Debates of April 30th, 2026

Opposition Motion—Sovereign Wealth Fund

[Sandra Cobena, Conservative, Newmarket—Aurora, ON]

Mr. Speaker, we have seen the statistics. We in Canada now have had six consecutive quarters of more businesses shutting down than opening up. It is an entrepreneurial drought. Of course, these are the Canadians who have been grinding it out, opening early, closing late and making personal sacrifices. They cite regulatory uncertainty, delays in permitting and overtaxation. These are the Canadian dollars that are actually leaving the country.

My question for the member is, does he think this fund will fix those issues?

[Pierre Poilievre, Conservative, Battle River—Crowfoot, AB]

Mr. Speaker, that is an excellent question. The member is quite right. For six consecutive quarters, there have been more businesses that have closed than opened in Canada. A recent survey showed there are twice as many Canadian businesses that opened in 2024 outside of Canada than inside of Canada.

For the elbows-up crowd in the room, Canadians are now opening more businesses in the United States than they are opening in Canada. In the last decade, $1 trillion of net investment has flowed out of our country. A majority of Canadian pension funds are, according to Statistics Canada, invested abroad and not here at home, a problem that has worsened since the Prime Minister took office.

Now, the question was very particular: Would the million small businesses across this country benefit? Of course not. They will not be invited to the investment summit. It will just be for large multinational corporations that have political power. Small businesses that serve customers will lose. Multinationals that serve politicians in power will win.

[Ryan Turnbull, Liberal, Parliamentary Secretary to the Minister of Finance and National Revenue and to the Secretary of State (Canada Revenue Agency and Financial Institutions)]

Mr. Speaker, I appreciate the member opposite's speech, but obviously I do not share his pessimism about the sovereign wealth fund. Generations ago we had examples with victory bonds, with war bonds. We have had examples of Canadians stepping up, especially at times when Canada's sovereignty has been tested, throughout our history, when Canadians want to participate in investing in the future that they want to build for this country.

Would the member not say that this is a welcome opportunity for Canadians to be able to participate in the prosperity and growth that the government is moving forward on?

[Pierre Poilievre, Conservative, Battle River—Crowfoot, AB]

Mr. Speaker, there is no prosperity and growth to participate in. This economy has not grown in a decade. In fact, Canada has had the worst economic performance of all G7 countries. Since the Liberal Prime Minister took office, nothing has changed. There has been no regulatory reform and no tax reform, and not a single antidevelopment law has been eliminated. Other than to rename the carbon tax as the clean fuel standard, there has been no serious tax reform. Finally, and I guess it is the only difference, the deficit is twice the size now of what it was under Justin Trudeau.

Now, as for participating in growing the Canadian economy, people have the freedom right now to buy into a Canadian stock index if they want to do that. I do not understand why they need the government to force them to take on a $25-billion liability on the credit card for the Liberal government to dole out, in a political slush fund, to those politically powerful corporations.

[Xavier Barsalou-Duval, Bloc, Pierre-Boucher—Les Patriotes—Verchères, QC]

Mr. Speaker, among other things, this so-called sovereign wealth fund—so called because that is the tagline the liberal government baptized it with—is tasked with investing in projects selected by the Major Projects Office. The thing is, the Prime Minister himself is the one who decides what projects to send to the Major Projects Office.

We were told the sovereign wealth fund would be independent, but how can it be independent if the Prime Minister is the one choosing which projects to fund?

[Pierre Poilievre, Conservative, Battle River—Crowfoot, AB]

Mr. Speaker, the Prime Minister wants to be king of the economy. He is holding on to all kinds of regulations that are hurting businesses. Businesses that are getting ahead are being slapped down with hefty taxes, except for a small group personally chosen by the Prime Minister. The member is absolutely right: Under the law, these powers all belong to the Prime Minister. That is no exaggeration. These special businesses will be able to sidestep all the rules and receive subsidies and gifts from the fund, which opens the door to corruption and leaves millions of small businesses out in the cold.

Why not open up the free market so that all businesses can prosper?

