Debates of May 1st, 2026

Spring Economic Update 2026 Implementation Act

[Jill McKnight, Liberal, Delta, BC]

moved that Bill C-30, An Act to implement certain provisions of the spring economic update tabled in Parliament on April 28, 2026, be read the second time and referred to a committee.

[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)]

Madam Speaker, it is good to see you in the chair today. As Parliamentary Secretary to the Minister of Finance and National Revenue, I have the honour and privilege of beginning debate on Bill C-30, an act to implement certain provisions of the spring economic update tabled in Parliament on April 28, 2026.

Earlier this week, the Minister of Finance delivered a riveting 2026 spring economic update, which builds upon the momentum of budget 2025 by announcing the next steps in our ambitious plan to build Canada strong for all. The spring economic update provided a clear update on the strength of Canada's economy, giving Canadians confidence in our plan. Through it, and through the legislation, we are offering targeted relief to make life more affordable, support workers and accelerate the construction of homes and major infrastructure across the country.

We are strengthening Canada’s competitiveness and economic growth, while investing in strong, safe communities across the country. We are doing all this at a time when Canadians are navigating a rapidly changing and increasingly fragmented world, one that is more complex, more volatile and, for many people, more costly and unpredictable.

Every day, we seem to awaken to news of trade conflicts and wars that would have seemed unthinkable just a few years ago. These are developments that Canada had no role in precipitating, yet they are developments from which we are not immune. Today's highly integrated global economy is built on tight supply chains and just-in-time deliveries. While these arrangements have created tremendous benefits and efficiencies over the years, they also come with vulnerabilities.

This means that when the system is disrupted anywhere, people are affected everywhere. That includes here in Canada. In response, Canada's new government continues to focus on what we can control here at home: building a strong Canadian economy, diversifying our trade partners abroad, delivering responsible fiscal management and supporting Canadians who are under pressure from everyday expenses, with a boost today and a bridge to tomorrow.

With the spring economic update 2026, “Canada Strong for All”, we are proposing the next steps in this plan. It advances our progress of building more affordable homes and the major infrastructure that transforms and connects our economy, while bringing down costs to help Canadians get ahead. It also provides a clear and transparent account of how Canada's economy is performing in an increasingly uncertain world. This transparency is critical in order to lift the fog of uncertainty, help businesses seize new opportunities and give families the confidence to plan for their future.

With our plan, we are building a Canada that is not just strong but good, and not just prosperous but fair, a Canada that is not just for some people most of the time but for all people at all times. It is a plan to build Canada strong for all, and with Bill C-30, we are moving forward with that plan. We have a plan to help grow a strong and resilient economy, but it is Canadian workers who are ultimately going to help build the strongest economy in the G7—

[Yves Perron, Bloc, Berthier—Maskinongé, QC]

Madam Speaker, I rise on a point of order. The interpreter is saying that a phone is ringing or vibrating near the microphones, which is very dangerous for the interpreters' hearing.

[The Assistant Deputy Speaker (Alexandra Mendès), Alexandra Mendes]

I would remind members not to have their phone near their microphone.

The hon. member.

[Ryan Turnbull, Liberal, Whitby, ON]

Madam Speaker, with our plan, we would build a Canada that is not just strong but good, and not just prosperous but fair, a Canada that is not just for some people most of the time but for all people at all times. It is a plan to build Canada strong for all, and with Bill C-30, we are moving forward with that plan ambitiously.

We know that workers are at the centre of that plan. They are the ones who will help us build the strongest economy in the G7. That is why the spring economic update is making historic investments in the Canadian workforce. In order to create new opportunities for young Canadians, we would launch the team Canada strong initiative to recruit, train and hire 80,000 to 100,000 new Red Seal skilled trades workers by 2030-31, aligned to Canada's housing, infrastructure and defence needs. We are expanding training capacity to deliver results at scale, modernizing apprenticeship grants to meet the needs of the current labour force market while working with labourers, employers and provincial and territorial partners to shorten timelines and improve labour outcomes.

