Mr. Speaker, I will be sharing my time with the member for Saanich—Gulf Islands.
It is a pleasure to participate in today's debate on the government's plan to build a stronger, more independent and more resilient Canada for all. It is a plan that builds more affordable homes. It is a plan that builds major infrastructure. It is a plan that will help transform our economy. It is also a plan that will bring down costs to help Canadians get ahead.
With the spring economic update announced earlier this week, we are providing a clear and transparent account of how Canada's economy is performing in an increasingly uncertain world. We believe this transparency is critical to help businesses seize new opportunities and give families the confidence to plan for their future. Central to this plan is an announcement made earlier this week by the Prime Minister and the Minister of Finance that we are launching Canada's first sovereign wealth fund, the Canada Strong fund.
Through an initial federal contribution of $25 billion over three years, the fund will strategically invest, alongside the private sector, in Canadian projects and companies driving our economic transformation. This includes projects in clean and conventional energy, critical minerals, agriculture and infrastructure.
The returns will be reinvested to grow the Canada Strong fund, strengthening its capacity over time. As the fund grows, it will direct capital towards 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 returns, the government will launch a retail investment product. This will give Canadians a direct stake in our nation's long-term prosperity and help build long-term national wealth.
The federal government will be holding consultations in the coming months on the specifics of this new initiative. Further details about the fund will be provided in the coming months.
Canadian companies and investors are coming forward to build Canada's future, and investors from all around the world are choosing to invest in that future. The transformative projects and companies they will help build will create a stronger, more independent and more resilient economy for all Canadians. The Canada Strong fund takes that one step further, making sure that all Canadians are the beneficiaries of the financial results that these projects will generate.
That, quite simply, is a vote of confidence in Canadian entrepreneurs, Canadian businesses and Canadian workers, because on this side of the House we know that despite the tremendous economic headwinds we are facing, the Canadian economy is uniquely positioned to grow and thrive in the 21st century. The private sector knows this; the international community knows this, as evidenced by the fact that foreign direct investment just reached a 20-year high; and Canadians know it, which is why they are so excited to invest in our future shared prosperity via this fund.
We are doing this because we know that the geopolitical and economic changes we are witnessing are sudden and unprecedented. As the spring economic update outlines:
The global economy is more than a year into a profound rupture. Economic security, industrial policy, and geopolitical competition are increasingly shaping investment, trade, and financial decisions. The recent conflict in the Middle East—which has disrupted key shipping routes and damaged energy infrastructure—has pushed energy prices higher, underscoring the fragility of global supply chains, and adding to the already elevated uncertainty.
Despite this environment, Canada's economy continued to expand, growing by 1.7 per cent in 2025. The economy avoided a recession and domestic activity remained solid, even as tariff increases [from the United States] and trade tensions weighed on activity. North American supply chains [were more resilient] than expected, with...(CUSMA) protecting approximately 85 per cent of Canadian goods exports from recent U.S. measures.
That is not to say that, for the 15% that are not protected, there is not significant uncertainty that we need to work together to deal with. The update continues:
Businesses and workers have shown remarkable resilience in the face of [significant] uncertainty. Business sentiment has recovered and firms are diversifying suppliers and markets. Canada also continues to attract significant global capital—leading the G7 in per capita direct investment inflows— and the Statistics Canada survey of planned capital expenditures for 2026 indicates that businesses plan to step up capital spending this year. Reflecting this adaptability, the International Monetary Fund...expects Canada to post the second-fastest growth in the G7 over 2026 and 2027.
Labour market conditions have remained resilient. Since the start of 2025, Canada has added nearly three times as many jobs per capita.... The majority of those jobs have been in the private sector.... Wage growth has now outpaced inflation for more than three consecutive years, supporting continued gains in real incomes.
From a fiscal perspective, economic resilience, bolstered by government policies to respond to immediate challenges through temporary supports, is delivering an $11.5 billion improvement in the projected 2025-26 budgetary balance.... This strength carries into future years, improving the budgetary balance, relative to budget 2025, by an average of $10.7 billion per year from 2026-27 to 2029-30 before new measures. [This fiscal room allows the government] to improve affordability and raise Canadians' standard of living through targeted and responsible policy measures, particularly in the areas of fuel, food, and housing affordability.
The move to invest more in Canadians started with budget 2025. According to the spring economic update:
Budget 2025 marked a strategic shift in the government's management of public finances, focused on expanding federal capital spending to mobilise investment, while maintaining fiscal responsibility. With significant investments to support infrastructure, innovation, and the development of domestic industrial capabilities, Budget 2025 set out a clear plan to build the strongest economy in the G7.
This fiscal plan remains rooted in fiscal responsibility—not for its own sake, but to create the capacity to invest in long-term economic strength and greater self-reliance. Consistent with this approach, decisions in the Spring Economic Update are guided by the government's two fiscal anchors: balancing operating spending with revenues by 2028-29 and maintaining a declining deficit-to-GDP ratio.
This is good news for Canadians, even if it is bad news for my Conservative colleagues. I think we need to talk Canada up. We need to boost our economy. We will continue to move our plan forward.
These are serious times, and in a world of geopolitical instability, governments need to rethink how they respond to headwinds and build resilience for the future. Standing still is not an option, as inaction and underinvestment can carry significant costs, including slower growth, diminished competitiveness and weaker security. Thankfully:
Canada starts from a position of strength to turn this moment of global uncertainty into one of national opportunity.
Canada's net debt-to-GDP ratio stands at just 10.2 per cent, compared to the G7 average....
Canada's net debt burden today is lower than that of any other G7 country, and is even below the levels of those countries prior to the pandemic.
Canada also has one of the smallest deficits in the G7 as a share of the economy.
This fiscal advantage gives the government the capacity—and the responsibility—to act to build a stronger economy to make life more affordable, to create high-paying jobs, to take care of each other and to determine our future.
Canada's fiscal position also stands out among 30 other advanced economies, with a below-average deficit-to-GDP ratio and one of the lowest net debt-to-GDP ratios in the group.
Canada is also one of the only two G7 economies, alongside Germany, to maintain AAA ratings from major global credit rating agencies. These AAA ratings support investor confidence and help keep borrowing costs as low as possible.
As I indicated before:
In [an] uncertain world, the government's focus on what [we] can control—delivering lasting economic benefits for Canadians who are reinforcing fiscal discipline—will help ensure Canada maintains this fiscal advantage going forward.
With the spring economic update, the government showed that Canada's fiscal strength remains strong while we continue to invest for Canadians where it counts, building Canada's prosperity today and for the next generation. The Canada Strong fund is a key pillar of that plan.
We are catalyzing a series of nation-building projects in energy, trade, critical minerals, transport, data and beyond, projects that will make Canada stronger, more resilient and more independent. Through the Canada Strong fund, all Canadians will have the opportunity to share directly in the benefits. This is their country. This is their future. This is our country. This is our future. We need to build it together, and I would encourage all my colleagues to support the Canada Strong fund.