The hon. member.
House of Commons Hansard #122 of the 45th Parliament, 1st session. (The original version is on Parliament's site.) The word of the day was prices.
House of Commons Hansard #122 of the 45th Parliament, 1st session. (The original version is on Parliament's site.) The word of the day was prices.
This summary is computer-generated. Usually it’s accurate, but every now and then it’ll contain inaccuracies or total fabrications.
Opposition Motion—Cancellation of Federal Taxes on Gas and Diesel and the Clean Fuel Standard Members debate a Conservative motion to eliminate federal gas and diesel taxes for the remainder of the year and repeal the Clean Fuel Standard. Conservatives argue this provides necessary relief for families facing inflation. Liberals defend their approach, citing targeted benefits for lower-income Canadians as more effective. The Bloc Québécois opposes the motion, contending that tax cuts primarily benefit the wealthy and oil corporations, arguing for measures that instead address the underlying cost of living. 50500 words, 6 hours in 2 segments: 1 2.
An Act to repeal certain restrictions on shipping Second reading of Bill C-264. The bill, Bill C-264, is a private member's motion by Conservative David McKenzie to repeal the Oil Tanker Moratorium Act, aiming to expand export potential for Canadian energy by allowing tanker shipments off the British Columbia coast. While supporters argue this will boost economic prosperity and energy security, opponents from the Liberal and Bloc parties contend it threatens vital ecosystems and harms Indigenous relationships and reconciliation. 8200 words, 1 hour.
Adjournment Debate - The Economy Jacob Mantle questions the inclusion of pension assets in government debt calculations. Ali Ehsassi defends the government's economic approach. Grant Jackson critiques the lack of specific initiatives to increase domestic food production, while Ehsassi asserts that the government’s comprehensive support measures and structural investments are adequately addressing affordability. 2400 words, 15 minutes.
Department of Finance—Main Estimates, 2026-27 Members debate the Department of Finance’s main estimates in a committee of the whole. The Conservative Opposition repeatedly challenges the Minister of Finance on fiscal management, including rising debt, the debt-to-GDP ratio, and infrastructure, arguing the government has failed to meet its own fiscal targets. The Minister defends the government’s record, highlighting generational investments in housing, infrastructure, and the economy, citing expert projections of Canada's strong fiscal position compared to other G7 nations. 37100 words, 4 hours.
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Mr. Chair, the reality is that the Liberal government will appoint a Liberal board. This fund will have borrowed money, no diversification and full political interference. Those are the characteristics of a political slush fund, so how can the minister call this a sovereign wealth fund?
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Chair, I have enormous respect for my colleague, but I think it is irresponsible of her to speak in these terms about something that will create wealth for Canadians. We have consulted widely with funds around the world about best practices, and her view is very much outside of what we have heard from all commentators internationally who speak about Canada creating its fund. They know this is something that is going to serve Canadians well.
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Mr. Chair, there are incredibly successful sovereign wealth funds around the world. The minister is choosing not to follow the example and is, in fact, doing the opposite. That is basic research. Why is the minister choosing to do that?
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Chair, the voice of my colleague is very different from the voices we hear from international investors. If she reads the international press, she will see that Canada has been heralded as creating its own national sovereign wealth fund in a very Canadian way, allowing individual investors to be able to share—
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Mr. Chair, we actually have an example. The Liberals established the Canada Infrastructure Bank. It was supposed to support infrastructure projects that are in the public interest, and it cannot even deploy the $35 billion it was given because of regulatory roadblocks that the government creates.
How can the minister pretend that this fund will be able to deploy the funds it will be given?
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Chair, there is something to question. Everyone in the House has a role. I understand the role of the opposition is to ask questions, but I do not understand why talking down an instrument that is going to create collective wealth for Canadians is the right thing to do. In this House, we should all work together to create structure, to create more wealth for Canadians and—
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Mr. Chair, I am not talking down anything. I am actually asking very simple questions, and I am getting zero answers.
The transport committee has recommended that the Canada Infrastructure Bank be abolished because it benefited Liberal-appointed insiders and, in fact, failed to fill infrastructure gaps. Why are the Liberals doubling down on a failed policy and refusing to follow the gold standard practices of other sovereign wealth funds?
