Debates of May 26th, 2026

Department of Finance—Main Estimates, 2026-27

[The Chair, Conservative, Tom Kmiec]

The hon. member for Calgary East has the floor.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

Mr. Chair, Nordic wealth funds are run with surpluses or royalties from resource revenues. This fund that the minister is creating is going to be funded by debt. Why?

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

Mr. Chair, I would invite my colleague to look at a number of sovereign funds. There are different models around the world. Like I said, this is going to be an instrument that is going to create wealth for Canadians.

I do not understand why the member would talk down the fact that we are creating collective wealth for Canadians. I hope that my colleague—

[The Chair, Conservative, Tom Kmiec]

The hon. member.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

Mr. Chair, in Norway, the wealth fund, through its own legislation, does not invest in projects inside of Norway, because it could be inflationary. Why is the minister doing the opposite with this debt fund?

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

Mr. Chair, it is a great thing that the fund would be investing in Canadian projects of national interest. We want to build this country. We want to build at a speed and scale that we have not seen in generations. This is our own Canadian model, and I would say it is very consistent with what we see in other sovereign wealth funds around the world.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

Mr. Chair, the minister, under his government, created a green slush fund at one point where appointed board members gave around $59 million to their Liberal insider friends. This was a huge Liberal scandal that took place during their tenure.

Is this another green slush fund?

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

Mr. Chair, I reject the premise of the question.

I would say to Canadians who are watching at home that I hope they see what is being talked about here. Canada is creating an instrument to create collective wealth and for Canadians to be able to invest and be part of that creation. I just hope that our Conservative colleagues would show more—

[The Chair, Conservative, Tom Kmiec]

The hon. member for Calgary East has the floor.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

Mr. Chair, can the finance minister confirm that he will not be involved in the process of appointing board members for this new debt fund?

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

Mr. Chair, we understand very well that governance is essential when it comes to the sovereign wealth fund. We have been saying very clearly, very specifically, that it is going to be at arm's length from the Government of Canada.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

Mr. Chair, a board is to be appointed to the new debt fund that the finance minister has created. Who will appoint those board members, and will the finance minister be involved in that process?

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

Mr. Chair, as I said, they will be very experienced people in governance. We know that governance is a key element when it comes to sovereign wealth funds.

I would say the maple leaf is seen around the world as best in class. We know what matters. What matters is that the fund would—

[The Chair, Conservative, Tom Kmiec]

The hon. member for Calgary East.

[Jasraj Singh Hallan, Conservative, Calgary East, AB]

Mr. Chair, the minister can just clearly say that, no, he will not be involved. Obviously, it is very concerning that he cannot clearly tell Canadians that he will not be involved in the appointment of these board members.

Can he stand on his feet and clearly tell Canadians that he will not be involved in appointing board members to this new debt fund?

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

Mr. Chair, I have been doing this for hours tonight. I will repeat what I have said.

We understand very clearly that governance is key when setting up a sovereign wealth fund, and it is going to be at arm's length from the Government of Canada. We said that very clearly from the get-go. We are going to be consulting to incorporate best practices that we see around the world.

[Marianne Dandurand, Liberal, Compton—Stanstead, QC]

Mr. Chair, I am speaking today on the subject of the spring economic update.

We are living through a period of major economic and geopolitical upheaval. The global context is becoming more challenging, supply chains are fragile, protectionism is on the rise and trade tensions are having a direct impact on our workers, our businesses and our regions.

In this context, there are two ways to respond. There are those who downplay the transformation that is taking place, and there are those who choose to take action. Our government is choosing to take action.

We have a clear responsibility to build a stronger, more self-reliant and more resilient economy while also protecting Canadians with concrete, immediate measures to help them cope with the rising cost of living today. This is exactly what is in the spring economic update.

It is an update that helps families cope with the cost of living. It invests in workers, in the regions and in infrastructure. It does so without compromising responsible management of public finances.

We just spent two weeks in our ridings. People there spoke to us about their reality and the problems they face in terms of the cost of housing, the price of groceries and the price of gas.

We also heard a lot of talk in our regions about the labour shortage affecting businesses and slowing growth. This tells us we have political choices to make.

Some people suggest reducing the role of the government at the very time that families are asking for help and need support. We are doing the opposite. We are listening to families and offering them tangible measures.

We are going to help 22 million Canadians with a tax cut that will reach the entire middle class. We are also introducing a new Canada groceries and essentials benefit. This direct support to families will be sent out four times a year starting in early June.

We are eliminating the GST on certain eligible new homes, which will save first-time homebuyers up to $50,000. We are also extending the grace period for paying back the home buyers' plan, or HBP, from two years to five years to support homebuyers.