We are also moving forward with something that is close to my heart: employee ownership trusts. Because Canadian workers are going to help build a strong and resilient Canadian economy, purpose-built for the 21st century, they should share in the success of the businesses they are helping to build. That is why we are making the employee ownership trust tax exemption permanent. Building and buying Canadian is a core mission of our government, and employee ownerships trusts empower Canadian workers to buy into the businesses they help create and build.

With generational wealth transfers set to occur over the coming decades, EOTs, employee ownership trusts, would enable workers to participate directly and to benefit from the companies they make stronger. That is exciting news for workers all across this country. We have seen examples in the U.K. and the U.S. of true success with employee ownership trusts' exhibiting a collective ownership model that truly shows how successful those businesses can be.

Our government is also enhancing the labour mobility deduction, which recognizes that investing in transportation infrastructure is vital to the success of Canada's economy. Among other things, it allows our workers to go where the work is, because we recognize that some workers in the construction trades incur high expenses to travel for temporary jobs. To recognize these costs, the labour mobility deduction for tradespeople currently provides tax recognition on up to $4,000 per year in eligible temporary relocation expenses for tradespeople and apprentices who relocate to temporary lodging that is at least 150 kilometres closer to a job site where they are performing construction activities.

To recognize additional costs, the spring economic update proposes to increase the annual limit on expenses that can be deducted, from $4,000 to $10,000, indexed annually to inflation, and to modify the minimum distance threshold for relocations, from 150 kilometres to 120 kilometres. Those changes would be effective for 2026 and subsequent taxation years. I am pleased to say that Bill C-30 would make this increased support for Canadian workers a reality, making it more economical for them to bring their skills to where the work is and to build Canada strong.

However, helping workers move to where the jobs are is just one way through which Bill C-30 would support Canadian workers. We know, for example, that many sectors in Canada, including agriculture, the fishing industry, forestry and tourism, rely heavily on seasonal workers due to weather, natural cycles and fluctuating demand. Employment insurance currently provides temporary income to support these workers during off-season periods, when their seasonal work is unavailable, helping them maintain financial stability and remain in their community.

This support also benefits employers and regional economies by ensuring that experienced workers return each season, which helps industries operate efficiently and supports economic activity in many rural and coastal regions across Canada. To better address gaps in EI support between seasons in specific regions, temporary rules were introduced in 2018 to provide up to five additional weeks of EI regular benefits, for a maximum of 45 weeks, to eligible seasonal workers in 13 economic regions.

While this support was set to expire in October 2026, the spring update announced our government's intention to extend this support in the 13 targeted regions until October 2028. Bill C-30 would make this extension a reality, delivering an estimated additional $356 million in support for seasonal workers over the next five years.

We also would be extending the RRSP homebuyers' plan in Bill C-30. To further support workers and their families, the legislation before us would also deliver cash flow support to make it more manageable for Canadians to finance home ownership. The homebuyers' plan would allow first-time homebuyers to withdraw up to $60,000 from their registered retirement savings plan to buy or build a qualifying home, or $120,000 per couple. Under the plan, withdrawals would not be included in income when withdrawn. Instead, they must be repaid to the RRSP over a period of no more than 15 years, starting in the second year following the year in which the withdrawal was made. I know that sounds complicated, but this is good news for anybody who is able to take money out of their RRSP to help purchase a first home.

The spring economic update 2026 proposes to extend the grace period during which homeowners are not required to start repaying their withdrawals, from two years to five years for participants making a first withdrawal between January 1, 2026, and December 31, 2028. This would build on the extended grace period that already applies to withdrawals made between 2022 and 2025, providing cash flow relief of up to $4,000 per individual per year for the three years over which they are not required to repay the amount into their RRSP. Once again, Bill C-30 would make this support a reality.

Our government also recognizes that supporting Canadian workers means protecting them from the economic impacts of an uncertain world. Military conflicts are disrupting global energy supply, pushing up prices worldwide and leaving Canadians and consumers around the world facing higher prices at the gas pump, creating uncertainty and pressure on household finances. That is why our government recently announced that it is taking action to help Canadians through these challenges by suspending the full amount of the federal fuel excise tax on gasoline and diesel fuel and aviation fuels from April 20 until Labour Day, which is September 7.

