Francesco Sorbara

[Business of Supply, February 14th, 2023]

Mr. Speaker, since 2015, we have put in place a number of measures, beginning with asking the wealthiest in Canada to pay a little extra on their personal income taxes. We even increased corporate tax rates on a number of different sectors with the Canada recovery dividend tax that we put in place. We put in place a special tax on share repurchases by corporations, which will be coming into effect.

We always look at measures that will improve the competitiveness of our economy, but also ensure that the government is collecting the revenues to produce and to provide the services Canadians depend on day in and day out.

[Business of Supply, February 14th, 2023]

Mr. Speaker, I thank my colleague for his very important question about housing across Canada. We have to do many things to reduce the cost of housing.

We need to do everything we can on the housing front, working with all partners and collaborating with the provinces, municipalities and regions. That is how our country is made, and that is what we must do. We unveiled the rapid housing initiative and the national housing strategy.

The Bloc Québécois member has many ideas.

I encourage the member to put forward those ideas to the government, and we will most certainly look at them, as we would any good idea that comes forward.

[Business of Supply, February 14th, 2023]

Mr. Speaker, I will be more than happy to explain the math. In the province of Ontario, the federal government came to an agreement with the Province of Ontario to implement a national day care accord. The first reduction was a 50% reduction by the end of 2022, which was done. Now we will work toward a $10-a-day reduction.

Is the member opposite forgetting that the Conservative Party just voted for Bill C-35 to support the national day care plan or are you going back on that already?

[Business of Supply, February 14th, 2023]

Mr. Speaker, it is always great to rise to address the House on a very important topic, which is the opposition motion today.

Since being elected in 2015, the government that I am part of has put middle-class Canadians first and has been there to assist Canadians working very hard to join the middle class.

Our government is well aware that many Canadian families are struggling to make ends meet. Families across the country are facing a rising cost of living and high inflation.

We know Canadian families have endured a lot these last couple of years, including COVID and the unprovoked invasion of Ukraine by Russia, which has caused economic consequences such as inflation. Our government has been there to assist Canadians as we go through these events. We have also been there to put down a long-term plan for economic growth and for job creation. That is what we are seeing. We see Canada at a level of 126% with regard to job numbers. That means our economy is growing and Canadians are working and finding employment, but we do face some challenges.

Canadians are feeling the pinch when they buy groceries, fill up with gas, and pay their rent or mortgage.

However, I would like to remind my hon. colleagues that inflation is high around the world and that no one is being spared, sadly. Canada has never been immune to it.

As we know, we have been through a once-in-a-generation pandemic, and we are still suffering the consequences.

China's zero-COVID policy resulted in plant closures and supply chain disruptions, and the impact is still being felt around the world. We are still grappling with the economic impact of Vladimir Putin's illegal and brutal invasion of Ukraine.

These factors continue to hinder the flow of goods, creating shortages and exacerbating price increases.

Prices have gone up in Canada, and inflation has taken hold. Thankfully, we have seen some strong indicators that inflation is slowing down and it is coming under control.

We put in place a number of policies in the last year to help Canadians. We doubled the GST tax credit, which helped over 11 million Canadians in this beautiful country. We implemented a $500 supplement for Canadian renters, which over 500,000 Canadians have utilized. We instituted a dental care plan, and in the initial step, over 200,000 children went to see the dentist in 2022, and this year they have received benefits from that. Those are real, tangible measures where we help on affordability.

At the same time, we laid the foundation through the fall economic statement, through our budget 2022 and the forthcoming budget 2023, where we continue to grow the economy. We demonstrate the values of why Canadians have sent us here to the House to build an economy based on inclusive economic growth, where every Canadian succeeds. It allows them to fulfill their potentials and their passions in life. Those fundamental policies that we put in place reflect our values of building a strong and inclusive economy and an economy that works for all Canadians.

Our national day care and early childhood learning plan that we put in place has reduced fees in the province of Ontario by over 50%. For example, at the day care that my beautiful daughter, whom I love so much, attends, the fees have gone from $1,500 a month to $700 a month. That is a savings of almost $800 for families. We are very blessed. This is for families not only in that day care but also day cares across Canada. It is very important to identify for Canadians how we are helping.

