moved:
That this House approve in general the budgetary policy of the government.
Mr. Speaker, pursuant to Standing Order 83(1), I would like to table, in both official languages, the budget documents for 2025, including the notices of ways of means motions. The details of the measures are contained in these documents.
Pursuant to Standing Order 83(2), I am requesting that an order of the day be designated for consideration of these motions.
The budget I present today comes at a time of profound change, a time to build.
The world is undergoing a series of fundamental shifts at a speed, scale and scope not seen since the fall of the Berlin Wall. The rules-based international order and the trading system that powered Canada's prosperity for decades are being reshaped, threatening our sovereignty, our prosperity and our values. Long-standing supply chains and trade relationships that once ensured stable growth in this country from coast to coast to coast, good jobs across our nation and affordable products are being disrupted.
The impact is profound—hurting Canadian companies, affecting workers, disrupting supply chains, and causing uncertainty that holds back investment.
The level of uncertainty is higher than what we have seen and felt for generations. In fact, it is not a transition but a true generational shift. The challenges are great, but the opportunities for Canada are even greater.
In this spirit, today I present to you budget 2025. As a former finance minister, also from Shawinigan, so eloquently put it:
“Let's accept this role with humility, but also, with confidence.” This is Canada.
This budget must be generational in its ambition and serve to shape our economy and our nation's future.
There is no place for withdrawal, ambiguity or even standing still, only for bold and swift action.
Bold and swift action is needed. To weather the storm of uncertainty, we will not lower our sails. Quite the opposite, we will raise them to catch the winds of economic change, because we believe in Canada.
We will explore new markets and sell more of the best of what Canada has to offer.
We will build here at home, with stronger industries, nation-building infrastructure and millions of more homes for Canadians. We will protect what matters most: our people, our communities and our sovereignty. We will empower Canadians by making life more affordable, creating new career opportunities and ensuring every generation can get ahead.
This is how we win. This is how we keep winning.
When people look back on this budget, they will be able to judge the importance of the choices we have made. Greater autonomy is and continues to be the best approach to achieve real resilience. It is in this spirit that, with budget 2025, we are building Canada strong.
Around the world, tariffs have increased, growth is slowing, and trade relationships are being tested. All of these constraints are being felt across the country by Canadians in their daily lives. Families are seeing it every week when they do their groceries, as well as renters when they pay their rent. Young people are sending out their resumés, but far too often, they are not receiving any offers as a result of their efforts.
In factories, in the fields, and in communities across the country, people feel the current economic challenges. Workers are facing fewer shifts, shorter hours and unfortunately, in some cases, layoffs.
Small business owners want to grow, but uncertainty is understandably making them wait. For many, it feels as though opportunity is slipping just a little further out of reach. This is why we need to act. These are the realities Canadian workers and their families are facing. They are doing everything they can to keep moving forward in uncertain times. Through it all, the Canadian economy has held steady. Forecasters now expect modest GDP growth of just above 1% in 2025.
The resilience of our people is earning us the respect of our foreign partners. It is this same resilience that gives me confidence in the future. It is this same resilience that gives Canadians confidence in the future.
When our largest trading partner fundamentally reshapes all its trading relationships, there are two responses. We can slash the deficit, hope for the best, wait for the uncertainty to unexpectedly disappear and see if the trickle-down ever comes. That approach, to balance the budget this year, would have meant eliminating vital social programs and all the capital investments needed for Canada’s future.
We chose a different path, a path that believes in Canada, a path that invests in our country’s future, a path that reinforces Canadian values, a path that makes us less reliant on our trading partner, a path that allows us to be masters in our own house. We chose Canada. We chose Canada, and I hope every member of the House will choose Canada as well. I hope they will all choose Canada.
We all want, first and foremost, to be masters in our own house. We all believe in Canada.
When our steel, aluminum, forestry, auto and agriculture industries were hit by U.S. tariffs and trade disruptions, we did not stand by and wait for the storm to pass; we stepped in with the most comprehensive set of trade resilience measures in Canadian history, because this is who we are as Canadians. This is who we are. When times get tough, we stand together because we are Canadian.