By legislating this change, Bill C-30 would reduce pressure on prices at the pump and lower Canadians' bills at the gas station, with expected savings of up to $5.75 on a tank of gasoline and up to $2.30 on diesel when filling up a roughly 50‑litre tank of fuel. All told, it is estimated this would provide over $2.4 billion in total tax relief that would ease the pressure of higher fuel prices on Canadians in 2026, and once again, Bill C-30 would transform this relief into law.

At the same time, this is not the only excise tax relief that Bill C-30 would deliver to bring down costs and support our economy through current challenges. It would also implement a two-year extension of the alcohol excise duty relief to protect brewers, distillers and winemakers during this period of global uncertainty. We know, for example, that Canada's small craft brewers are not only among the finest in the world, which I truly appreciate, but are also important contributors to a growing economy, creating jobs in communities across the country.

There is quite a number of craft brewers that I am quite proud of in my community of Whitby, and I want to see those craft brewers continue to thrive. The Canadian Craft Brewers Association estimates that there are currently nearly 1,200 small and independent craft breweries and brew pubs across Canada, and they are not just making world‑class products. They are the backbone of many communities, supporting thousands of jobs across the country and contributing significantly to local economies.

What makes Canada's craft brewers so great, and popular, is the care and pride they take in producing their fine products and their understanding of the ingredients needed to make a product truly exceptional. In past years, we saw the cost of those ingredients, like hops, barley and other grains, rise significantly due to global inflationary pressures stemming largely from COVID-19 supply chain disruptions, and this presented a real challenge for our brewers in Canada.

That is why our government acted, back in March 2024, to extend budget 2023's 2% cap on the inflation adjustment for beer, spirits and wine excise duties. At the same time, we announced that we were cutting in half the excise duty rate on the first 15,000 hectolitres of beer brewed in Canada for two years, providing a craft brewery with up to $86,952 in additional tax relief in that tax year. It was the right thing to do then, and there was tremendous support from the industry for this relief, which helped the sector weather a period of elevated inflation as economic conditions started to normalize.

As we all know, the world is once again changing rapidly and unpredictably, bringing with it a new round of challenges for many industries, this industry included. Long-standing and fruitful trade relationships that countries have relied on for decades are being fundamentally reshaped by these global changes, leaving economies, businesses and workers under a cloud of uncertainty. Unfortunately, Canada is no exception in this regard, and that includes our craft brewing sector.

We know, for example, that small brewers are particularly exposed to trade-related swings in commodity prices, as they do not enjoy the economies of scale that major industrial brewers enjoy. We know the industry is concerned about these developments, which is why we recently announced that Canada's new government will continue to support Canadian breweries by maintaining for an additional two years the 2% cap on excise duties for beer, spirits and wine.

We similarly announced that we will also maintain for an additional two years the halving of the excise duty rates on the first 15,000 hectolitres of beer brewed in Canada. For a craft brewery, this second measure means up to about $90,000 in tax relief for the coming year. That is not small potatoes. That is significant support.

Combined, these two support measures are expected to provide over $30 million in relief to the sector through 2028. Bill C-30 would make this extended support a reality. By extending this relief, Bill C-30 would be providing stability at a critical moment, helping small and medium-sized businesses focus on what matters most: growing their operations, supporting local workers and keeping our economy strong and resilient.

I would also note that the bill would take action on the tax front to lower the cost of food production at this time of global uncertainty by implementing our government's commitment to introducing immediate expensing for greenhouse buildings. This means agricultural producers would be allowed to fully write off investments in greenhouses that were acquired on or after November 4, 2025, and that become available for use before 2030. Supporting Bill C-30 also means supporting increased domestic supply and investment in food production over the medium term, which is a major focus for our government in the spring economic update.

