Good morning, Mr. Speaker. It is a great day in Parliament today, and it is my pleasure to rise to introduce Bill C-15, an act that would implement certain provisions of the budget tabled in Parliament on November 4.
A mere few weeks ago, our government tabled budget 2025, an investment budget with unprecedented measures to build big things in this country, to empower Canadians with a better life and to protect our sovereignty. This budget comes at a time when global headwinds are being felt by Canadians all across the country, in their homes, in their shops, on factory floors, in the fields, in boardrooms and truly everywhere across the nation.
From geopolitical conflicts causing uncertainty, to rising protectionism, including tariffs imposed by our closest trading partner, Canada's fundamental relationships with the world are changing. The speed, scope and scale of these changes are extraordinary and unparalleled. They are not just transformative but represent a true generational shift.
To meet this moment, our government is playing to Canada's many, many strengths to secure a better economic future for everyone, not only because we owe it to Canadians to do so but also because we know that when Canadians come together, there is nothing we cannot accomplish. No one should ever make the mistake of underestimating Canada, and on this side of the House we will never apologize for being optimistic about Canada's future, because we are here to make good things happen for Canadians. On this side of the House we believe in Canada.
This past spring, our government was elected with a clear mandate to do meaningful and significant work for this country at an important moment in our history. Budget 2025 delivers on this promise with the generational plan to build one Canadian economy instead of 13, a uniquely Canadian success story amplified by major nation-building projects that will connect our regions, diversify our markets and create hundreds of thousands of high-paying careers, from the skilled trades to advanced technologies.
Just as the railways united our country, the Trans-Canada Highway opened our frontiers and the St. Lawrence Seaway linked our economy to the world, today's major projects will be as transformative, building clean power grids for a sustainable future and expanding our ports to accelerate our trade with partners around the world.
This includes major projects like the Iqaluit hydro project, which is Inuit-owned and will be providing clean power to communities that have traditionally relied on burning 15 million litres of imported diesel fuel per year. There is also the new nuclear project at Darlington in Bowmanville, in my region of Durham, that will deploy four small modular reactors and provide clean power to 1.2 million homes while adding over 21,000 jobs and $38.5 billion to Canada's GDP over the next 65 years.
Bill C-15 would further advance the Alto high-speed rail project, Canada's first high-speed rail, a 300-kilometre-an-hour railway from Toronto to Quebec City, whose path to construction would be accelerated, bringing us ever closer to fast travel within Canada's most populated corridor.
Bill C-15 would invest $11.5 billion in Build Canada Homes and make $1.5 billion available to capitalize Canada Lands Company Limited to support housing construction on properties held by the corporation. Our new trade diversification strategy will boost our global footprint, doubling overseas exports over a decade and generating $300 billion more in trade.
All these measures and many others included in Bill C-15 speak to our clear and ambitious plan to move our economy from our traditional state of reliance on one trading partner to a state of resilience, which would help us absorb and react to any shocks our economy experiences in the future. To meet these targets, we must ensure that Canada remains an attractive place to invest and grow a business, while fostering homegrown innovation.
Our new productivity superdeduction will make it easier for Canadian businesses to invest in new machinery, equipment and technologies, enhancing Canada's competitive advantage over the United States and encouraging crucial business investment across the country, while boosting productivity and growth. I know that members opposite are with me on this, because they have spoken to it in the House many times. The GDP per capita and productivity must rise.
The superdeductions are exactly the type of tax measures and benefits to businesses that will cause them to invest in themselves, to bet on themselves, to increase productivity and to help increase real wages relative to the cost of living and ensure a higher standard of living for all Canadians.
Additionally, Bill C-15 would enhance Canada's scientific research and experimental development tax incentive program by increasing the enhanced credit expenditure limit to $6 million, extending eligibility for the enhanced credit to certain Canadian public corporations and restoring capital expenditures as eligible costs.
Doing all of this plays to Canada's many strengths: a highly educated workforce, a world-class research and innovation ecosystem, stability and the rule of law, strong trading relationships with traditional and emerging markets, and sound fiscal and economic fundamentals and management.
Another one of our strengths is our strong resource and energy sector and our ongoing commitment to make Canada competitive in a decarbonizing global economy. We believe, as the vast majority of Canadians believe, that Canada must continue investing in the clean economy to drive down emissions, fight climate change and create good-paying jobs for future generations. Our government's proposed climate competitiveness strategy will drive the investments needed for Canadian businesses to compete and, most importantly, win in the net-zero future that we all know is the reality of our world.
As part of this strategy, Bill C-15 includes measures to deliver the clean electricity investment tax credit to support clean electricity technologies and a clean electricity grid, as well as to enhance the suite of existing investment tax credits to further support investments in clean technologies and clean-technology manufacturing.
The carbon capture, utilization and storage investment tax credit would maintain its full credit rates for an additional five years, up to 2035. The clean-technology manufacturing investment tax credit would be broadened to include more critical minerals essential for clean-technology supply chains. Similarly, the critical mineral exploration tax credit would be expanded to cover 12 more minerals, further supporting Canada's role in global clean energy supply chains.
