Debates of May 26th, 2026

Department of Finance—Main Estimates, 2026-27

[Gabriel Hardy, Conservative, Montmorency—Charlevoix, QC]

Mr. Chair, I do not need a clip. I think people like to know what is going on over here and get informed through clips. That is how they learn about the government's out-of-control spending.

The Parliamentary Budget Officer is independent. I have just been told that we are dealing with independent officers, people who are being independently monitored. That is great. The Parliamentary Budget Officer says that the debt-to-GDP ratio will increase by 43.7% by 2030. Is he way off the mark or is that some bad news?

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

Mr. Chair, I am once again pleased that my colleague quoted the Parliamentary Budget Officer because he confirmed the following himself. I will quote him in English.

The Parliamentary Budget Officer confirmed “that the government is on track to [meet] its two fiscal anchors”, a declining deficit-to-GDP ratio and balanced operating spending by 2028-29. The PBO assesses current fiscal policy as sustainable.

Those are the words of the Parliamentary Budget Officer, who said that Canada's fiscal position is clearly sustainable—

[The Chair, Conservative, Tom Kmiec]

The hon. member for Montmorency—Charlevoix.

[Gabriel Hardy, Conservative, Montmorency—Charlevoix, QC]

Mr. Chair, I asked the question in French. Perhaps the minister should get his answer translated more quickly. I would prefer to get an answer in French. The people listening to us would prefer to hear answers in the same language the question was asked in.

It was just mentioned that the government ran up the biggest deficit in Canadian history. Not only that, but the government will continue to run bigger deficits for the next five years. The Liberals' first instinct was to charge $25 billion to Canadians' credit card to create a sovereign debt fund. Why are they trying to get even more money when they have spent more than any other government in the history of our country?

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

Mr. Chair, our first instinct was to reduce the deficit. My colleague should celebrate the fact that our deficit is $11 billion lower than projected in 2025. He will realize that even the 2025-26 debt will be lower in 2026-27. What we are demonstrating to Canadians is that we are managing the public purse responsibly and soundly. I am sure that this is what his constituents want to see.

[Gabriel Hardy, Conservative, Montmorency—Charlevoix, QC]

Mr. Chair, it is interesting that the minister would mention fiscal responsibility. The deficit is forecasted to be $65 billion in 2027, $63.5 billion in 2028, $58 billion in 2029, $56 billion in 2030 and $53 billion in 2031. Under the previous prime minister, we had a $31-billion deficit. The Liberals boast about their fiscal responsibility, but I think they should show a bit more restraint.

I am going to ask another question and go back to the one I asked earlier. The Liberals have created a sovereign debt fund. Are they aware that the British Parliament tried the same thing but refused to call it a sovereign wealth fund because it was built on debt? Is the minister aware of that?

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

Mr. Chair, I will once again reassure my colleague this evening. Canada has the lowest debt-to-GDP ratio in the G7, at 10.2%. By way of comparison, Germany's ratio is 47.2%, the U.K.'s ratio is 93.8%, the United States' ratio is 96.7%, and France's ratio is 108%. This shows how well we are managing our public finances. Our debt-to-GDP ratio is the lowest among all G7 countries.

[Don Davies, NDP, Vancouver Kingsway, BC]

Mr. Chair, I will be splitting my time with the hon. member for Saanich—Gulf Islands.

Federal civil servants working partly from home are being—

[The Chair, Conservative, Tom Kmiec]

A reminder to members that Standing Order 16(2) still applies. Members cannot cross between the Speaker and the member who is speaking.

I cannot recognize the member, but for the benefit of the member for Vancouver Kingsway, he can restart his time. He can begin again from the start.

[Don Davies, NDP, Vancouver Kingsway, BC]

Mr. Chair, federal civil servants working partly from home are being forced to return full-time to an office, even where there is no place to put them. There is no compelling reason to work from an office. It will negatively affect their quality of life and productivity, and it will cost the government more money.

Why are Liberals pursuing a policy that is so irrational?

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

Mr. Chair, we have taken measures to have civil servants return to the office. I think these measures are in line with the best practices seen in the industry. We have done that in a compassionate and reasonable way to make sure that people—

[The Chair, Conservative, Tom Kmiec]

The hon. member for Vancouver Kingsway.

[Don Davies, NDP, Vancouver Kingsway, BC]

Mr. Chair, the government claimed that suspending the gas tax would save Canadians 10¢ a litre. When the suspension came into effect, the national average gas price was $1.69 a litre. Today, it is $1.83 a litre, and $2 a litre in Vancouver.

Does the minister believe that oil companies are pocketing at least some portion of the tax cut?

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

Mr. Chair, I am delighted that my colleague would refer to the suspension of the federal fuel excise tax. Indeed, this is a measure that is helping Canadians across the country. My colleague would well note that the biggest proportion of what we see at the pump is obviously the price of crude, and we have seen—

[The Chair, Conservative, Tom Kmiec]

The hon. member for Vancouver Kingsway.

[Don Davies, NDP, Vancouver Kingsway, BC]

Mr. Chair, oil companies are set to make some $90 billion in profits this year as a result of the attack on Iran.

Why will the government not tax those excess profits?

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

Mr. Chair, my colleague is right. If we take it in the words of the executive director of the International Energy Agency, we are going to “the most severe energy crisis” that we have ever seen, so obviously the price at the pump in Canada is affected by global events, but we are happy—

[The Chair, Conservative, Tom Kmiec]

The hon. member for Vancouver Kingsway.

[Don Davies, NDP, Vancouver Kingsway, BC]

Mr. Chair, Liberals are planning to sell off Canada's ports and airports. When the U.K. privatized Heathrow, costs skyrocketed and service declined. Today, the governments of Saudi Arabia, Qatar and China control major stakes in that airport.

Has the government conducted a full national security review of the risks posed by foreign and state-linked entities acquiring ownership of Canada's strategic infrastructure?

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

Mr. Chair, what we said in the spring economic update was that we would gather the relevant information from airport authorities so that we can do the proper due diligence and assess what is best for Canadians. I think Canadians understand that we need to modernize the way that we build, operate and maintain public infrastructure in this country.

[Don Davies, NDP, Vancouver Kingsway, BC]

Mr. Chair, does the minister expect that service quality will be improved by privatizing Canada's airports?

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

Mr. Chair, we are always making sure that every decision we make will be in the best interest of Canadians. We want to improve services to make sure that we, as a government and as Canadians, can invest in more infrastructure in this country. That is why we have made general—

[The Chair, Conservative, Tom Kmiec]

The hon. member.

[Don Davies, NDP, Vancouver Kingsway, BC]

Mr. Chair, does the minister expect that introducing a profit element will lead to lower airport fees in Canada?

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

Mr. Chair, as I said to my hon. colleague, for whom I have enormous respect, I work with him very well. By the way, I want to thank him for his contribution over the years. We have done many things together.

What he is going to find in this spring economic update is in fact that we are—