In conclusion, I hope I have conveyed, in my allotted time, that Bill C-30 means more than just supporting affordable food and fuel. It means helping key sectors of the economy through an ongoing challenge, or set of challenges, so they can thrive and grow, supporting the communities that depend on them. It means supporting Canadian workers, making it more economical for them to go where the jobs are and making it easier for them to manage the financing of home ownership. It also means advancing our mission to build Canada strong for all.

I encourage my hon. colleagues to look at our government's plan in detail. I would similarly encourage them to carefully consider the measures in Bill C-30 and how they will advance our plan to build a stronger Canada. I encourage them, and I think this goes without saying, to join the government in advancing this plan. We will always welcome their support. It is never too late to have a change of heart.

I know the opposition has to do its job and hold the government to account, but I think we can all agree that there are substantive, significant measures within this bill that would advance a plan for Canada that truly supports Canadians right across the country.

I look forward to the support of my hon. colleagues and welcome any questions.

[Pat Kelly, Conservative, Calgary Crowfoot, AB]

Madam Speaker, the member spent a fair bit of time in his speech on the excise section. He said the government is halving the rate of excise. I am pretty sure what he meant is that the government is halving the increase on the excise. I would like him to clarify this, so that we do not leave Canadians with the impression that the government is actually reducing the tax on excise. The government is reducing the rate at which it is increasing the excise.

Perhaps the member could comment, then, on whether or not that would bring the excise rate down to the level it was in 2017, before the government started automatically increasing it every year.

[Ryan Turnbull, Liberal, Whitby, ON]

Madam Speaker, while I appreciate the member opposite's question, I think, just to clarify, what I said was that “we were cutting in half the excise duty rate on the first 15,000 hectolitres of beer brewed in Canada for two years,” so this is an extension of a previous measure, which does change the escalator.

There are two different portions of this. The portion I am mentioning is geared toward craft brewers, but in general, we have decreased the escalator to 2%, or capped it at 2%. That is good news because what we have heard from our major brewers in Canada is that they budget for 2% excise duty, so it is exactly what they would expect and what they have asked for.

[Yves Perron, Bloc, Berthier—Maskinongé, QC]

Madam Speaker, the Bloc Québécois is concerned about the measures that have been announced, particularly regarding the Canadian Food Inspection Agency and the Pest Management Regulatory Agency, or PMRA. When it comes to pesticides and herbicides, the government has made it very clear that economic considerations will now be given just as much weight as health considerations.

My colleague served with me on the Standing Committee on Agriculture and Agri-Food for a long time and so he is somewhat familiar with the issue. I would like him to reassure me in this regard. Of course, we did a lot of work on this in committee. We have voiced our concerns about how inefficient an agency like the PMRA can be when it comes to requests for emergency registration. The PMRA can ask for extensions, fall behind schedule and end up approving the product only after the crisis is already over for the produce grower.

This is much more about efficiency than about economic considerations. Of course, we are not opposed to considering that, but we feel that this is a very slippery slope when it comes to public health. I would like my colleague to reassure me in that regard.

[Ryan Turnbull, Liberal, Whitby, ON]

I must say, Madam Speaker, I wish my French was better so I could answer en français. I appreciate the member opposite's question. I enjoyed the time we spent on the agriculture and agri-food standing committee together. The agriculture industry is very important to me.

What I can do is commit to speaking with the hon. member about his concerns and look into the very details of what he has brought forward today. I would be happy to do that with him after the session.

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

Madam Speaker, yesterday the member had some time to talk about the sovereign wealth fund. That is a major aspect of the spring budget update. I think it makes a very powerful message to Canadians that the government and the Prime Minister are committed to get the funds that are necessary to build Canada strong, which is great for all Canadians.

I wonder if the member could just provide his thoughts, upon reflection on the discussions in the chamber yesterday, where the Conservatives and the Bloc came together in opposition to the sovereign wealth fund, as to why they might want to reconsider that position.

[Ryan Turnbull, Liberal, Whitby, ON]

Madam Speaker, I thank my hon. colleague for the opportunity to speak to this a little more.

