Madam Speaker, last November, the government introduced Bill C-59, the fall economic statement implementation act. Among other measures, Bill C-59 proposed significant amendments to our Competition Act.
I am proud to share that the Standing Committee on Finance has recently completed its review of the bill and has made several amendments to further strengthen existing proposals. Before I get into some of the key details of this critical piece of legislation, I feel it is important to highlight the economic context in which this legislation is being introduced.
Countries around the world are dealing with higher inflation due to a global pandemic, further exacerbated by geopolitical uncertainty. Despite the fearmongering of the Conservative members opposite, Canada's economy is remarkably strong and resilient. That is truly due to the hard work of Canadians themselves. A few proof points demonstrate this: Canada's net debt-to-GDP ratio is well below that of our G7 peers; our deficit is declining; and we are one of the only two G7 countries with an AAA credit rating from independent experts. Something that we can all be quite proud of is that Canada received the highest per capita foreign direct investment in the G7 in the first three quarters of 2023. Some may ask why those facts matter. These proof points show that Canada is in an enviable position when it comes to fiscal management. That position is exactly the reason our government can afford to make transformative investments in improving housing affordability and making life cost less.
Unlike Conservatives, who cut support for Canadians, we believe in supporting the middle class through growth and investment. I hear from my constituents often that their top concerns are being able to find an affordable place to live and wanting to find ways to make their day-to-day expenses cost less. This legislation addresses these two core issues head on.
For many years, Canada's markets have been described as overly concentrated and not competitive enough. In fact, a landmark Competition Bureau study last year, based on Statistics Canada data and analysis from a University of Toronto professor, made critical findings in this respect, showing that competitive intensity has been on the decline over the past two decades, reflected in a number of important indicators.
Bill C-59 was introduced to help build a stronger domestic economy through more competition and contestable markets, to bring lower prices, more choice and better product quality for consumers across all sectors. The measures in this bill include strengthening provisions with respect to merger review, enhancing protections for consumers, workers and the environment, and broadening opportunities for private enforcement.
We should not underestimate just how critical these reforms are for modernizing our law and promoting competitive markets. The Commissioner of Competition has stated on multiple occasions that the amendments in Bill C‑56, the affordable housing and groceries act, which was ultimately passed by this Parliament in December 2023, and Bill C-59, are generational. I would therefore like to highlight some important reforms that have been proposed.
To begin with, anti-competitive collaborations between competitors will be under increased scrutiny, as the bureau will be able to examine and, if necessary, seek penalties against coordinated conduct that lessens competition. The expansion of private enforcement and the ability for the Competition Tribunal to issue monetary payment orders in cases initiated by private parties is also a significant change to our existing enforcement approach.
More competition is always beneficial to consumers, but the bill also takes some more direct approaches to protect consumers. These include strengthening provisions on deceptive marketing so that vendors must present the full cost of a product or service upfront, without holding back mandatory fees, which is known as drip pricing. Businesses making environmental claims about their products will be required to have undertaken adequate and proper testing before advertising those benefits. Together, these changes would ensure that consumers have accurate and complete information about products and services to make informed purchasing decisions.
We have also made strides on the right to repair. Thanks to the bill, a wider variety of service providers would be able to offer more options to consumers when they are choosing where to repair their products. These reforms, along with various administrative changes aimed at facilitating efficient enforcement of the act, are crucial to ensuring that Canadian markets remain competitive and in line with international best practices.
It has been acknowledged by all members of the House that our competition framework requires reform, and my colleagues have engaged in thoughtful discussion on ways to modernize the existing marketplace framework. The committee members were notably quite interested in enhancing protections for consumers and the environment, and I would like to draw attention to some now.
First, clarifications were made to ensure that in the Competition Act's various provisions on drip pricing, the only amounts that can be excluded from the upfront price, are those imposed by law directly on the purchaser of the products, such as sales taxes.
Next, with the committee's amendment, sellers advertising reduced prices would be required to be able to prove that the regular price is authentic to publicize discounts. On the topic of doubtful environmental claims, or so-called greenwashing, the law would also require that those who make environmental claims about their business or business activities, not only specific products, have adequate and proper substantiation in hand to support such claims.
This bill goes beyond making generational changes to competition in Canada. It also takes concrete action to build more homes faster, including new rental housing. Bill C-59 proposes to eliminate GST on eligible new housing co-operatives built for long-term rental, as outlined in the fall economic statement. This is just one of many measures our government is proposing to ensure that more people across all provinces and territories find the housing they need, at a price that they can afford.
Amidst a period of inflation and growing affordability concerns, it is crucial that our markets remain resilient and open to competition. Bill C-59 would reform Canada's competitive landscape, encourage greater innovation and improve affordability for Canadians. It would also get more rental housing built faster so that we can ensure housing is affordable for every generation.
I would urge my colleagues from all sides of the House to work together to expeditiously pass this crucial piece of legislation, instead of doing what we have seen in committee, which is to slow the bill down. We continue to see the Conservatives try to obstruct key pieces of legislation that are helping Canadians in their time of need, and that is not what we have been put here to do.
