Debates of May 26th, 2026

Department of Finance—Main Estimates, 2026-27

[Dan Albas, Conservative, Okanagan Lake West—South Kelowna, BC]

Mr. Chair, can the minister provide a total land acquisition cost today or confirm that the Department of Finance does not really have a final number because it is busy appraising entire urban neighbourhoods for real estate portfolios?

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

Mr. Chair, my colleague understands that, in a large country like Canada, we need to make generational investments in infrastructure. That is exactly what we presented in budget 2025. I think Canadians understand that if we want to build a resilient country, if we want to export, we need to build infrastructure across the country.

[Dan Albas, Conservative, Okanagan Lake West—South Kelowna, BC]

Mr. Chair, I am not looking for a generational answer. I am just looking for an answer.

Under this public-private partnership, do taxpayers carry 100% of the expropriation and route change risk while the private consortium carries zero per cent of that risk? I would like just a simple yes or no.

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

Mr. Chair, not only am I answering my colleague, but I am giving him a generational answer, as my colleague said. That is a good way to put it.

For consistency, with respect to the allegations made by my colleagues, he should direct that question to the minister responsible for the project. I am sure the minister responsible will be happy to answer his question.

[Dan Albas, Conservative, Okanagan Lake West—South Kelowna, BC]

Mr. Chair, I thought I asked the minister a good question.

I guess the minister has a different impression of what answers mean to someone else.

If the public takes all the financial gambles on surplus land assembly, and the private sector takes all the development guarantees, what risk is actually private in this partnership? Maybe the minister can answer that.

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

Mr. Chair, I am sure the member can appreciate that, if we are to be consistent with the questions and allegations raised by his colleague, this matter should be addressed to the minister responsible. I know that my colleague is honourable. He understands all the rules of the House. The minister responsible will be happy to provide all the answers my colleague is hoping to get. I will also be happy to pass the questions suggested by my colleague this evening on to the minister responsible.

[Dan Albas, Conservative, Okanagan Lake West—South Kelowna, BC]

Mr. Chair, maybe the minister is less touchy about this, so I will turn to airport policy.

The government is expanding its information-gathering powers under division 6 of Bill C-30 to include every single airport authority in Canada. What are our national airports worth today, and has a full valuation been provided to Parliament, yes or no?

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

Mr. Chair, I think we need to modernize the way we are currently managing public assets in this country. I think it is important for the government to have all the facts and figures so that it can carry out a thorough analysis of these assets. I would say it is time to modernize the way we—

[The Assistant Deputy Chair, Conservative, John Nater]

The hon. member.

[Dan Albas, Conservative, Okanagan Lake West—South Kelowna, BC]

Mr. Chair, since the proceeds of these alternative ownership models are earmarked to be stripped away from local operators and siphoned to the Canada Strong fund, how will our airports maintain their infrastructure when they are being left unintentionally undercapitalized while travellers are hit with massive fee hikes just to satisfy a private investor's ROI?

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

Mr. Chair, as I said, it is important to get all the information necessary to do our due diligence. I think we are at a time when we need to modernize the way we manage public assets. This measure will allow us to get all the facts and provide a comprehensive analysis so we can make the best decisions in the interest of Canadians.

[Kent MacDonald, Liberal, Cardigan, PE]

Mr. Chair, I rise this evening to highlight the contributions of the new government in Bill C-30 to the coastal communities of Prince Edward Island.

Small craft harbours are places of employment for more than 1,200 fishers. For many, it is a way of life passed from one generation to the next, from setting day when family and friends line the wharf to wish harvesters a safe and prosperous season to the last trap that comes ashore at the end of the season. It is the pride of families who have made their living from the sea for decades.

For Islanders, fishing is part of our identity. It is parents and the next generation hauling traps together, learning the ropes. It is gathering at the wharf after a long day on the water to talk about the daily fishing news. It is communities built around hard work, resilience and respect for the ocean. Across Atlantic Canada, this same story exists across coastal communities where the fishery sustains not only local economies but traditions, culture and livelihoods.

In Prince Edward Island alone, the total value of fish and aquaculture exceeded $454 million in 2024, with lobster landings accounting for more than $358 million of this. The overall contribution to P.E.I.'s economy exceeds almost $1 billion and supports as many as 8,000 jobs at peak production. Across Atlantic Canada, fisheries landings totalled more than $3.6 billion in 2024, with shellfish accounting for over $3.28 billion of that value. These are not just statistics. These are processing plants operating in rural communities. They are truck drivers, welders, suppliers, fuel operators, mechanics, buyers and plant workers, whose livelihoods depend on a strong and sustainable fishery.