In my view right now, Canadians across the country believe in our country and in the strength of our country. They are resilient, but they want to help build the strongest economy in the G7. They are aligned with that vision, and I think people want to participate meaningfully in that. The sovereign wealth fund would give them an opportunity, a retail opportunity, to invest small amounts of money that are highly protected from any downside risk and that will get high returns, based on investments across Canada in major pieces of infrastructure that I know many of us are very proud to see are starting to get built.

In my area, at the Darlington new nuclear facility, four small modular reactors are getting built, with 21,700 jobs. It is exciting. It is going to add $38 billion to Canada's GDP over time. This is a good example of a project that will be highly revenue-generating and that many pension plans in Canada and around the world, such as the Canada Growth Fund, have invested in.

The idea here is to make sure the Canadian public can also benefit from the prosperity and wealth that we are building together. That is exciting, and Canadians want to participate.

[Elizabeth May, Green, Saanich—Gulf Islands, BC]

Madam Speaker, I want to specifically drill into what we can expect in an omnibus budget bill in relation to the Pest Control Products Act. The parliamentary secretary referenced that earlier. Will that section of the bill be carved out so that potential health threats through reducing the regulatory process of registering new pesticides, which I am assuming this may be about, will go to the health committee and not just the finance committee?

[Ryan Turnbull, Liberal, Whitby, ON]

Madam Speaker, I would have to look into that matter further and get back to the member because I am not aware of whether this particular section would be carved out of Bill C-30. I think the proposition now is that the bill is packaged into one piece, but I would be happy to look into it and get back to the member.

[Eric Melillo, Conservative, Kenora—Kiiwetinoong, ON]

Madam Speaker, the Prime Minister, last year, was elected, in part, on a promise of being a strong fiscal manager. Fast-forward a year to this economic statement and we see, in reality, more spending, higher debt and a budget deficit of over $65 billion, double that of Justin Trudeau, if anyone can believe that.

It is interesting to hear the Liberals talking about their strong fiscal position when, in reality, they are bringing forward a reckless fiscal plan. I want to know how the member can explain this reckless policy at a time when Canadians are struggling to get by and facing a cost of living crisis.

[Ryan Turnbull, Liberal, Whitby, ON]

Madam Speaker, it is interesting to listen to the way the hon. member positions and contorts reality. When we look at what the government had projected in the previous budget, the spring economic update shows that we have $11.5 billion less of a deficit. That is due to the Canadian economy being more resilient.

I do not know why the opposition is so triggered by this stuff. The International Monetary Fund would, arguably, be the world's expert at analyzing the global economy and nations' economies. It has said very specifically that Canada has the strongest fiscal position in the G7. I do not know how opposition members come into this House every day and talk down the Canadian economy. We have seen many signs of progress with foreign direct investment being at an 18-year high and wages doubling the rate of inflation. There is a lot of progress in our economy.

[Natilien Joseph, Liberal, Longueuil—Saint-Hubert, QC]

Madam Speaker, our government is making responsible choices to support the economy. That is a fact, even though the opposition members seem to be the only ones oblivious to it.

Can my colleague give me concrete examples of how these measures are strengthening prosperity in Quebec and supporting families, businesses and, above all, our young people?

[Ryan Turnbull, Liberal, Whitby, ON]

Madam Speaker, I agree with the member that the government is making responsible decisions, whether it is investing in small craft harbours or sports from playground to podium. We are making it easier to access the disability tax credit. We are building a stronger Canada.

[Dane Lloyd, Conservative, Parkland, AB]

Madam Speaker, Nobel Prize-winning economist Milton Friedman said there are four ways to spend money, and the worst way is spending somebody else's money on others because it is the least efficient and one is least careful with it. We have seen the Liberal government put $200 million into a concrete slab spaceport in Nova Scotia. When we are talking about a sovereign debt fund of $25 billion, that is the government spending taxpayers' money.

I want to ask the parliamentary secretary if he is borrowing money right now to invest in things like spaceports.