[Alex Ruff, Conservative, Bruce—Grey—Owen Sound, ON]

Mr. Speaker, my question to the hon. Leader of the Opposition is about the fact that this fund is, basically, being funded on the taxpayers' credit cards. We are already paying to service our national debt, and this will just add to it. Going forward, it is going to have an impact on the hon. leader's children, my daughter and the youth in this country being able to live a prosperous life in the future.

[Pierre Poilievre, Conservative, Battle River—Crowfoot, AB]

Mr. Speaker, it is now $60 billion of annual interest, money for bankers and bondholders, not doctors and nurses, and $3,400 from every family will go to pay interest on the federal debt this year. That number will go up by 50% over the next five years. This is the fastest-growing item on the government's budget right now: interest on the debt.

It will enrich the bankers and the bondholders at the expense of hard-working people and threaten the future of our kids. That is why we need to restore fiscal responsibility, balanced budgets and controlled spending.

[Ryan Turnbull, Liberal, Parliamentary Secretary to the Minister of Finance and National Revenue and to the Secretary of State (Canada Revenue Agency and Financial Institutions)]

Mr. Speaker, it will come as no surprise that I do not share the views and pessimism coming from the Conservative leader in the House.

I appreciate the opportunity to speak today about the sovereign wealth fund that our Prime Minister and Minister of Finance announced just before the spring economic update.

There is no doubt that Canada's economy is at a very important moment, a hinge moment. Around the world, countries are competing for investment, talent and opportunity. Supply chains are shifting dramatically, global energy systems are evolving quickly, and technological change is accelerating, especially with the AI revolution. In this environment, economic strength does not happen by accident. It is built deliberately through smart policy, strong partnerships and a clear focus on long-term growth.

Our government has been focused on what we can control. There are many things we cannot control, but there are many that we can. Building a strong, sustainable and inclusive economy is within our control, an economy that is backed by an ambitious plan to help enable $1 trillion in total investment across Canada over the next five years. That plan is well under way. We saw in the spring economic update quite a large number of signs of progress.

As we build a stronger Canada, we must ensure that all Canadians can benefit, now and for generations to come. The spring economic update 2026 builds on the momentum of budget 2025 with strategic investments that support productivity, innovation, growth and competitiveness, and that position Canada for long-term prosperity. This means delivering generational infrastructure and nation-building projects, like the 21 projects listed, with $125 billion in new investment and over 60,000 jobs.

It also means diversifying Canada's trade. We have seen 20 new trade and security agreements signed and a 38% increase in non-U.S. trade over the short term, or a time frame of just about eight months. We are also supporting workers and young people. In the spring economic update, we see an initiative to recruit, train and hire 80,000 to 100,000 more skilled trade workers. On building more homes, we are accelerating $7 billion in low-cost financing for rental apartment construction.

It also means protecting the safety and security of Canadians. We see the creation of the financial crimes agency, and security for places of worship, in the spring economic update. These are very important initiatives. We are also investing in strong communities. We see sports, from playground to podium. We see small craft harbours, mostly in Atlantic Canada but recognizing that they are all across our coastal communities and very important to building strong communities.

The government is making these key investments while maintaining Canada's strong fiscal stewardship, which has positioned Canada, according to the International Monetary Fund, to have the second-fastest projected growth in the G7 and the strongest fiscal position in the G7. Let me repeat that. We have the strongest fiscal position in the G7, according to the International Monetary Fund. That is good news. I know Conservatives do not like to hear that, but it is good news for Canada and certainly a sign that we are building prosperity from a position of strength.

One of the measures announced in the spring economic update was the creation of the Canada Strong fund, Canada's first sovereign wealth fund. Sovereign wealth funds are not just financial tools but nation-building investments in the future of a country. They represent a country's belief in its own future. They take today's revenues, often generated from hard-won economic strength, and invest them with purpose, discipline and a long-term view.