The government launched the strategic response fund my colleagues have been leading, allocating $5 billion to help sectors impacted by tariffs to adapt, to diversify and to grow. Businesses can use the fund to invest in the design of new products, retool plants to boost productivity or offset the costs of accessing new markets. We want our industries to succeed. We want them to be able to make this pivot, because we believe in our workers. We believe in our industries. We believe in our future. We believe in Canada.
We have also introduced a $1‑billion liquidity relief package to help small and medium-sized businesses adapt. They drive growth in this great country and employ millions of Canadians from coast to coast to coast.
We are also implementing a new skills retraining program that will benefit 50,000 workers, because we believe that Canadian workers are at the heart of our economic strategy, and we will work with them.
To our steelworkers, who are probably wondering, I say that we will be there to help them increase their competitiveness within the Canadian market.
To our aluminum workers, I say that we will be there to help them modernize their smelters and open up new markets.
To our auto workers, I say that we will fight alongside them to keep our auto plants in Canada.
To our lumber and canola producers, I say that we know times are hard. We are working not only to restore their market access but to expand it. The recent trip of the Prime Minister to Asia was one way that we are going to work tirelessly to expand the market. We believe in them. We believe in their industry. We will do what it takes to make sure that they can sell their products around the world.
These strategic sectors are at the forefront of this truly generational change. We will ensure they are strong, resilient and ready to lead our economic transition, from dependence to resilience.
We are going to move this economy to make it more resilient. We are going to move from reliance to resilience, because we want Canada to succeed not only today but for generations to come. We are going to move from uncertainty to prosperity, because we understand that investing in Canada is the best way to ensure prosperity for generations to come.
Budget 2025 offers all Canadians a response. It is a plan for resilience. It is rooted in confidence, focused on results and designed to ensure that Canada not only weathers this storm, but emerges stronger from it.
I am reminded of the words of a previous finance minister when, in 1995, he presented his budget. He said at the time, “our very way of life as Canadians [is] being tested.” He also said, “there are times in the progress of a people when...fundamental choices must be made, and a new course charted. For Canada, this is one of those times.”
I would say that today we are also facing a unique moment in the history of our great country. The Prime Minister has called on our country to look beyond the challenges of today and to embark on a path that will redefine Canada for generations to come, because we believe in Canada. He has asked us all to focus on what we can control and to take bold, ambitious action.
I have confidence in the strength of Canadians. I have confidence in our ability as a nation to meet the moment. I have confidence that together we can build Canada, protect our way of life and empower Canadians as never before, because we believe in Canada.
It is interesting to note, as all Canadians who are watching and those with us today would know, that Canada has what the world needs and what the world increasingly wants, from our products to our technology and our values. Canada is inspiring the world. We are an energy superpower in both clean and conventional energy.
We are among the top producers of critical minerals and a world leader in artificial intelligence. We have unmatched market access, as the only country in the G7 with free trade agreements with every other G7 nation.
We have the people, the resources and the stability necessary to prosper and compete in the new economy before us, so Canada enters this period of transformation from a position of strength.
Yes, the world is changing, but Canada is strong. We are going to build Canada strong together. We are going to empower Canadians and defend our sovereignty. Canadians have done it before, and we will do it again.
Canada has the lowest net debt-to-GDP ratio in the G7, and the federal debt-to-GDP ratio will remain stable over the budget horizon. We also have one of the lowest deficits in the G7 and one of the strongest fiscal positions in the world. Yes, we have a strong fiscal position, a strong base to work from, a strong base for investing, and we must use this fiscal power to make generational investment, because we believe in Canada.
As the managing director of the International Monetary Fund recently said, “Both Germany and Canada recognize that in this very testing time, they need to use their fiscal space.... In the case of Canada, the Canadian authorities have been very decisive to take action in the context of changing relations with their main trading partner.” Canada is recognized on the world stage as a country with the fiscal capacity to invest and grow its economy, to invest in its people and to protect its sovereignty. That recognition matters because it affirms something fundamental about this country: When times are difficult, we do not retreat; we advance and we invest. That is what budget 2025 is all about.
Budget 2025 is a plan to catalyze investments from provinces, territories, municipalities, indigenous communities and the private sector. With this plan, in five years, we will enable $1 trillion in total investments in this country. I know that although the Conservatives are silent, they support that in their hearts. I know they will take the break week to tell their constituents how great this country will be and all the investments we are going to see. I can see it in their hearts.