Small craft harbours are the centre of all this activity. They are the economic engines of many rural communities in Atlantic Canada, yet for many years, too many of these harbours have faced underinvestment, aging infrastructure, storm damage and the growing impacts of climate change, as we have seen with the devastating impacts of hurricane Fiona. In many areas, fishers and harbour authorities are doing everything they can simply to keep facilities operational while waiting for major repairs and modernization work to proceed.

Here in Ottawa, we formed a small craft harbours committee to discuss these very issues as a collective. I want to take this opportunity to thank my colleagues for their unwavering persistence to work with me for funding for small craft harbours. I also want to personally thank the Prime Minister and the ministers of finance and fisheries for making sure our proposal for a significant investment in small craft harbours was included in the spring economic statement.

We are very pleased to see the beginning of the rollout of these announcements across Atlantic Canada, the Pacific coast and the north as part of the nearly $1-billion investment over five years through the small craft harbours program. This is the largest sustained investment in small craft harbours in decades.

However, maintaining safe and functional harbours is not only about wharfs and breakwaters. It also requires ongoing and responsive dredging investments to ensure channels remain navigable and safe for harvesters. In Prince Edward Island and across Atlantic Canada, weather events, storm surges and coastal erosion can quickly impact harbour entrances and navigation channels. When dredging delays occur, fish harvesters face serious operational and safety challenges, particularly during low tide. Responsive dredging capacity following major weather events must be viewed as essential maintenance for our harbours.

During her recent visit to Red Head Harbour, the Minister of Fisheries saw first-hand sections of the harbour that have been fenced off because of damage and safety concerns. That reality should be a concern to all of us. Harbours are workplaces. They should be safe for fish harvesters. They should be safe for buyers, plant workers, transport operators and the many families and tourists who visit throughout the season. Red Head is not alone. Harbours in the Cardigan riding, which I represent, like Mink River, Fortune and Georgetown, all continue to wait in the queue for repairs to ensure their harbour infrastructure can support their fisheries.

I also want to take an opportunity to commend the Prince Edward Island Fishermen's Association and associations across Atlantic Canada for the leadership they continue to show in advancing conservation measures while sustaining fisheries.

Harvesters understand the need to protect marine ecosystems because their livelihoods and their futures depend on them. When we invest in fisheries, we are investing in much more than infrastructure or economic output. We are investing in communities where families will continue to watch boats come home at sunset and where generations continue to see that there is a viable future on the water. That future matters deeply to Prince Edward Island and to Atlantic Canada. I believe there is much more to come as we continue building stronger coastal communities, modernizing harbours, supporting innovation in conservation and ensuring that the next generation can continue with a proud tradition of making a living from the sea.

I believe we also need to think bigger about the role of ports and harbour infrastructure in Atlantic Canada and throughout Canada. Our harbours are not only critical to the fishing industry. They also represent untapped economic potential tied to trade diversification, domestic supply chains, food security and transportation corridors.

In Prince Edward Island and across Atlantic Canada, strategic investments in harbour and port infrastructure could support seafood exports, agri-food storage and transportation, cold storage capacity and greater access to domestic and international markets. These investments can strengthen economic resilience while reducing pressure on larger transportation hubs. There is also growing potential for ports and marine infrastructure to support broader national objectives, including Arctic and defence supply chains, emergency response capacity and economic security.

Coastal communities have always played an essential role in building Canada's economy, and they will continue to play an even greater role as we strengthen domestic trade and transportation networks.

Can the minister speak to how the government views small craft harbours as strategic economic assets that strengthen trade diversification, food security and rural economic resilience across Atlantic Canada?

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

Mr. Chair, we can see in my colleague's heart and voice, the passion he has for fishers and for their communities. I want to applaud him. I am sure the people he represents are very proud tonight.

I want to thank all my colleagues who have shown up tonight to be here to do the important work of democracy, which is to be held to account. It is what I have been doing for hours, and I will continue to do it because it is what Canadians expect of us.

The member talked about small craft harbours. I want to say this in front of all Canadians, because I know this is televised and people are going to watch. He was one of the members who inspired us to do what is right for Canadians, for fishers and for their communities. We made a generational investment, $1 billion, which is twice as much as has ever been put into small craft harbours, and I want to thank the member. I want to say publicly that he has been one of the people who has talked to the Prime Minister and I to make it happen. I think that tonight, he should be very proud.

It shows the power of MPs. Members of Parliament are here to represent their communities. They are here to speak on behalf of their constituents and to raise issues that matter to the people they represent. I want to say that this member did that superbly. Time and time again, he reminded us of the importance of investing in small craft harbours. I would say that we have delivered.

I was pleased to be in New Brunswick just recently with a number of colleagues. I can see the difference it is going to make in the livelihoods of millions of Canadians. Fish harvesters depend on small craft harbours for their living. Their communities also depend on them.