Instead of spending everything in the moment, sovereign wealth funds build enduring assets that can support generations to come. This is the intention of the Canada Strong fund. It will do exactly that. It will help more Canadians be able to participate in the generational wealth building that we are achieving together. Through an initial federal contribution of $25 billion, the fund will strategically invest, alongside the private sector and based on commercial terms, in Canadian projects and companies driving our economic transformation.

This includes projects in clean and conventional energy, critical minerals, agriculture and the infrastructure that we need in this country. The returns will be reinvested to grow the Canada Strong fund, so it will be compound growth, strengthening its capacity over time. As that fund grows, it will direct capital toward investments with the highest potential return for Canada and Canadians.

To ensure that Canadians have the option to invest in the growth of our nation and share in the returns, the government will launch a retail investment product, which will be principal-protected. This will give Canadians a direct stake in our nation's long-term prosperity and help build long-term national wealth.

The Canada Strong fund will operate at arm's length from government. We will create a new Crown corporation, and its work will be guided by a CEO and a qualified, independent board of directors. This model will ensure that both in the near term and in the long term the fund remains focused on its mission: supporting the transformation of the economy and creating wealth for Canadians.

Canadian companies and investors are coming forward to build Canada's future, and investors from around the world are choosing to invest in that future. We have seen many examples of this, with foreign direct investment in Canada reaching an almost 20‑year high, $97 billion of inflows. This is significant progress over the last 20 years. We see this as being a high point. We have heard from RBC, our largest bank, and from our largest pension plan, the Canada pension plan, that Canada is garnering the attention of many global investors. This is really strong evidence or signs that our plan is working.

Transformational projects and companies that will help build and create a stronger, more independent and more resilient economy for Canada will stand to benefit from the sovereign wealth fund. The Canada Strong fund takes one step further, making sure that all Canadians are the beneficiaries of the financial returns that these projects will generate.

Not only are we making it easier for those projects to get off the ground through the Major Projects Office, but we are also ensuring that our indigenous partners are able to participate through the loan guarantee program that our government has capitalized. We also want to make sure that all Canadians can participate in the proceeds that will come from the strong returns from many of these large infrastructure projects.

This is how we ensure that Canadians have a direct stake in our nation's long-term prosperity. It is one of the many things our government is doing to build Canada strong. In addition to the Canada Strong fund, our government is securing a more prosperous, competitive and sovereign future through initiatives like the buy Canadian policy and the Major Projects Office.

I want to take a moment and talk about solidarity. The Prime Minister, in his famous speech at Davos, talked about solidarity. I think that, now more than ever, Canadians want to be a part of the Canada Strong plan. They want to be a part of building the strongest, most prosperous country in the G7. They are inspired by that vision. I think they see the potential.

The sovereign wealth fund, the first ever in Canada, which I have long thought would be a good idea, enables Canadians to show their solidarity by putting in small amounts they are able to invest in Canada's future and then benefiting from the proceeds and the prosperity we are building together. That, to me, is a great sign of solidarity. Canadians can help build this country in many different ways. They can become skilled tradespersons, but they are also able to invest in major infrastructure projects and very large projects. This is a way they can come alongside.

The sovereign wealth fund will come alongside institutional investors from both around the world and here in Canada to ensure that Canadians benefit in many ways from these projects. Not only are we going to get a boost in productivity from these major infrastructure projects, as many of them support us getting more goods to foreign markets so we can help diversify the economy, but they are also going to have significant returns. We want to make sure that Canadians can participate in that.

The spring economic update outlined a clear plan to build a strong and resilient Canada, built by Canadians with Canadian materials for Canadians.

Ultimately, the goal is very straightforward. It is about ensuring that Canada can compete globally, attract the investment we need and create opportunity here at home for all Canadians. It is about building an economy that is resilient in the face of global change and the many challenges and headwinds we face, inclusive in its outcomes and strong enough to support future generations. We want to make sure the Canada we are building will create generational wealth for Canadians. It is about making thoughtful choices today that set Canada up not just to grow, but to lead for the future.