Another step that we are taking to support families is to temporarily suspend the federal excise tax on gasoline and diesel in order to provide immediate relief during a time of soaring gas prices.

The choice is clear: Either we support people, or we let them deal with the cost of living on their own. On this side of the House, we support our constituents.

The spring economic update also invests in training the next generation of workers. Through a program known as team Canada strong, we will train 80,000 to 100,000 workers in skilled trades that are in real demand, and we will provide increased support for apprentices. This also includes the cadet program.

Today, I am thinking of the young people in my region who are part of certain cadet corps, such as the 670 Haut-St-François cadet squadron, the 2449 Rock Forest-St-Élie-Deauville cadet corps, the 2852 Coaticook cadet corps and the Bishop's College School No. 2 Cadet Corps, which is the oldest continually active cadet corps in Canada.

These young people are the leaders of tomorrow. They are learning skills that will stand them in good stead all their lives, such as discipline, responsibility and teamwork.

I should mention that I myself was a naval cadet in my teens, as a member of the 247 Les Timoniers De Valcourt and the 257 Le Montagnais de Chicoutimi. I know what a difference being part of this movement can make in a young person's life.

This is annual review season, so I want to highlight the accomplishments of these young cadets and thank all of their leaders. I hope those participating in the summer camps will have a memorable experience.

These young people are our future workforce, and to be frank, if they do not get support, we cannot build a solid economic future. That is why we are also supporting young entrepreneurs and business succession, particularly the employee ownership trust model.

If a group of employees wants to take over a business, we will offer capital gains exemptions to the sellers to incentivize a sale. We will also support worker co-ops.

My region is teeming with aspiring young entrepreneurs. I want to highlight some of the local businesses that distinguished themselves this year at the OSEntreprendre Estrie challenge: O'Bois Équipement Inc., Éloi Saint-Arnaud Paysagiste and Solutions Nexolink, which are from the Coaticook RCM, and Cidrerie Pomme Sauvage, from the Haut-Saint-François RCM. I also want to mention the Bec-O Lanctôt farm in Compton, which also won an achievement award. This proves that it is possible to build, to evolve and, most importantly, to stand the test of time in our region.

I want to salute the young people behind some outstanding school projects: “Recipes from our home to yours!” from Notre-Dame-du-Sacré-Cœur school in Weedon; “Little THANK YOUs” from Saint-Paul school in East Angus; and “Burn Bright!” from Louis-Saint-Laurent high school in East Angus, which won the regional co-op award. These young people are brimming with great ideas, and I wish them all the best should they decide to become entrepreneurs.

The question is simple. Do we support this energy or do we hold them back?

Our government's choice is clear. We will support young people because they are at the heart of our communities.

The strength of our economy is also being built in our downtown cores and on our main streets, with our local businesses. It is built with people who are risk-takers and who are creative.

I want to highlight the work of Julie Favreau, the executive director of Rues principales Coaticook, who won the personality of the year award from the Rues principales network for her meaningful commitment to local economic vitality. At the same event, a team made up of Éric Gauthier, from Sherbrooke Innovante, and Sébastien Croteau, known by the stage name “L'Inconnu dans le noir”, from Cookshire-Eaton, won the people's choice award for their project to illuminate the water reservoirs at Rock Forest, which makes Halloween and Christmas a bright time in my region.

These are people walking the talk and bringing life to our communities.

The economic update also highlights agricultural and agri-food processing, sectors that are particularly close to my heart. Our government also considers it very important to invest in agri-food processing.

Recently, the restaurant Les Mal-Aimés in Cookshire-Eaton, run by Yannick Côté and Daniel Charbonneau, got a green star in the 2026 Quebec Michelin Guide for its commitment to sustainability and buying local. Indeed, 60% of the products served at this restaurant come from their own farm, and the rest come directly from Quebec. This is a concrete business model that supports local businesses. It is not the only local restaurant to have earned a spot in the Quebec Michelin Guide. I also want to highlight the achievements of Le Hatley restaurant at Manoir Hovey and the Tap Room, both of which have been recognized in the Michelin Guide. It is a source of pride to see local businesses making their mark in a publication that is distributed worldwide.

The economic update acknowledges the realities of Quebec and its regions. It extends employment insurance measures for seasonal workers, facilitates labour mobility, accelerates housing construction and supports port infrastructure, at the request of my colleagues from Nova Scotia, who have been very vocal on this issue. I mention Nova Scotia, but I would say this applies to the entire Atlantic region and will also have an impact on ports in the Gaspé Peninsula.

In all of this, there are two opposing views. One view treats the economy as a mere accounting exercise, while the other recognizes that the economy is made up of people, families and communities. Our government has chosen the latter. We are cutting red tape, modernizing the government and investing where it really makes a difference in the lives of Canadians.