Canada is one of the best places in the world to invest, and we are going to make it even better. This fiscal strength allows us to make historic investment not only today but also for future generations.
To Canadians who feel the strain of these times, our message is clear. We will not back down. We will be there for them now and for as long as it takes. We will do what Canadians do best in times of need: look after one another and help each other. That is the Canadian way and that is our way.
Meeting this tremendous challenge requires both ambition and discipline. We need to be ambitious in our investments and rigorous in our spending. That is why this budget charts a new course for Canada's public finances. Canadians expect their government to achieve results. To get there, we must spend less on operations so we can invest more in Canada’s future.
First, a new capital budgeting framework will separate our day-to-day spending from the investments that build our future. This reform will allow Canadians to better understand where their money goes and will ensure that each dollar helps strengthen our productivity.
In short, we will make capital investment a national priority.
Better budgeting also means presenting the budget at the best time.
From now on, the budget will be presented in the fall, aligning with the construction season, and better supporting provinces, municipalities as well as contractors in the delivery of their projects.
We want to build the country. We have a lot to do and we are going to do it together. What we see in the budget and in the Prime Minister is a road map to build Canada strong. We understand that there are things we need to do on our side to make sure we can build like never before. This is the plan to do it.
Second, it is all about discipline. The Prime Minister has been clear. Canada's new government will spend less so we can invest more. Our budget puts forward $60 billion in savings over five years. Canadians have been tightening their belts for quite some time. It is only natural that we put our house in order as well, and we are going to make sure we do. Through the exercise we did, we found these savings. We did the hard work. We made the tough decisions. That is what Canadians expect from us. We have a strong mandate. They told us to do what must be done. That is what we did. It is what we are going to continue to do.
Let me be very clear for all Canadians watching at home: We are protecting the vital services they rely on, including child care, dental care and pharmacare, because those are essential for families across our nation. This is who we are as Canadians. We are going to remain true to our values.
We are making responsible and pragmatic choices to reduce inefficiencies and focus government initiatives on our core priorities.
Through what we call the government’s comprehensive expenditure review, we are focusing investments on initiatives that meet objectives and complement, rather than duplicate, services delivered by other levels of government. We have looked at how we can streamline programs, how we can rightsize, how we can use technology and how we can use AI with one goal in mind: to provide better service to Canadians and to be more efficient. Canadians deserve the best service from their government, and we will deliver. We will cut red tape, digitize services and make them faster, simpler and easier to access.
We are encouraging the adoption of new technologies across government, including made-in-Canada AI tools, through a new digital transformation office.
We understand the potential of the digital transformation. Canada will be a global leader in digital transformation and in delivering services to Canadians.
This will create a more effective government, one that can deliver smarter, faster and more effective services to Canadians.
Since 2019, the federal public service population has grown at a rate far greater than the Canadian population. We must get the size of our public service back to a sustainable level, in keeping with best practices. We will do that with fairness and compassion because we appreciate the work of every single public servant in the country. We appreciate their service. We appreciate their work. We value their contribution to our country.
While we do that, we will make our tax system fairer.
Third, we need clear fiscal anchors to provide predictability and clarity to the world and to Canadians. We will balance day-to-day operating spending with revenues by 2028-29, shifting the budget toward investments that grow the economy. This is a pivotal moment in Canada's history. We are going to make sure that the dollars people entrust to us will be invested to grow Canada. We will maintain a declining deficit-to-GDP ratio, ensuring discipline today while investing in our collective future.
The measures proposed in budget 2025 put us on the right path to achieving our investment goals.
We will create a business environment that attracts an unprecedented flow of private capital into the energy, infrastructure, housing, and defence sectors. This is an investment budget. It is a generational investment budget. It is a budget for this generation and future generations. It is a budget because we believe in Canada.
Our investments will focus our efforts on our economic success and on boosting productivity—doing more with less—because that is the best way to raise Canadians' standard of living. Budget 2025 will accelerate construction in housing and infrastructure across the country. It will also strengthen Canada's position as a fiscally competitive jurisdiction and one of the best places in the world to invest.
