House of Commons Hansard #12 of the 45th Parliament, 1st session. (The original version is on Parliament's site.) The word of the day was chair.
This summary is computer-generated. Usually it’s accurate, but every now and then it’ll contain inaccuracies or total fabrications.
National Housing Strategy Act First reading of Bill C-205. The bill amends the National Housing Strategy Act to ban forced encampments on federal land and mandate consultation for housing alternatives for those experiencing homelessness. 300 words.
National Strategy on Brain Injuries Act First reading of Bill C-206. The bill establishes a national strategy on brain injuries to reduce incidents, improve care, and address related challenges like substance use and homelessness. 200 words.
Canada Pension Plan First reading of Bill C-207. The bill requires approval from two-thirds of participating provinces for a province to withdraw from the Canada Pension Plan, aiming to protect it and give Canadians a say in its future. 200 words.
Opposition Motion—Canada Carbon Rebate and Payment to Quebec Members debate a Bloc motion demanding Quebec receive $814 million, its estimated contribution to a federal carbon rebate paid to other provinces after the consumer tax was eliminated. The Bloc calls the payment an election giveaway funded by all taxpayers, excluding Quebeckers who have their own system. Liberals argue the payment was necessary for families who budgeted for it in participating provinces and highlight other benefits for Quebeckers. Conservatives support ending the tax but agree the rebate timing and exclusion of Quebec were unfair, also raising concerns about government spending. Discussions touch on climate policy and industrial carbon pricing. 55400 words, 7 hours in 2 segments: 1 2.
Main Estimates and Supplementary Estimates (A), 2025-26 Members question Ministers on the government's estimates. Discussions cover fiscal responsibility, budget deficits, national debt, US tariffs and trade diversification, support for Ukraine, and measures for affordability like tax cuts and housing. Specific topics include collected tariffs, debt servicing costs, unemployment, budget timing, internal trade barriers, and support for industries like steel, aluminum, and canola. 36200 words, 4 hours.
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Conservative
Adam Chambers Conservative Simcoe North, ON
Mr. Speaker, this is for the Minister of Finance.
It has been reported that the government needs to issue or borrow over $600 billion of debt this year. Is that true?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Saint-Maurice—Champlain Québec
Liberal
François-Philippe Champagne LiberalMinister of Finance and National Revenue
Mr. Speaker, the member seems to read from “The Fiscal Monitor”, so I would advise him to refer to a publication done by the Government of Canada. There is a lot of good information for him in that.
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Conservative
Adam Chambers Conservative Simcoe North, ON
Mr. Speaker, is the finance minister aware that despite the Bank of Canada not lowering interest rates, both the 10-year yield and the five-year bond rate for Canada have increased?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Speaker, I know it is getting late, but I will provide good news, because I like this member in particular, who is a very smart member. He will know what really matters to Canadians is that, with Germany, Canada is the only country in the G7 to have a AAA credit rating. I can see his face; he is smiling because that is something that he should be—
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Conservative
Adam Chambers Conservative Simcoe North, ON
Mr. Speaker, one of the gentlemen at Fitch recently said that the lack of a budget “raises questions about transparency and contributes to [Canada's] greater economic...uncertainty”.
Does the minister agree with that statement?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Speaker, what I agree with is that Canada is one of only two countries in the G7 that has a AAA credit rating, with Germany. I am looking at a former finance minister in Quebec. He knows how important it is to have that kind of credit rating and have the lowest—
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Conservative
Adam Chambers Conservative Simcoe North, ON
Mr. Speaker, is the finance minister saying that Canada's AAA credit rating is safe?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Speaker, I will give another number to my colleague, because I know he likes numbers. If we look at the FES 2024 projections, our deficit-to-GDP is 1.6%. He can look at the other G7 countries. He will see that we are in a very good position.
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Conservative
Adam Chambers Conservative Simcoe North, ON
Mr. Speaker, is the government's AAA credit rating safe?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Speaker, the member should be proud, and I can see he is proud, that Canada is one of the two countries in the G7 with a AAA credit rating. It is a great place to be. He should have come with us to the G7 finance ministers'—
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Conservative
Adam Chambers Conservative Simcoe North, ON
Mr. Speaker, the Bank of Canada has warned that 40% of the amount of government debt issuance is purchased by non-bank financial actors, including hedge funds.
If we are issuing record amounts of debt, does the minister agree that this represents a risk to Canada's financial stability, our credit rating and the rate at which Canadians have to borrow to pay for their mortgages?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Speaker, my colleague would be happy to learn that the public debt charges' percentage of nominal GDP has been pretty consistent, at around the range of 1.5% over the last decade, and in 2023-24, it was 1.6%. That is a very good place to be. That is why we believe in Canada strong.
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Conservative
Adam Chambers Conservative Simcoe North, ON
Mr. Speaker, does the minister believe that how much money the Government of Canada borrows impacts the borrowing rate Canadians pay for their mortgages?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Speaker, the member knows me well; he has known me for a bit. He knows I believe in fiscal discipline, and he knows as well that we are going to present a very ambitious budget, a budget he is going to be proud to present to his constituents.
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Conservative
Adam Chambers Conservative Simcoe North, ON
Mr. Speaker, does the minister believe it is reckless to issue record amounts of debt when the Bank of Canada is warning that the market may not be able to absorb that amount of debt, or if there is fiscal uncertainty in the world, that our interest rates will increase when we have record amounts of Canadians renewing their mortgages?
Do they need to pay more, yes or no?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Speaker, the question people watching at home have on their mind is whether the member believes it is important for Canada to meet its NATO commitment of 2% of investment in defence. This is really the question people at home are asking themselves: Does the member believe it important to meet our NATO commitment of 2%?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Conservative
Adam Chambers Conservative Simcoe North, ON
Mr. Speaker, it is getting late, so I will circle back one last time.
Does the minister believe Canada's AAA credit rating is safe?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Speaker, I know it is getting late. I will say to my colleague, I do believe that it is great for Canada to have a AAA credit rating. I can say that my colleagues at the G7 are very envious of Canada's position, because they know that we are the true north, strong and free.
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Conservative
Jasraj Singh Hallan Conservative Calgary East, AB
Mr. Speaker, does the finance minister believe that all Canadian taxpayers should pay the tax that they owe, yes or no?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Saint-Maurice—Champlain Québec
Liberal
François-Philippe Champagne LiberalMinister of Finance and National Revenue
Mr. Speaker, I know it is getting late, but the questions are becoming more and more interesting. I believe in a fair tax system, where everyone pays their fair share.
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Conservative
Jasraj Singh Hallan Conservative Calgary East, AB
Mr. Speaker, when the minister was a Trudeau minister, his government claimed to crack down on wealthy Canadians evading taxes by moving money offshore.
Did the government's efforts capture the current Prime Minister's actions, setting up offshore investment funds worth $25 billion?
Main Estimates and Supplementary Estimates (A), 2025-26Business of SupplyGovernment Orders
Liberal
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Speaker, I know the member would have loved to be at the G7 finance ministers' meeting in Banff, because he would have seen Canada's financial call to action on money laundering. This was an initiative by Canada. He would have been proud. He would have been in the room and applauding when he saw Canada standing up to make sure that we are cracking down on financial—