I want to say it again. We focus a lot on the answers tonight, but members like him who stand up to represent their communities, who fight for them and get what they need, should be applauded and thanked this evening. I give my thanks to the member.

[Kent MacDonald, Liberal, Cardigan, PE]

Mr. Chair, I guess I better thank the Minister of Finance for the kind words.

As Canada looks to strengthen domestic supply chains and transportation corridors, does the minister see untapped potential in Atlantic Canada's ports and harbours to support industries such as agri-food, storage and transportation, and even the broader national objectives of defence and economic resiliency?

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

Mr. Chair, this is a really good point. When I was in New Brunswick, I had the privilege of seeing the cold storage. I think it is at the Moncton airport that they have a very large facility. That is the kind of structural investment we need to make in this country. Yes, obviously we need to build infrastructure, but cold storage facilities, like the one I saw, are really making a difference. I was so impressed by the workers, the people there. Do members know that they load a 747 with lobster in about two hours? I was really impressed to see how these communities, because they have connectivity with the rest of the world and because of the investments that were made, are able to support families and communities across Canada.

Again, I want to thank all members tonight. I know it is getting late, but I know people are here and the work they are doing is very important. For me as minister, being held to account on behalf of the government is my job, and I am happy to answer as many questions as we can tonight. I want to thank the members for the outstanding work they are doing tonight.

[Melissa Lantsman, Conservative, Thornhill, ON]

I am going to split my time, Mr. Chair.

I thank the minister for being here tonight. Before he presents himself as Canada's economic rescuer, Canadians deserve an accounting. He sat at the cabinet table as industry minister while the investment climate deteriorated in this country. The policies that drove capital away were his policies, so I will ask him quite candidly if he did anything wrong.

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

Mr. Chair, first of all, I want to thank my colleague for her question. She is a very experienced member of the House.

I think what the numbers show is that the Canadian economy is far more resilient than people expected. Despite the nature of what we are seeing with respect to uncertainty in the world, Canadians are resilient. Canadian industries are resilient. Canadian workers are resilient. That is why we can show numbers that show the Canadian economy is very resilient.

[Melissa Lantsman, Conservative, Thornhill, ON]

Mr. Chair, that is all true, but it does not answer my question. RBC analyzed the full decade from 2015 to 2024, years during which the minister held senior cabinet responsibilities.

Can he tell the House the net investment figure in that period? How many net dollars left Canada under his leadership?

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

Mr. Chair, I have good news for my colleague. In fact, we have received a record level of investment. I think it is the highest number in the last 20 years. I can reassure her that wherever I go internationally, people value the stability, predictability and opportunities they see in Canada. At this time, the executive director of the International Energy Agency has said that energy architecture is being redesigned and Canada is going to play a major role.

[Melissa Lantsman, Conservative, Thornhill, ON]

Mr. Chair, that was not my question.

The answer for the minister is that one trillion dollars left Canada. According to RBC, that is the single largest sustained capital outflow in Canada's history. For a country of 40 million people, just to put it into context for those watching at home, that is $25,000 for every person. Does the minister find that acceptable?

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

Mr. Chair, my colleague would be happy to know that Canada is seen as an energy superpower. We are attracting a record level of foreign direct investment. Investors around the world are looking for places that offer stability, predictability and the rule of law. I would say Canada stands out in this context, and we will continue to build Canada strong together.

[Melissa Lantsman, Conservative, Thornhill, ON]

Mr. Chair, I will ask the minister the same question again because he did not answer my question. Under his leadership as the minister of industry, during the 10-year period that he was at the cabinet table, a trillion dollars of investment outflow left this country. Does he find that acceptable?

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

Mr. Chair, I would say that my colleague should be reassured by the generational investments we are making in infrastructure, housing, productivity and innovation, and the fact that we have the lowest marginal effective tax rate of all the G7 countries. New investments in Canada receive the lowest tax rate in the G7. We are building Canada strong.

[Melissa Lantsman, Conservative, Thornhill, ON]

Mr. Chair, I will put it into context. For every dollar of foreign investment that came into Canada during that decade, two dollars left this country. It is not because of global issues. It is not because of the tariffs. Tariffs were not an issue then. It is a domestic policy failure that the minister cannot admit he was a part of.

Does he accept responsibility, any responsibility, for his role in a trillion dollars leaving this country?

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

Mr. Chair, Canadians should take credit for being the country that has attracted the largest amount of foreign investment in the last 20 years. It is not about government. It is about workers. It is about industry. It is about this country. What we have been doing is building the conditions for Canada to stand out in the world. I would remind my colleague that if she looked at the uncertainty index of the International Monetary Fund, she would see we are at one of the highest levels since the Second World War.