Canada is a great place to invest. With budget 2025, we are going to make it even greater. In short, Canada is the place to be, Canada is a place to invest and Canada is a place to grow. We are proud to serve Canadians.
Budgets are not about doing everything. They are about doing what is necessary and doing it well. We are putting forward a firm, fair and results-driven plan, the kind of reform Canadians are asking for and the kind that has always served our country well.
This generational investment plan will invest $280 billion in capital over five years to strengthen Canada's productivity, competitiveness and resilience. On a cash basis, this is a historic investment of $450 billion in Canada. We are going to do all of that because we believe in Canada, we believe in Canadians, we believe in our workers and we believe in our future.
These generational investments will drive growth in every region and create good, middle-class jobs, the kind of careers that allow young people and families to plan for the future with confidence.
Our generational investment will focus on four key priorities: housing, to restore affordability and opportunity; infrastructure, to connect Canadians and accelerate growth; defence and security, to protect our sovereignty and our communities; and productivity and competitiveness, to make Canada a leader and the innovation powerhouse of the 21st century.
These are not abstract priorities. They are the foundations of a stronger, more independent and more competitive Canada, because we believe in Canada. Our task now is to turn fiscal strength into national purpose. For generations, together Canadians have undertaken major projects that have connected our regions, energized our industries and defined our identity over the course of more than a century.
The One Canadian Economy Act adopted last June continues that tradition, a very proud tradition. It removes barriers to internal trade, accelerates approvals for major projects and strengthens the economic union that binds our provinces and territories together. We are completing the unfinished work of Confederation, ensuring that wherever a product is made in Canada, it can be sold in Canada so that trade and opportunity flow freely across provincial lines. This is about Canada. If we build something in one part of the country, we ought to be able to sell it across the country, because we believe in Canada.
Good news: Our government will not stop there. We will launch the next generation of nation-building projects: the highways, airstrips, ports, electrical grids and digital corridors that will define the next century of Canadian growth.
Thanks to these investments, we will connect regions, strengthen supply chains across the country, and create hundreds of thousands of high-paying jobs in every region of our great country.
Our Arctic infrastructure fund will expand possibilities and opportunities like never before in Canada’s north. We should all be proud, as Canadians. We are going to make historic investments in Canada's north. This is a great moment for the country.
We will build infrastructure in communities all across Canada with the new build communities strong fund. As we build a million more homes, we will need infrastructure like roads to build new neighbourhoods. This fund will help build them. New neighbourhoods will lead to new communities across our country that will want recreation and athletic centres. This fund will help build them. New communities will need new hospitals. This fund will help build them. This fund will build Canada strong. This fund will build our communities strong. It is something I am very proud of, and I think the Prime Minister joins me in being proud of this.
We will do all this by being our own best customers for the new buy Canadian policy. It is about time we put Canadian suppliers first.
When the government buys, Canadian suppliers will be our first choice wherever possible, full stop, because we believe in Canada.
We will be using steel made by our workers in Hamilton and Sault Ste. Marie.
We will use aluminum cast in Saguenay—Lac‑Saint‑Jean, Bécancour and Kitimat and softwood lumber cut in Thunder Bay, Prince George and even La Tuque, in my riding, as well as in every community in the country.
We will support our workers. We will support our country. We will support our industries.
I will give one example. Yesterday, in Saint‑Tite, a small rural city in my riding known to many in Canada, I visited Boulet Boots, a family business that has made boots since 1933.
I even had the opportunity to build part of the shoes I am wearing today, with the help of many skilled workers. This is a reminder of the craftsmanship and pride that make the Canadian manufacturing industry strong.
The shoes I am so proud to wear today are the same shoes worn by Canada's RCMP officers.
I know Conservative members wish they had a pair too. These shoes were made in Canada by Canadians and for Canadians. That is the way to go. That is how we build Canada strong.
That is what buy Canadian is all about: good jobs, resilient communities, and pride in what we build together.
That is what buy Canadian is all about. It is all about good jobs. It is all about resilient communities in our cities and rural communities across our nation, and this is about pride in what we build, pride in Canada and pride in our workers; that is how we build a strong country.