We also are making Canada's tax system more fair. As we lay out the conditions that we believe will attract historic investments to turbocharge the Canadian economy, our new government is also focused on ensuring that Canadians can keep more of their hard-earned money in their pockets. That is why one of the first things we did after winning the spring election was reduce taxes for 22 million Canadians, which is essential tax relief at a time when Canadians really need it.
We cut taxes to lower the cost of housing for first-time homebuyers, a measure that immediately makes home ownership a reality for more Canadians, especially young families. The average rate of savings would be about $50,000 on the purchase of a new home under $1 million. That is significant savings for young people trying to get into the housing market.
We brought down the price of gasoline by 18¢ per litre in most provinces and territories when we cancelled the divisive consumer carbon price, while strengthening industrial carbon pricing to ensure that our industries can remain competitive for future generations.
To build upon that momentum, our government is moving forward with several important tax reforms. For starters, to help protect the financial stability of persons with disabilities, Bill C-15 would exempt the Canada disability benefit from income calculations, maximizing its benefits, and would proceed with expanding the disability supports deduction. Bill C-15 would also introduce a temporary personal support workers tax credit to provide up to $1,100 per year to eligible PSWs, recognizing in a tangible way their vital contributions to our communities.
Additionally, the legislation would increase the lifetime capital gains exemption to apply to up to $1.25 million of eligible capital gains, as announced in budget 2024, ensuring that Canadians with eligible capital gains will pay less tax and be better off as a result. We are also proposing to drop the underused housing tax, as well as the luxury tax on aircraft and vessels, which will respectively reduce burdensome administrative and compliance costs and support the aviation and boating industries at a time of ongoing global economic uncertainty.
We are also strengthening and protecting Canada's financial sector. We are putting more money in Canadians' pockets while also helping Canadians access their money more easily and sooner. We are making changes to Canada's financial sector, giving consumers more control of their finances. Bill C-15 would amend the Bank Act to raise the first amount of immediately available deposited cheque funds from $100 to $150 and remove the timing distinction between funds deposited in person and those done via other means. This will give more Canadians easier access to their own money and reduce reliance on short-term credit, such as payday loans or overdraft protection, especially for low-income Canadians and seniors.
Bill C-15 would also amend the Bank Act, the Canada Deposit Insurance Corporation Act and the Financial Consumer Agency of Canada Act to make it easier for credit unions to enter the federal framework and expand so that they can continue to serve more Canadians. Notably, the legislation will also advance the government's commitment to open banking by completing the consumer-driven banking legislative framework. This will enable secure financial data sharing in Canada and facilitate access to lower-cost products, clearer choices and better tools to manage debt and reduce financial stress for Canadians.
Additionally, Bill C-15 would create a regulated space for stablecoins, a type of cryptocurrency whose value is usually tied to a government-issued currency, further supporting innovation in the financial sector and helping build trust in digital payments. We are also cracking down on sophisticated financial crimes, from ghost texts and mysterious links to masked voice-over calls and phony bank emails, all of which threaten the financial well-being of Canadians everywhere. These are becoming increasingly sophisticated and harder to detect, but Bill C-15 will amend the Bank Act to require banks to have policies and procedures to detect and prevent consumer-targeted fraud and, to mitigate its impacts, collect and report data on fraud to the Financial Consumer Agency of Canada and allow consumers to disable certain account features and adjust maximum transaction amounts.
We are doing all that while also making government more efficient. To deliver on this investment budget, Canada's new government is spending less on government operations to invest more in the workers, businesses and nation-building infrastructure that will surely grow our economy. Budget 2025 delivers on the government's comprehensive expenditure review so that we can right-size government and deliver $60 billion in savings and revenues that can be deployed for other purposes over the next five years. The size of our public sector has grown significantly during the COVID and the post-COVID eras. Our public service played an invaluable role helping Canada navigate those crises. I know Canadians are grateful and very appreciative of the role the federal government and all public servants played in that process.
We are now, however, facing a new set of challenges, and the economic headwinds we are facing mean we have to spend less on government operations so we can invest more in the growth and prosperity of our economy. To be clear, our government will continue to protect the vital programs people across the nation rely on, such as child care, dental care, prescription drug coverage, the Canada child benefit, the national school food program and so much more.
These are essential programs that Canadians have come to rely on. They are part of our social safety net. They benefit the most vulnerable in our society. It is imperative that we protect that social safety net. It is part of what makes the country great.
The measures I have outlined here today are ambitious and broad, but they are also integrated and interconnected into a comprehensive plan. All this, from catalyzing investment to making life more affordable for Canadians and spending less on government operations so that we can invest more in transformative projects, are part of our plan to help Canada navigate this unique moment.
These are smart, strategic investments designed to catalyze $500 billion of new private investment into Canada over the next five years and enable $1 trillion in total investment in Canada in five years, investments that will not only invest in people but businesses all across Canada. Canadians want to thrive. They want to see a thriving economy for generations to come.
Budget 2025 is our plan to harness Canada's many strengths and to put our country on the path to prosperity, making a strong country even stronger and more resilient. That is what budget 2025 is about. It is because we believe in Canada. It is a strategy to build at speed, at scope and at a scale not seen in generations, with Canadian workers at the core and at the centre, and with the national interest at the heart of every decision that is made.
I urge all hon. members to support the speedy passage of Bill C-15, so we can meet the moment we find ourselves in and, together, build a Canada that is secure, resilient and strong.