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Chair, in fact, we have consulted with sovereign wealth funds around the world. We even said we would be consulting. We have already established the parameters of the fund. We are going to make sure that we have best practices, but at the same time, we in this House should be happy to see that individual investors will be able to share the growth that we are going to be creating in this country.
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Mr. Chair, Canadians are struggling to buy groceries, and the CEO of the Canada Infrastructure Bank is getting paid close to $1 million. It is not delivering. Now the Prime Minister and the minister want to recreate this whole scenario with yet another bureaucracy and another set of executives who will get paid millions of dollars as well.
Let us be transparent. How much will the minister pay the new CEO and board of this sovereign wealth fund?
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Chair, it is difficult to follow the member tonight in her line of questioning. On the one hand, she said sovereign wealth funds are a good thing, and now she wants to criticize us for creating one. It is very difficult to follow. I would ask her, is it a good thing or a bad thing?
We have seen examples in Nordic countries and abroad that show creating a sovereign wealth fund is a good thing for people. That is why we are going to do our own sovereign wealth fund here in Canada using best practices.
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Mr. Chair, if the member was following the golden class example of Norway, with budget surpluses, diversification and no political interference, then yes, it would be a good thing, but here, in fact, it is the opposite, which is why I am asking the questions. He is failing to answer them.
Here is another question. We have received zero information in terms of the cost of the fund. I asked the PBO. She did not have it. The Bank of Canada governor referred me to the finance minister's officials. Neither of them had it.
I will ask the minister again. How much will the sovereign wealth fund cost Canadians over the next five years?
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Chair, I refer the member to table A1.9 on page 125 of the spring economic statement in English. She will find the information. It is all there.
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Mr. Chair, how much will Canadians pay in interest on the $25 billion of debt that this fund will use? I want just the number.
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Again, Mr. Chair, I know the member would want to refer to the document. It is all there on page 125. It is in table A1.9. She will see the numbers.
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Sandra Cobena Conservative Newmarket—Aurora, ON
Mr. Chair, how much will the bureaucracy cost? I want just the number.
The minister must know the numbers. I would like just the number for how much it will cost in terms of the bureaucracy.
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Chair, like I said, this is an important structure we are going to be creating to create collective wealth in the country. With respect to the numbers that my colleague has been asking for, she will find them in the spring economic update. She will be able to find the numbers for herself.
As she said, and as I think we should all celebrate, it is a good thing for Canada to have its own sovereign wealth fund.
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Jasraj Singh Hallan Conservative Calgary East, AB
Mr. Chair, why would the finance minister run a so-called sovereign wealth fund with taxpayer debt?
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Saint-Maurice—Champlain Québec
Liberal
François-Philippe Champagne LiberalMinister of Finance and National Revenue
Mr. Chair, as I said, we would have seed investments coming from the consolidated fund of Canada. Then, obviously, there will be other assets contributed and other investments made in the fund.
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Jasraj Singh Hallan Conservative Calgary East, AB
Mr. Chair, who is on the hook for the consolidated fund that the minister is talking about?
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Chair, it is pretty obvious when we say that it is going to come from the consolidated fund of Canada as seed money, but after that, obviously, the fund will have its own investment and will generate revenues that can be reinvested and create wealth for Canadians.
Department of Finance—Main Estimates, 2026-27Business of SupplyGovernment Orders
Conservative
Jasraj Singh Hallan Conservative Calgary East, AB
Mr. Chair, over the last 10 years, we have seen the Liberal government create many other bureaucracies that have not met any targets and have run large deficits. Why would the minister create another debt fund that is filled with taxpayer money?
François-Philippe Champagne Liberal Saint-Maurice—Champlain, QC
Mr. Chair, I would like to see my colleague have a bit more ambition for this country. This is about creating an instrument to provide collective wealth for Canadians. If it is good for the Nordic countries, as my colleague said, why would it not be good for Canada?
I am asking the question to my colleague. Why would it not be good for Canada to have its own sovereign wealth fund? I think it is a good thing, and it has been—