Madam Speaker, it is always an honour to rise in the House on behalf of the residents of Eglinton—Lawrence.
Canada is going through a period of significant change. We are in a tariff war with our largest trading partner, the Russian invasion of Ukraine continues to put pressure on global food markets and commodity markets, a conflict in the Middle East has disrupted global energy markets and pushed up the cost of oil and gas, and rising global bond yields have raised costs for everyday Canadians through debt instruments such as mortgages and auto loans.
For some Canadians, these events may feel distant, but they have real consequences here at home. I hear it from families that are dealing with higher grocery bills and higher costs at the pump. I hear it from manufacturers dealing with American tariffs and global uncertainty that impacts whether they can afford to invest, hire and expand here in Canada. These are the issues that matter to people in Eglinton—Lawrence and to all Canadians, and they point to a broader question: What can Canada control?
We cannot control decisions made in Washington, and we cannot control conflicts overseas, but we can control how we respond. We can decide whether Canada is a country that waits for the world to change, or whether we build the capacity to succeed in a changing world. Our government has a plan to do that in the short term, the medium term and the long term.
In the short term, we are acting decisively. We are standing up to unjustified American tariffs and are diversifying our trade relationships, 20 in total with more to come. We are putting money directly into Canadians' pockets through the Canada groceries and essentials benefit, which provides up to $1,890 for a family of four, and we are cutting the federal excise tax on gas and diesel by 10¢ per litre. These measures are important because, in the face of global instability, Canadians need help today.
However, short-term support is exactly that: short-term. We have to address the underlying problem. We need to be more competitive. We need greater private investment, specifically foreign direct investment working in our economy, and we need businesses that can expand, adopt new technology, hire more workers and compete in global markets. That is why our medium-term agenda matters.
We have eliminated the consumer carbon tax and cut taxes for the middle class, and we are introducing productivity-enhancing tax measures that make it more attractive for businesses to invest in Canada. Under these measures, businesses can immediately expense up to 15% of eligible capital investments. The principle is straightforward: When a Canadian business wants to invest in a new machine, modernize a facility, expand production or adopt new technology, we should make that investment easier, because investment drives productivity, productivity drives wages and economic growth, and economic growth gives Canadians more opportunity. This plan is working. Just last week, the Canadian investment summit unleashed nearly $500 billion of new capital.
Our fiscal policy is only part of the answer, We also need to build and execute. In the long term, we are building the foundation for a more productive, resilient and competitive Canadian economy. That is why I am supporting Bill C-39, the building Canada strong act. For years, one of the challenges facing major projects in Canada has been uncertainty. I saw this first-hand as a banker who financed infrastructure. A business develops a proposal and works to raise capital. If it cannot predict when decisions will be made or if labour will even be available to it, it becomes much harder to make an investment in the first place. As costs rise, the project economics become more uncertain.
The building Canada strong act is intended to change that fundamental dynamic. First, we would provide greater certainty by bringing federal mediation into the labour process earlier. Instead of waiting for a strike to occur, Bill C-39 would expand mediation and dispute resolution tools by establishing a time-limited special mediator to encourage good-faith bargaining before a dispute escalates. This would give workers and employers an additional opportunity to reach a negotiated agreement and avoid a strike or lockout.
Second, the building Canada strong act would enhance the One Canadian Economy Act passed last year by the current government, by creating one coordinated federal process, one lead authority and a one-year timeline for federal decisions once a complete application has been submitted.
Let me be clear. The bill would protect the environment and respect indigenous rights. What it would change is that it would improve the timeline for decisions to be made. The building Canada strong act would create a system that is more predictable, coordinated and efficient, because businesses need certainly, and our workers deserve certainty. The objective is simple: Move from an idea to financing, to construction and ultimately to a completed project. The fact is that process is not an outcome; results and execution are.
Our country has done this before. In the 1950s, we built the St. Lawrence Seaway in less than five years, the TransCanada pipeline in two years and the Trans-Canada Highway. These were enormous undertakings that all helped Canada move east-west rather than north-south.
The St. Lawrence Seaway gets raw materials from the interior out to market, the TransCanada pipeline connected the oil sands to refineries in eastern Canada, and the Trans-Canada Highway connected Canadians together. To continue to build a strong, independent country, we need to be more resilient east-west rather than north-south, which is exactly what the building Canada strong act would do. It would allow us to formally designate strategic trade corridors and advance priority projects within one year.
The point is simple: Canada cannot control what happens in Washington or what happens in conflicts around the world, but we can create a more productive and resilient economy, one that provides greater certainty to investors, certainty to workers and certainty for businesses to grow, succeed and invest here in Canada. That is what Bill C-39, the building Canada strong act, would help achieve.
We need to build faster, we need to build with certainty and we need to build for the long term. That is how we create good-paying, long-term jobs, attract private investment, strengthen our economy and make Canada more resilient. That is how we build Canada strong.