I think it is time to move on to questions and answers. I have a few questions for my colleague, the Minister of Finance and National Revenue.

First and foremost, I would like to highlight how involved Alain Ouzilleau, the CEO of Cabico, has been in my region when it comes to the challenges facing the kitchen cabinet sector. This is a sector that is currently under pressure due to international problems. Mr. Ouzilleau has been a leader, as have the people at North American Cabinets in Cookshire-Eaton and at Cuisine Idéale.

Can the Minister of Finance tell us how we will support these businesses so that they can get through the difficult situation they are currently facing?

[François-Philippe Champagne, Liberal, Minister of Finance and National Revenue]

Mr. Chair, before I answer, I want to commend my colleague from Compton—Stanstead for her extraordinary work. The people of Compton—Stanstead are watching us tonight on television. The Habs are not playing this evening, so I am sure they are all watching what is happening in the House.

I want to tell everyone in the region how my colleague has been a strong voice, not only as an MP but also as the chair of the rural caucus. She told me what SMEs in her part of the country are going through. They include SMEs in the furniture industry, and I had a chance to meet with them. I want to thank her because she played a key role in the measures that we are taking as a government.

Following my meeting with manufacturers in the furniture and cabinetry sector, we referred their request to the Canadian International Trade Tribunal. We also considered safeguards. We know that this is an important industry in Quebec. I have to say that my colleague has done a great job in this area. This shows that an MP can make a difference. I want to thank her for that.

I admire my colleague, who has done a tremendous job defending the interests of furniture and cabinet manufacturers. I listened to them and I heard them. My colleagues will be pleased to hear that we have taken action, because we know they need a helping hand. We have put in place support measures for workers in the industry. We have also taken steps to ensure that the Canadian International Trade Tribunal gives this issue all the attention it deserves. Once again, I want to thank my colleague for her exemplary work on this issue.

[Marianne Dandurand, Liberal, Compton—Stanstead, QC]

Mr. Chair, I want to thank the minister for his answer and for his support on this matter.

The base cabinets and kitchen cabinets issue is important to the Eastern Townships. I worked on that with my colleague from Brome—Missisquoi, who has also done outstanding work. His support was exceptional.

I would like to ask the Minister of Finance to elaborate a little on the importance of local media and local radio. Those of us who live in the regions do not get their news from the major national media. The news that is personally relevant to us comes from very local media, a sector that we absolutely must support.

I would like to know what is included in the economic update and, more broadly, what the government intends to do to ensure that our residents have access to the news that matters most to them, in other words, the news that directly affects them.

[François-Philippe Champagne, Liberal, Saint-Maurice—Champlain, QC]

Mr. Chair, I have to congratulate my colleague once again. She has been on top of this issue. We have seen in newsrooms across Quebec and Canada how important journalists are for our democracy and how important it is to support their work.

That is why we launched consultations, for example, on the Canadian journalism labour tax credit. That is because we know how vital it is to support newsrooms across the country.

On behalf of my colleagues, I want to take this opportunity to thank everyone who is doing that work, because they are playing their part. Both government members and opposition members have a part to play in our democratic system, but journalists also play a very important part.

Indeed, we announced measures in the spring economic statement to support the work of journalists—

[The Chair, Conservative, Tom Kmiec]

Resuming debate.

The hon. member for Richmond—Arthabaska has the floor.

[Éric Lefebvre, Conservative, Richmond—Arthabaska, QC]

Mr. Chair, before I begin, I would like to note that I will be speaking for 10 minutes and sharing the last five minutes with my friend, the incredible member for Montmorency—Charlevoix, who will conclude these remarks.

My colleagues have been asking the minister questions for nearly three hours now, but unfortunately, we have not received any answers to our real questions.

Minister, I will give you another chance. It has been three hours, so I understand that you are tired. That is just how the human body works.

[The Chair, Conservative, Tom Kmiec]

I would remind the member that he must address his comments to the minister through the Chair.

[Éric Lefebvre, Conservative, Richmond—Arthabaska, QC]

Mr. Chair, I am sure the minister is getting a little tired, so I will start off slowly. I would like to know whether the minister does his own grocery shopping.

[François-Philippe Champagne, Liberal, Minister of Finance and National Revenue]

Mr. Chair, I thank my colleague for his concern for my health. I would say that I am not doing too bad, health-wise. I ran three kilometres this morning. I am in fairly good shape for a man who will soon turn 56. I am quite willing to continue. I thank the member for starting slow. He is an honourable man and he said that I have been answering questions for three hours. I know that the Conservatives do not always like my answers, but I—