[Ryan Turnbull, Liberal, Whitby, ON]

Madam Speaker, as we know, many Canadians borrow money in order to buy a home and build equity and financial stability for their future. The member should understand that there are ways we can build generational wealth in Canada and give Canadians the opportunity to participate in that.

[Pat Kelly, Conservative, Calgary Crowfoot, AB]

Madam Speaker, before I begin, I ask for unanimous consent from the House to split my time with the member for Vaughan—Woodbridge.

[The Assistant Deputy Speaker (Alexandra Mendès), Alexandra Mendes]

Is it agreed?

[Some hon. members]

Agreed.

[Pat Kelly, Conservative, Calgary Crowfoot, AB]

Madam Speaker, let us make no mistake, this is another Liberal costly credit card budget. This budget has record debt, record debt service charges and record spending. This is just more of the same failed approach we have seen for the last 10 and a half years since the government came into power and inherited a balanced budget. This is a failed approach that is continuing to fail.

We have a deficit now on this budget of $67 billion. That is double the budget that was projected in the last Trudeau budget for this year. Does everybody remember what happened then? That was when the Liberals were going to table a budget of $30 billion for the deficit for this year, and that deficit then was considered so big and so bad that Chrystia Freeland resigned rather than table it. Do members remember that day?

I was in the lock-up that day. It was pure chaos. Nobody even knew whether the budget was going to be tabled or not. Nobody would sign it. When it was dropped, it had no signature. There was no minister, and nobody was willing to take responsibility for even a $30‑billion deficit projected in this year. It precipitated the eventual resignation of Trudeau.

Here we are a year and a half later, and the Liberals are tabling a budget that is twice as bad as that one, which was so bad it brought down a finance minister and a prime minister. They turned to the guy who was supposed to be the adult, who was supposed to have the credentials and be the experienced person who knew that money did not grow on trees, that we could not borrow our way to prosperity and that money borrowed eventually had to be repaid. Everybody thought that was the guy they had gone to.

Here we are at $67 billion. That is double the deficit that was so bad a year and a half ago that it brought down a prime minister. This budget is going to begin to squeeze out other spending. The fastest-growing item in this budget and in the projections is debt service. The current expenditure on debt service is $57.8 billion. This is money that is not being spent on health transfers, on old age security and on building, buying and procuring submarines, which is something the Liberals have not done yet. It is the fastest-growing part, and it is going to go to $80 billion in the short-term horizon that this budget covers.

We also see debt growing through accounting trickery, because the Liberals are going to borrow $25 billion to fund this so-called wealth fund. It is right there, buried in an appendix at the back. They are going to borrow this money, which is a charge against the consolidated revenue of Canada. It has to be paid, but they offset it and pay it as an offsetting asset, which will not be generating money to repay the debt, and certainly not anytime soon, if ever. The debt is actually getting worse than even the deficit number would state because of this wealth fund that the Liberals have created, so let us talk about an exercise in announce-ology.

We heard the previous speaker talk about building Canada. Yes, we need to build in Canada. There are so many things that need to be built in this country. We need a strong Canada. Everybody in the House wants a strong Canada. Every Canadian wants their country to be strong, secure, prosperous, stable and peaceful. These are all the things we want, that all Canadians want, but we are not going to get there by just simply borrowing money and declaring that we have a sovereign wealth fund when there is no wealth backing it. That is not going to get us where we need to go. Think of where we were 10 years ago. The Liberals had a balanced budget. The northern gateway pipeline was approved.

The Liberals came in here with an approved pipeline and a balanced budget. Enbridge could have built that pipeline, and today it would be pumping out half a million barrels a day into world markets, creating $50 million a day at today's prices in revenue, so $20 billion a year. Think of how much in taxes and provincial royalty we could have, and all of these public goods that would have gone toward building schools, hospitals and public services that Canadians rely on, but they cancelled it. It was literally the first thing they did.

Now here they are, having this out-of-body experience, wondering why things have not been built in Canada over the last 10 years and why we have this deficit in infrastructure. They ran in 2015, promising to borrow in the short term in order to build infrastructure that would allow the budget to balance itself, but it did not happen. The deficits happened, and they continue to spiral upward to what we have today, a $67-billion deficit. The opportunity lost and squandered over the last 10 years is devastating, and it has accelerated in the last year and a half since they changed leaders on the other side.