The Canada Strong fund is a great example of how we will do this, turning today's resources into tomorrow's opportunities and investing for long-term prosperity, resilience and a shared sense of national success. It is that sense of solidarity all Canadians have, that sense of pride in our country, that sense of the strength we have in all of us, that grit we have as Canadians: that we want to build a better future, that we want to do it together, that we are a part of the same mission and vision as a country, and that we all should participate and benefit from the prosperity we are building together.

I am happy to take questions.

[Arnold Viersen, Conservative, Peace River—Westlock, AB]

Mr. Speaker, it is fascinating to me. As Conservatives, we believe Canada is one of the greatest countries in the world, and we should be the wealthiest country in the world. We have unlimited natural resources. We are the envy of the entire world when it comes to our energy resources, yet here we are in massive deficits run for 10 years by Liberal governments.

Where does the member think the wealth should come from for this so-called wealth fund?

[Ryan Turnbull, Liberal, Whitby, ON]

Mr. Speaker, I know the member opposite and I share many differences, but the one thing we can agree on is that Canada is the greatest country in the world and has the greatest potential to be even stronger and more prosperous than it is today. This is exactly what the sovereign wealth fund intends to do. Again, it is to help all Canadians be able to participate in the prosperity that we are building and those major projects, which are going to have high returns. I know members opposite believe in many of those projects that run through their parts of the country, which are going to benefit their communities with work opportunities and with new tax revenue for other levels of government, including the federal government. The sovereign wealth fund is going to help us give Canadians the opportunity to participate in that prosperity.

[Xavier Barsalou-Duval, Bloc, Pierre-Boucher—Les Patriotes—Verchères, QC]

Mr. Speaker, I have a simple question for the member opposite. The government talks about a sovereign wealth fund, but we know perfectly well that this fund is only masquerading as one. Sovereign wealth funds exist in almost every country of the world. They are based on savings and what people decide to put away for future needs. In this case, however, the fund is based on debt, not savings.

My questions for my colleague opposite are as follows. How much debt has Canada taken on to create this phoney sovereign wealth fund? How much is this extra debt going to cost taxpayers annually?

[Ryan Turnbull, Liberal, Whitby, ON]

Mr. Speaker, I know there is much we can learn from other entities around the world that are similar to the Canada sovereign wealth fund. We can draw lessons from Quebec's generations fund and from Alberta's heritage savings trust fund. We can draw learnings from Norway and Singapore. Many of these large income-generating national wealth funds have been built over decades. The idea for Canada to be setting one of these up now has the perfect timing, in my view. In fact, I would suggest that we should have done this probably 30 years ago, but it is really great that we are going to do this now to be able to have a nest egg that builds wealth in this country and distributes it to everyday Canadians.

[Kevin Lamoureux, Liberal, Parliamentary Secretary to the Leader of the Government in the House of Commons]

Mr. Speaker, I am wondering if my colleague could provide his thoughts in regard to just how important this is in recognizing that we want to build a strong, healthy economy. We have set the goal of being the strongest in the G7. That is the goal. Part of that is recognizing that whether it is looking for trade opportunities or attracting investment into Canada or the Canada Strong fund or the sovereign wealth fund, these are all part of a much bigger picture that the Prime Minister and this government have put forward to the House in order to emphasize how critically important it is to build Canada strong for all Canadians.

[Ryan Turnbull, Liberal, Whitby, ON]

Mr. Speaker, that question is one that I feel very passionate about answering, because there are many things we are doing on many fronts.

The Major Projects Office obviously addresses challenges that this country has faced, in terms of streamlining projects and getting approvals where investment has not been strong enough in Canada. That is exactly the intent of the Major Projects Office, to remove a lot of the barriers for investment to come into Canada and to streamline that process so we can build big things again in this country.

That is great news, but it is only part of the picture. In our budget, we moved forward with new investment tax credits and strengthening those, the clean economy investment tax credits. We moved forward with major deductions and immediate expensing for businesses across Canada so they can invest in new machinery and equipment, research and development, protecting their intellectual property and much more. These things help attract investment in this country.