Canada has a legacy of builders. We are a nation of builders. That same spirit of building at home has defined Canada for generations. We have done this before. Back in 1945, just after the war, Canada had to do big things. As so-called minister of everything at the time, the great C.D. Howe banked on the boundless potential of Canada to make big, big changes in our country. He was not afraid to bet big on Canadians, and neither are we, because we believe in Canada.
This budget is guided by the strong conviction that Canada must remain a nation of builders of infrastructure and innovation, of trust in public institutions and of hope for generations to come.
This nation knows how to build. We built the Canadian Pacific Railway in 1885, allowing our country to be connected from coast to coast and supporting trade across the Prairies. We built the St. Lawrence Seaway more recently, in 1959, creating a deep-water route from the Great Lakes to the Atlantic Ocean.
More recently, we built the James Bay hydroelectric facility in 1985, providing abundant clean energy to power Canadian industries and enabling Canada to become one of the world's top producers of renewable hydroelectric energy.
That is why I am so proud of Canada. That is why we want to build Canada strong together. Each generation has taken on its share of the work and has left the next generation stronger for it. We will do it again because we believe in Canada.
With planned investments of $115 billion in infrastructure over five years, we will meet the moment. That is what Canadians expect from their government. They know what is going on. They want us to meet the moment, and we will meet that moment and will build the backbone of Canada's next economy.
Our task is simple, but it is profound: to turn plans into projects, to turn projects into careers and to turn careers into prosperity. That is what we are committed to doing, and that is what we will do with Canadians across the nation.
We will do so in a way that protects our future and also protects our nature and our core values, building in true partnership with indigenous peoples, whose stewardship and knowledge of the land continue to guide us today, because we build not just for ourselves; we build also for those who will follow us. I am often reminded of the seven-generation principle. Rooted in indigenous teachings, it is a reminder that every decision we take must consider its impact on future generations.
We will build Canada strong, but we will build with Canadian values.
A strong country invests not only in its economy, but also in its identity. Over the past year, Canadians have shown what Canada is really made of.
When global uncertainty tested us, we looked to each other. People asked where their food was grown and chose to buy from local farmers and producers.
Families travelled across the country and rediscovered its beauty, from coast to coast to coast. Communities rallied around Canadian businesses, creators and workers. That is what it means to be Canadian: to stand up for one another, to build together, and to take pride in what we make, grow and create here at home. That is what it means to be Canadian, and that is why we are here to stand up for Canada.
We are a bilingual, diverse and compassionate country, shaped by reconciliation, equality and respect. We believe in a strong Canada. Our new government is investing heavily to help Canadians get ahead.
On the housing front, I think this is something that speaks to everyone: each young person in the country, each family in the country and everyone listening today. Canada faces a steep housing supply gap that has threatened affordability. Our minister has been doing great work to make sure we have more supply and to continue that. We need to make sure Canadians across the nation can find a home because finding a home is the best way to build their lives. We want to be there for them.
Budget 2025 is the most ambitious housing plan since the Second World War. This is what we are delivering for Canadians. The moment calls for it and we are meeting the moment. The Prime Minister has been clear: We need to build in this country. We need to build faster. We need to build bigger. We need to build now. We need to build Canada strong.
We have put in this budget record investments of $13 billion over five years in our flagship homebuilding initiative, Build Canada Homes. I am sure Canadians across the country understand that, because this will ensure we build at a speed and scale that we have not seen in generations. We will double the pace of housing construction over the next decade while we create a new industry, one that will be using Canadian technology, Canadian workers and Canadian lumber. We will use Canadian workers to build Canada with Canadian material. This is what we are going to do because we believe in Canada.
We will improve affordability and create careers in the skilled trades, because as we build this country, young people will see the dream they have of home ownership come within reach again. That is what we want to do for future generations. Every home built is a step toward a more affordable and more confident Canada.
Affordability is not only about housing. It is about making life easier for Canadians and reducing everyday costs, while protecting the programs that families right across our great country depend on. Canadians elected us to take bold action to help them improve their quality of life quickly.
That is what we did, and we will continue to do it. The very first thing the Prime Minister did for Canadians was to cut taxes for 22 million Canadians. That is the first thing we did. Then we brought down gas prices by 18¢ per litre when we cancelled the consumer carbon price.
