Mr. Speaker, it is a pleasure to speak to Bill C‑31. The bill contains a number of new measures, and it would also amend several existing laws. Changes will be made to the income tax regulations, the Excise Tax Act, the Air Travellers Security Charge Act, the Income Tax Act and the Global Minimum Tax Act, among others.
Today, I want to focus more on the part that will help us build Canada strong and build it faster. As I have often said in my speeches in the House, over the past few years, we have been building less and less and, in some cases, we have been building little or nothing at all. How can we build faster?
I often wonder why it is so difficult for a nation as developed, innovative and educated as Canada to build housing, energy infrastructure and other essential assets.
We did it before. Just consider the St. Lawrence Seaway. Major construction work was carried out between 1954 and 1959. In barely five years, a 300-kilometre stretch of water became a navigable waterway, which developed into a navigable system connecting the St. Lawrence River to the heart of the Great Lakes, covering more than 2,000 kilometres. I will let that sink in.
There is hope. Canada's new government is building one Canadian economy through major nation-building projects that will connect our regions and create hundreds of thousands of high-paying career jobs in fields ranging from skilled trades to advanced technology.
We are moving forward, protecting our sovereignty and diversifying our markets. In my region alone, the greater Quebec City area, important commitments have been made. These include the construction of six icebreakers valued at $11 billion, built by Davie. This project represents 5,000 jobs but, most of all, it represents predictability for the workers and for businesses and suppliers in the greater Quebec City area.
My remarks will focus on six aspects of the bill, and I will give a few examples to help everyone grasp the scope of each measure.
First, as I mentioned earlier, the bill seeks to fast-track nation-building projects in close partnership with the provinces, territories, indigenous peoples and private investors. For example, consider the creation of the Major Projects Office, which serves as a one-stop shop to speed up the approval and construction of major projects of national interest. Another example is Bill C-5, the one Canadian economy act, which serves as a legislative framework to fast-track projects of national interest, particularly in the energy, transportation and critical minerals sectors. I could also talk about the trade and energy corridors we are developing. Priority is being given to port infrastructure, including in my riding of Beauport—Limoilou, as well as to rail and energy links, to make it easier for Canadian businesses to access international markets.
Second, we need to launch the first buy Canadian policy, ensuring that public funds are used to strengthen our supply chains and support local innovation. Let us look at the buy Canadian policy. This is a commitment to leverage federal procurement as a tool to support Canadian businesses, workers and suppliers. I am also thinking about how public funds are invested in infrastructure. This approach is about prioritizing Canadian steel, aluminum and other materials in federally funded projects.
Third, we are currently witnessing Canada's largest defence investment in decades. I am thinking of the launch of the defence industrial strategy to build out our defence sector and increase the competitiveness of our local suppliers. Here are some more examples. Defence spending officially reached 2% of gross domestic product on March 26. We made a concrete commitment to significantly increase investments in the Canadian Armed Forces in order to modernize its equipment and operational capacities. Our approach to defence procurement reflects our desire to strengthen Canadian businesses' participation in military contracts and supply chains.
I spoke here in the House last week about the strategic importance of Bill C-40, which will allow an investment corporation to support companies that want to contribute to the defence sector in any number of ways, whether through loans, guarantees or insurance. We are investing in and supporting the modernization of our Canadian Armed Forces while developing a stronger Canadian defence industry and creating good jobs, all with a view to strengthening our sovereignty.
Fourth, we must seize new opportunities in a changing world by launching a trade diversification strategy that will double our overseas exports within a decade. For instance, take our target of doubling exports to Europe and markets other than our neighbour to the south over the next 10 years. This represents about $300 billion in new trade opportunities. Over 20 new trade agreements have been signed in the past year, opening up markets for Canadian producers and manufacturers. We are also creating the strategic exports office, which was announced this year, to support Canadian businesses in the aerospace, defence, energy and infrastructure sectors.
Fifth, we must stimulate growth and innovation by lowering investment costs for Canadian businesses through a new productivity superdeduction. The benefits are estimated at more than $9 billion per year. Canada has the most favourable tax system in the G7 for new business investment. Here is a concrete example. Imagine a business that wants to invest in modernizing its production line. It wants to invest in robots to automate its assembly line. For these major purchases and equipment, the business will need cash and will need to take out loans. From now on, that business will be able to deduct its capital cost in the first year. The same goes for Brûlerie Vieux-Limoilou, where I like to get my morning coffee in my riding of Beauport—Limoilou. If this coffee roaster needs to replace a coffee machine, it will be able to write off its purchase. The important thing to understand is that this applies to both large and small businesses.
As the October 2026 Monetary Policy Report states, “Rising business investment—bolstered by federal tax incentives such as the Productivity Mega Deduction—and increased adoption of artificial intelligence (AI) support production and labour productivity.”
Sixth, we must support a clean economy through Canada's new climate competitiveness strategy, which involves strengthening industrial carbon pricing, streamlining regulations and introducing tax incentives to attract investments in clean technology. Clean economy investment tax credits provide tax support for eligible investments in clean electricity, clean technology and other decarbonization activities. Fast-tracking clean energy and critical mineral projects will help to develop strategic sectors for the energy transition and improve Canada's industrial competitiveness.
Thanks to Canada's position as a world leader in clean technology and clean energy, we will be able to create jobs while reducing industrial emissions. Through our climate competitiveness strategy, we want to make Canada a world leader in clean energy and clean technology, while attracting investments, creating jobs and reducing our emissions. The time has come to build our economy bigger and faster than ever, so that Canada can become less dependent on others, more independent and better prepared for the future.