That is exactly what we are doing, and the sovereign wealth fund is an example of how we ensure that Canadians can benefit from that.

[Warren Steinley, Conservative, Regina—Lewvan, SK]

Mr. Speaker, people in Saskatchewan have lived through this nightmare before: “Trust us; the government can do it better.” This reminds me of the NDP in the 1990s and early 2000s in Saskatchewan, when the government invested money from Crown corporations and taxpayers' dollars in things like Spudco, where it lost $30 million, things like Navigata, where it lost $12 million, and things like mega bingo, where it could not even run a bingo properly and lost $14 million.

The member just mentioned that a lot of different funds in Canada and around the world are similar to this. The big difference, and the part that he left out and that all Liberals will leave out, is that those were all built on surplus budgets. Alberta's, for example, started in 1972, under former premier Peter Lougheed, when he had surpluses. Now that fund is $32 billion, at the start of 2025, built on surpluses.

Why do the Liberals not understand that governments build money when they have it, not borrow money?

[Ryan Turnbull, Liberal, Whitby, ON]

Mr. Speaker, I do not know why the member opposite has such an opposition to the thought that everyday Canadians should be able to do this. When I was a kid, I had a paper route. I saved money every month, and my parents encouraged me to buy Canada savings bonds. This is essentially doing a similar thing. The Government of Canada is saying that it is going to help attract investment and build a stronger economy in Canada, and it wants to create retail opportunities so that everyday Canadians, around their kitchen table, can say, “Hey, we want to participate in the prosperity that we are building.”

I know the members opposite do not like it when I talk about the paper route I had as a kid, for some reason, but buying those government savings bonds was a great tool to build wealth. My parents encouraged me to do that when I was young. We did it during the war and at any time in history when our sovereignty was tested. This is the perfect time, in my view, to help make it attractive to Canadians and give them the opportunity to participate in the process.

[Alexis Brunelle-Duceppe, Bloc, Lac-Saint-Jean, QC]

Mr. Speaker, what we are hearing today is astounding. In response to a question my colleague from Pierre-Boucher—Les Patriotes—Verchères asked earlier, the hon. member opposite had the nerve to say that Canada's new sovereign wealth fund is similar to Norway's, when, as my colleague explained so well, the two are nothing alike.

There is something else that is a little unusual about the Liberals' argument regarding this new sovereign wealth fund. They claim that this fund is sovereign and independent. However everyone knows perfectly well that these projects will be funded through the Major Projects Office and that they will be the direct result of the Prime Minister's decisions. The Liberals themselves have said so.

When they say that this fund is independent, how can they justify that in a clear, transparent and honest way?

[Ryan Turnbull, Liberal, Whitby, ON]

Mr. Speaker, the member can be assured that this will be independent, because it will be set up as a separate Crown corporation with an independent board and CEO, and it will operate under commercial terms. It will invest money in order to get returns for Canadians. We will see that fund grow over time and continue to invest in large projects that have good financial returns and will pay dividends to everyday Canadians. It is a great concept.

I know that members opposite have every right to debate this. That is what the House of Commons is for. What I take issue with is the overall pessimism they have about a sovereign wealth fund. There are many examples around the world of how this can really help achieve national and generational wealth.

[Warren Steinley, Conservative, Regina—Lewvan, SK]

Mr. Speaker, I have a very simple question. Which one of the Prime Minister's banker buddies is going to be the CEO of this fund?

[Ryan Turnbull, Liberal, Whitby, ON]

Mr. Speaker, what is great about this fund is that we are leveraging our strong fiscal position in Canada. Again, the IMF said Canada has the strongest fiscal position in the G7. We just reported $11 billion less in the deficit. We have cut operating spending and increases. We are moving down from 8%, on average, to 2%. We are doing that, all while supporting Canadians with affordability measures and building a stronger economy.

We want to ensure that Canadians can benefit from the generational wealth we are building.

[Gabriel Ste-Marie, Bloc, Joliette—Manawan, QC]

Mr. Speaker, I will be sharing my time with my colleague and friend, the member for Pierre-Boucher—Les Patriotes—Verchères.