The deficit and productivity crisis are getting worse. In fact, we are coming up on the second anniversary of when the deputy governor of the Bank of Canada declared productivity to be a break-glass emergency. We are at the bottom of our peer countries in investment, plants, equipment and intellectual property. These are the things that improve the productivity of our economy and lead to higher wages, so that people can afford the increased cost of living. The Liberals ignored this productivity emergency. They are not building productivity-enhancing infrastructure; they just talk. They create new Crown corporations, funds and bureaucratic structures, but we do not see real, tangible infrastructure investment.

The last thing, which they are still talking about, was the Alto project. They say it will cost around $90 billion, but an average cost overrun would take that to about $135 billion, and 12 million people a year, according to McGill University, would ride the thing. Doing the math, it would be probably around $500 a ticket just to service the debt that it would cost to build this thing. That is not nation building, it is pet-project annouce-ology, announcing something that people will feel good about, but has no basis in fact.

Why do the Liberals not take that money and twin and build a proper Trans Canada highway? We have seriously dangerous portions of the highway where people are killed regularly. The accidents in northern Ontario are horrific. I come from western Canada, where there are some horrific portions of that highway in B.C.

Think of the productivity drag. We have ports that are ranked among the very worst in the world. Vancouver, Prince Rupert and Montreal all need billions of dollars in improvement. These are the kinds of things that would improve the productivity of our country.

They announced a wealth fund with the same model as the Infrastructure Bank, which was called a failed industrial policy by the Montreal Economic Institute on Monday. Representatives from the Montreal Economic Institute came to committee and said that the Liberals are doing the same thing.

It did not work with the Infrastructure Bank, but instead of winding up the Infrastructure Bank and moving on, they are doubling down and creating a new thing where people who are seeking regulatory relief and self-enrichment or subsidies would lobby the government, and those with the best connections would be chosen by the government. This fund would be politically controlled. Its board would be PMO buddies who would approve the projects that the Prime Minister wants to have approved.

The Prime Minister said as much. The Liberals have talked about, “We can give regulatory relief or subsidies to some of these guys, but we are going to want a piece of the action, too”. Think of the kind of language that they are using.

Why not use a common-sense approach? Let us repeal all of the bad laws the Liberals have passed over the last 10 years that have been chasing investment out of the country and we will see building and construction of a strong, resilient, sovereign Canadian economy. That is the approach Canadians need, not the approach that benefits rent-seekers and insiders rather than the people of Canada.

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

Madam Speaker, talk about being completely out of touch with reality and with what is happening around the world and a lack of understanding.

The member even made reference to the port of Montreal, that we need to invest in Montreal. Of all the major projects, maybe that one escaped him. The government is investing in expanding the port of Montreal. We have expansion and growth taking place in every region of the country.

I do not know where the Conservative Party of Canada is today. The Conservatives have demonstrated that they do not care about developing and promoting and building a strong Canada. Their approach is one line, to get out of the way. Tell me another nation that has adopted the far-right position that the Conservative Party of Canada has. Name a country. Give me a country in the G20 that the member actually supports and whose government he believes is doing a good job. I advise the member to also take into consideration the debt-to-GDP financing. Let us make sure it is apples to apples.

[Pat Kelly, Conservative, Calgary Crowfoot, AB]

Madam Speaker, with regard to the debt-to-GDP, I did not even have time to get to that slippery bit of accounting that these guys talk about. I heard, yesterday in debate, when they talked about a 10% debt-to-GDP ratio. That is if we are pretending that we have the ability, if we wish, to use the entire assets of the Canada pension plan to pay off Canada's debts. That is accounting trickery.

He talked about the port of Montreal. The Liberals have been in office for almost 11 years and they have done nothing to build this infrastructure. It would be one thing if they had just come into power and were looking at this. They have been here for 11 years and they have not done what they promised to do in 2015.