Mr. Speaker, the Canada recovery dividend was a pandemic program, and it was a one-time tax program for banks and life insurance. Since then, we have continued our work to eliminate inefficient fossil fuel subsidies that are encouraging smart government investment, because that is going to increase Canada's global competitiveness.
In budget 2023, our government also announced our $120-billion clean economy plan to grow Canada's clean economy to create well-paying jobs and careers for workers right across Canada. Phasing out fossil fuel subsidies in our country will ensure that government programs and spending support the energy sector and are aligned with our ambitious climate goals.