What is the point of the Canada Strong fund?

Initially, we were told that it is a sovereign wealth fund. When I hear the word “sovereign” I think it must be autonomous, independent, somewhat proud, a fund that makes decisions on its own. We are told, however, that it is the government that chooses the projects. It is sovereign, but regulated. It is independent, but monitored. It is free, but with permission. It is a bit like a teenager being told that they are free, as long as they get home by 9 o'clock, do their homework and do what they are told. I wonder, what is the point of a sovereign wealth fund if it is not sovereign?

Then the government says that it is not an expense. What a joke. It is costing $25 billion dollars, yet it is not an expense. Imagine that scenario in real life. Someone's girlfriend shows up and says she bought a cottage, but it is not an expense. It is an off-budget transaction backed by an asset. What is more, she says that she has borrowed to pay for it, but that it does not count. We are talking about $25 billion that somehow does not count. I would love to have a credit card that works like that. I could spend and spend, but it does not show up anywhere. That is the “Canada Strong” dream.

The media are saying that the government is taking on less debt than expected because the economy has performed slightly better than expected; there have been fewer natural disasters than expected; fewer batteries are being built than expected; and they have not seen the $25 billion. It makes me wonder. A fund that costs $25 billion but that does not count: What is the point?

Let me get this straight. The government is borrowing $25 billion to invest where the private sector does not want to invest, because it is too risky and unlikely to pay off. In other words, Ottawa does not have any money so it is going to borrow it. Meanwhile, interest on the debt is going up, from $54 billion today to $81 billion in a few years. We are talking about $81 billion in interest alone, which is far more than the amount spent on health care. It is like someone paying a mortgage on a house their whole life—a house that is never theirs but that they paying into anyway because of the Canada Strong fund. I have to wonder, what is the point of a fund that increases the debt?

Let us compare that to the situation in Norway. If Norway has a surplus, it invests abroad in foreign currencies to counter Dutch disease and to better withstand economic shocks. Its fund is worth $3 trillion. Meanwhile, we are running a deficit and borrowing. What is more, the fund selects the projects chosen by the Prime Minister, but, of course, it is still sovereign. We are not even in the same league. Norway is playing in the NHL, while we are playing ball hockey in a church basement, and the government is telling us that it is the same thing. That is like me saying that I have a bank account just like Bill Gates. Yes, we may both have bank accounts, but we do not have the same amount of money in them. I will come back to my question. What is the point of having a fund like Norway's that is nothing like Norway's fund?

Countries around the world have funds generated from surpluses, and each of those countries has a clear goal. China's funds are used to buy strategic infrastructure around the world, like ports in Africa or Europe. The Persian Gulf countries use their funds to set money aside to facilitate their transition when their reserves run out. Quebec's generations fund is used to reduce debt for future generations. However, here we have a debt fund and we do not even know yet what it will be used for. We are talking about a $25-billion debt fund that will independently decide what the Prime Minister tells it to decide.

The economic update says what it will be used for. I would encourage members to brace themselves and take a seat. On page 55, the Minister of Finance wrote, “The Canada Strong Fund will focus on building Canada.” Well, that answers that question. We should have thought of that. It is certainly true. We sure know what the point is now.

It gets even better. The fund will pay for projects without going through Parliament. How convenient. It is convenient because Parliament asks questions and debates things and stirs up trouble. Here we have an agency. If things do not work out, it is not the government's fault; it is the agency's. Who created it? The government. Who controls it? Not the government; it is independent. It is independent except when it comes to selecting projects. The government does that. This is like someone saying they are not driving, they are just holding the wheel. What is the point of a fund that is not accountable to Parliament?

Never mind the rest of it. Agencies, structures, layers of bureaucracy; they keep adding more and more. When something does not work, they do not make it better, they pile more on top. This is like putting coats of paint on a cracked wall. The paint gets thicker and thicker, but the wall does not get any stronger.

