Mr. Speaker, as I rise today, I would like to start by stating a fact: We live in a world of uncertainty.
All of the decisions that we are going to make, whether they are departmental decisions or decisions taken as part of a budget or government strategy, are really decisions that we have to make against the backdrop of a changing world. I speak of change, but I could also use the word “disruption”. We are truly experiencing disruptions, whether in our relationship with our neighbours to the south, at the economic level or in everything we have experienced recently. That is what I mean by the word “disruption”.
That is why I am rising today to discuss the 2025 budget implementation act.
I want to reiterate, as the Minister of Finance has reiterated several times, that this budget will chart a clear path to build, protect and empower our country, Canada. I have said it before, I will say it again, and I cannot say it enough: We are living in uncertain times. As we know, Canadians are going through tough times, with geopolitical turbulence, supply disruptions and, above all, tariffs imposed by our neighbours to the south. All of this is obviously putting real pressure on businesses, families and workers.
In this context, our government will not give in to fear or isolationism. On the contrary, our government made a choice. It chose to act—to act ambitiously, to act clearly and, above all, to act responsibly. Our goal could not be simpler or more important: We want to build the strongest economy in the G7 by protecting Canadians' purchasing power and boosting our capacity to innovate and prosper. We want to invest, but what do we want to invest in?
I will now talk about innovation, research and development. This is a key pillar of the strategy to modernize our tax incentive program for scientific research and experimental development, the much-talked-about SR&ED program. Why? It is because innovation is not a luxury. It is the very foundation of our future prosperity.
I am not speaking in a vacuum. I myself come from an academic background. I come from the field of research, of technological innovation. We know very well that it is essential for any country that truly wants to address the technological challenges that we are facing to respect research and development and to be forward thinking in that regard. I repeat, innovation is not a luxury; it is essential to our future prosperity.
Science fuels innovation, innovation fuels productivity, and productivity is what grows our economy long-term. The SR&ED program is already the most powerful federal tool for encouraging businesses to invest in research. It represents $4.2 billion per year and primarily benefits small businesses, which account for 64% of all claims filed.
Budget 2025 takes us further. We are enhancing the program by increasing the enhanced rate expenditure limit. This strategic move will help more innovative businesses grow, scale up and invest in Canada rather than investing in other countries. The additional $440 million injected each year as a result of this enhanced tax credit is expected to generate an economic output of $1.2 billion. That is a 300% return on investment for our economy. That is a smart investment. That is a responsible investment.
We hear people across the way talking about spending, but they clearly do not understand the economic situation we are in. This is the most critical time, a time to invest. These are investments with a 300% return for our economy. That is a smart and responsible investment.
Now, let us talk about the clean economy investment tax credits. The Bloc Québécois voted against a budget that reinforces the importance of investing in the clean economy, so it cannot stand up now and say that it is the authority on clean energy. That is far from the case, since the Bloc Québécois members voted against a budget that directly helps provide clean energy for all. I think that was irresponsible of them.
The government wants to have a strong economy within the G7, and that means investing in sectors that will shape the world of today and tomorrow. To support population growth, the electrification of transportation, and the increased development of artificial intelligence, a substantial increase in our energy supply is required.
Yesterday I heard the president and CEO of Hydro-Québec say that electricity use will increase significantly everywhere, in all households and organizations, and we have heard this in other provinces too. When we see a smart government acting proactively, as our government is doing, it is a credit to our country and to our government, and for that, we should all be proud. That is why tax credits for investment in the clean economy related to electricity are a welcome and essential measure for attracting major industrial projects to the country.
We are also extending by five years the full value of the carbon capture, utilization and storage investment tax credit, a technology that is essential to achieving net zero while maintaining our competitiveness. Finally, we are expanding the list of critical minerals eligible for the clean technology manufacturing investment tax credit. When we talk about clean technologies, we must consider the major components.
During my speech, I spoke about research and development. All the research clearly shows that certain minerals are critical. Antimony, indium, gallium, germanium, scandium are just a few of the critical minerals eligible for the tax credit. The government clearly knows what it is talking about and understands critical minerals. This reflection cannot be done independently, but rather systemically, with interest, and obviously, it needs to go the right way. As I said, these metals are rare, strategic and critical for batteries, telecommunications, semiconductors and the green economy. By recognizing their importance and supporting their extraction, processing and recycling, we strengthen Canada's economic sovereignty and create jobs across the country, including jobs in our beloved province of Quebec.
In conclusion, this budget is not an accounting exercise, but a societal choice. We are making historic investments while preserving Canada's fiscal advantage. We are unleashing Canada's capacity for innovation. We are building a clean, productive and resilient economy. Most importantly, we are giving Canadian businesses the tools they need to succeed and create well-paying jobs—emphasis on “well-paying”.
I am proud to support this bill. I invite all my colleagues to do the same for the good of the economy, innovation, research and development and, most of all, for the future of our country and of Canadians.
I would not want to end my speech without mentioning the sports centre that the people of Bourassa have been waiting for for years. This budget will not only build infrastructure and concrete, but it is also building the future of these young people and the future of the citizens of Bourassa. I thank the Minister of Finance for this budget and I thank everyone who contributed to it.