed to modernize the financial consumer protection framework by clarifying and enhancing consumer protection in the Bank Act and to work with stakeholders to support the implementation of this framework. This legislation proposes to consolidate and streamline existing consumer provisions into one new chapter of the Bank Act and introduce amendments to the Bank Act to enhance consumer protection in the areas of access to basic banking services, business practices, disclosure, and complaints handling, as well as corporate governance and accountability.
The federal government is exercising leadership by taking targeted steps to strengthen financial consumer protection. This includes measures to improve access to basic banking services and enhance disclosure to facilitate informed decision-making by consumers. These reforms would reaffirm the federal government's intent to have a system with exclusive rules for consumer protection to ensure an efficient banking system from coast to coast to coast.
As part of an international effort to combat tax evasion, budget 2016 confirmed the government's intention to implement the common reporting standard developed by the Organisation for Economic Co-operation and Development.
Under the common reporting standard, Canadian financial institutions would be expected to have procedures in place to identify accounts held by non-residents and to report information on those accounts to the Canada Revenue Agency. Tax administrations in foreign jurisdictions would likewise collect information from their financial institutions about accounts held by residents of other countries, including Canada. The CRA would formalize exchange agreements with foreign jurisdictions, having verified that each jurisdiction has appropriate capacity and safeguards in place. Then the financial account information would begin to be exchanged on a reciprocal, bilateral basis.
The introduction of the common reporting standard is an important global development, which will help enhance tax compliance and eliminate opportunities for tax evasion. Canada intends to implement the standard, consistent with our commitment to the G20 and similar commitments by more than 100 other jurisdictions.
The budget also announced plans to implement a new requirement for country-by-country reporting. This is an initiative agreed to under the G20/OECD project to address tax avoidance by multinational enterprises through base erosion and profit shifting. Under these new rules, large multinational enterprises would be required to file with tax authorities information providing a high-level profile of their activities in each jurisdiction where they operate. These reports would enhance transparency and assist tax administrations in performing effective risk assessments.
Going forward, Canada will continue to work with the international community to ensure a coherent and consistent response to tax avoidance.
In addition to these new legislative tools, budget 2016 also announced $444 million in new resources for the Canada Revenue Agency to address offshore tax evasion and aggressive tax avoidance.
Budget 2016 represents a step forward in our plan to put people first and to deliver the help they need now, while investing for years and decades to come. With these investments, and inspired by a sense of fairness, we are ensuring that Canada's best days lie ahead. Our plan is about creating the necessary conditions to ensure that hope and hard work will not be wasted but rewarded, where our children and our children's children can flourish. The Government of Canada is focused on the larger picture of ensuring prosperity for Canadians well beyond our 150th birthday.
There are so many times I look at the House and wonder whether partisanship can ever be overridden. I was so proud earlier today when the government congratulated the official opposition on the way it negotiated the CETA treaty when it was in government. Both acknowledged the other party's steps in advancing the treaty, working to put it forward, and getting it ratified. That was the House at its best. All of us should always strive to be at our best in the House. The budget implementation bill is something we should all look forward to supporting on a non-partisan basis.