We already have an infrastructure bank, funds and tools, and yet another one is being created. The government already created the Canada Infrastructure Bank to fund infrastructure development. Its purpose, like the sovereign wealth fund, is to attract the private sector and have it fund infrastructure projects.

Other funds also exist, like the Canada growth fund. Instead of changing the Canada Infrastructure Bank's mandate to include direct project participation through share purchases, for example, the government is choosing to create another structure with another undoubtedly well-paid director. It will certainly require another president, another office and other salaries, for a big, strong, beautiful, and most of all well-organized Canada. What is the point of another fund to do what was already being done?

What I like most is the part where we are told that the private sector is going to invest. Why would the private sector suddenly want to invest in projects that no one wants to fund? It is because the government is on board. That is reassuring, not to mention that the government may even guarantee their capital. It is a dream come true. If it works, the private sector wins. If it does not work, the public sector pays. It is capitalism at its finest. It is the great ongoing history of the Dominion continuing to unfold. What is the point of a fund if the risks are public and the profits are private?

Meanwhile, businesses and workers are suffering because of the 25% tariff on steel, aluminum and copper. The forestry sector and entire regions are affected. There is almost nothing for those sectors and yet, Ottawa has a fund. It has a big, fat fund that does not appear in the budget, only in the debt, and is not reflected in the results. Imagine if my house were on fire, but I think everything is fine because I bought myself a nice, big stainless steel barbecue. This is really astounding. I therefore had to ask the question, not to criticize the government or to complain, but to really understand: What exactly is the point of the Canada Strong fund?

It is basically a fund that is not sovereign, that is financed by debt, operating outside the budget and controlled by the government. It is not accountable to Parliament, but will invest in risky projects and hope for the best. It certainly looks and sounds good, and instills a lot of hope. I like hope. I used to be hopeful. However, it usually cost me less than $25 billion.

[William Stevenson, Conservative, Yellowhead, AB]

Mr. Speaker, it would be amusing if the truth and the reality were not so sad.

I would like to get my hon. colleague's comments on what the previous speaker said about how Canadians want to have the opportunity to invest. In this situation, does he believe people will not be voluntarily contributing money? It is the government taking from our tax dollars to do it, and that is a completely different perspective from what the Liberals are proposing.

[Gabriel Ste-Marie, Bloc, Joliette—Manawan, QC]

I completely agree with my colleague.

The Prime Minister tells us that we are going to invest to build Canada strong, but in reality, it is the private sector that is going to invest in oil projects, ports and all that. There is money to be made. He waited a while, did some networking, travelled around the world, and then realized that no one was showing up. Then he wondered what he should do and decided that the solution was to put our money into it.

However, he had already gone into debt. His deficits are twice as large as Justin Trudeau's. He has no money left, so he is planning to borrow money to keep things going, but get the private sector involved too. How will the private sector get involved? The day before the economic update, he told us that he did not have many details to share at that time, that perhaps the money could be guaranteed, and that he would provide details during the economic update. The next day, when the economic update was tabled, we were told that the details would be provided in a few months. We are being left in the dark.

The Canada Strong fund does much the same thing as the Canada Infrastructure Bank. If there were a desire to invest direct funds—borrowed money—the government could simply modify the existing structure rather than creating a new one, which is unnecessary. Clearly, the government is instead choosing to invest by borrowing taxpayers' money for projects that are not profitable for the private sector.

[Kevin Lamoureux, Liberal, Parliamentary Secretary to the Leader of the Government in the House of Commons]

Mr. Speaker, arguably, the unholy alliance is alive and well, as the Bloc and the Conservatives have united once again in order to oppose a good idea. A Canada Strong fund is there to support, in a very real and tangible way, the potential development of major projects. These projects would deliver thousands of jobs and increase Canada's GDP.

I guess that is all bad news for the Conservatives and the Bloc today. They do not see the idea and the principle behind having a sovereign wealth fund.

Other nations have developed these funds, so why not Canada? Why are the Bloc and the Conservative Party against Canada having a sovereign wealth fund when there are other countries in the world that have them?