Chrystia Freeland

[Questions on the Order Paper, September 16th, 2024]

Mr. Speaker, in response to part (a) of the question, the government conducted its first purchase of Canada mortgage bonds, or CMBs, on February 14, 2024.

With respect to part (b), to date, the government has purchased $11 billion of Canada mortgage bonds. More details on Canada mortgage bonds purchased by the government are available at the Bank of Canada website at https://www.bankofcanada.ca/markets/canada-mortgage-bonds-government-purchases-and-holdings/.

As of May 31, 2024, the market value of the government’s CMB portfolio was equivalent to $11.1 billion.

Although the government tracks the fair value of its CMB portfolio, CMBs are accounted for at amortized cost, not at their fair value. Consequently, movement in CMB value has no financial impact on the portfolio.

With respect to part (c), the government does not expect any incremental losses on these holdings due to existing federal government guarantees. It does not expect defaults or write offs.

Furthermore, for a variety of reasons, mortgage default rates in Canada have historically been low.

Given all these structures in place, there has not been a default on CMBs since the introduction of the program in 2001.

With respect to part (d), due to the existing guarantee mechanisms in place that protect CMBs against default risk and that significantly mitigate risk, the purchase of CMBs does not increase the government’s risk exposure.

[The Economy, September 16th, 2024]

Mr. Speaker, I would like to thank my colleague for his very hard work.

COVID and its economic aftermath have been hard for Canadians, and that is why it is important to recognize the good news we have had this summer. Canada was the first G7 country to lower interest rates, easing the burden on homeowners. Inflation has now been within the Bank of Canada's target range for seven months and wages have outpaced inflation for 18 months in a row. We have more work to do, and that is why we are focused on Canada and Canadians.

[Finance, September 16th, 2024]

Mr. Speaker, our government is proudly progressive. Our government is proud of our climate action. Our government is proud of our support for day care and early childhood centres. Our government is proud of our support for families.

We know that the people of Quebec share our progressive values. That is why we followed Quebec's lead on day care and the climate. We are proud to have done that.

[Carbon Pricing, September 16th, 2024]

Mr. Speaker, what we are seeing today is the Conservatives running away from the reality about the Canadian economy. They are running away from the fact that inflation has been in the Bank of Canada's target range for seven months in a row. They are running away from interest rates that are down three times in a row for the first time in the G7 and wages outpacing inflation for 18 months. The only thing the Conservatives know how to do is traffic in cheap insults. Canadians are a lot better than that.

[Carbon Pricing, September 16th, 2024]

Mr. Speaker, the only people being humiliated today are Conservative MPs who have to listen to their colleagues wallow in the mud of personal character assassination. However, what we are focused on is representing and working for Canadians. That is why the real news today is 30-year mortgage amortizations for all first-time homebuyers. That is the real news.

[Carbon Pricing, September 16th, 2024]

Mr. Speaker, I am actually really glad to welcome back to the QP roster the member for Calgary Nose Hill. We have not heard her raising her voice for a while.

I am not going anywhere, but I am not surprised to see the Conservatives continue cartoonish personal attacks. That is because they are afraid to reveal to Canadians their plan for austerity and cuts, cuts, cuts, because they know that is not what Canadians want.

[Finance, September 16th, 2024]

Mr. Speaker, we are seeing more clearly than ever that the only thing the Conservatives know how to do is to level personal attacks and personal denigration. They do not care about Canadians and now they are scared about the facts of our economy.

Let me tell members some facts. Inflation is in the target range for seven months in a row. Interest rates are down three times in a row. The IMF says that we will have the strongest economic growth in the G7.

[Finance, September 16th, 2024]

Mr. Speaker, I am not going anywhere, but I can understand why the Conservatives prefer to focus on personal mudslinging and attacks rather than to actually talk about the economy. They do not want to talk about inflation, because it has been down in the target range for seven months in a row. They do not want to talk about interest rates, down three times in a row. All they can do is insult people.

[Questions on the Order Paper, June 19th, 2024]

Mr. Speaker, the Department of Finance response to parts (a) through (h) is as follows:

The World Economic Forum Annual Meeting was held in Davos, Switzerland, from January 15 to 19, 2024. As the Deputy Prime Minister and Minister of Finance, I attended from January 16 to January 19, 2024, to advance Canadian economic interests.

I held meetings with business leaders and other participants, including members of the Ukrainian delegation; a variety of business leaders about opportunities for Canada; and foreign government leaders and elected representatives.

I also participated in a panel entitled “No Recovery without Trade and Investment". Participants included Brian Moynihan, Chairman and Chief Executive Officer of the Bank of America; Ngozi Okonjo-Iweala, Director-General of the World Trade Organization; and Valdis Dombrovskis, European Commissioner for Trade.

Regarding the Department of Finance response to part (h): please note that travel expenditures for senior level departmental officers or employees, Ministers, ministerial advisors and ministerial staff are proactively disclosed on Open.Canada.ca (https://search.open.canada.ca/travel/).

[Questions on the Order Paper, June 19th, 2024]

Mr. Speaker, the total expenditures incurred to produce the 2024 budget documents amount to $390,094.02. Please find a detailed breakdown below.

In response to part (i), the consulting costs were $0.00.

In response to part (ii), the publishing costs were $0.00.

In response to part (iii), the printing costs were $269,858.61.

In response to part (iv), the design costs were $180.00.

In response to part (v), the writing costs were $0.00.

In response to part (vi), the marketing costs were $0.00.

In response to part (vii), any other costs, the translation costs were $120,055.41.