We put policies in the fall economic statement. We are reacting, much like the Europeans are reacting, to the IRA and the CHIPS Act from the United States. We will ensure that we entice investment to this country.

Last night, I was joined by the Minister of Innovation in a meeting with representatives from Canadian Manufacturers & Exporters. They talked about the opportunities that Canada has for job creation, for growth, and to continue generating economic growth and prosperity for all Canadians. It is not just for the top 5% or 10%, but it is for all Canadians. That is what is important. That is what is driving us.

On affordability, we put in place two massive cuts to reduce taxes and put more money in the pockets of Canadians through our tenure. We cut taxes for the middle class. We raised the basic personal expenditure amount to $15,000. Just that one measure means $350 to $400 a year extra in the pockets of seniors, students and individual working-class Canadians, those who go to work, save every day, work hard, do the right thing and who want to create a better future for their families. We have their backs.

During COVID, we put in place measures that would prevent the scarring of our economy, which is something I do not believe the official opposition understands, so our economy could bounce back very quickly from the pandemic when the economy opened up, and it did, faster than almost every other developed economy. We were there. We supported our businesses and workers, which was so important.

On trade, the opposition motion talks about items that are very important to Canadian citizens, but it ignores the circumstances that we have come through, such as COVID, the war in Ukraine and supply-chain issues, which are being ironed out. We need to put in place that long-term economic plan, which we are continuing to do. It is so great to be part of a government that understands that not only is it important to take care of the affordability factor, which we are doing with these measures, but it is also very important to continue putting in place measures that will support economic growth.

We just had the Deputy Prime Minister and Minister of Finance in northern Ontario to announce with the provincial government a very large energy storage project, $200 million or $300 million. We are partnering with other levels of government. We know that the transition is taking place within the energy sector. We know the transition is taking place to cleaner, lower GHG energy sources. We are there, again, dealing with the long-term issues that face us, but also assisting Canadians with a number of measures that we have implemented.

On jobs, which is very important to note, we are now at a point where our employment participation rate in Canada is at its highest on record for women. Why? We put in place a Canada child benefit. We no longer send cheques to millionaires and people who make a lot of money and really do not need it. God bless them. They work hard, they pay their taxes and they create jobs but they do not need that monthly cheque of a hundred bucks. We sent it to families who needed it the most. Those are based on the values of this government to ensure that middle-class Canadians and those working hard to join the middle class have that opportunity.

God bless the entrepreneurs. I have so many of them in the city of Vaughan, and it makes my heart warm because I know they are working hard and they are creating tens of thousands of jobs. God bless them. We will always be there to support them. Whether it is through putting in place policies like the strategic innovation fund, the Canada growth fund and the Canada Infrastructure Bank and ensuring taxes are competitive versus our peers, we will always be there for the entrepreneurs. Our values guide us to ensure that those hard-working Canadians, those middle-class Canadians working hard and those working hard to join the middle class have that opportunity.

For students, we eliminated the interest on student debt and apprenticeship loans. It is very appreciated by all the private sector unions. It is very appreciated by the Carpenters Union and its trade headquarters in my riding. It is very appreciated by LiUNA Locals 183 and 506. Local 183's training centre and its headquarters are in my riding. It is very appreciated by the hard-working electricians, millwrights and tinsmiths. It is not like the Conservatives who put in place anti-union legislation that we had to repeal. That is their record, so they can stand and take responsibility for it.

With respect to the Canada workers benefit, we put in place measures to help a lot of individuals, which was good to see.

We have much more work to do. We have a budget coming out. Competitiveness and productivity is something I am very proud of as well as economic growth. That is what our government is delivering upon day in and day out.

[National Security Review of Investments Modernization Act, February 8th, 2023]

Madam Speaker, the care of our seniors in long-term care facilities throughout this country, whoever they may be owned by, is of paramount concern to me and the residents of my riding, as is making sure that we maintain that commitment and promise to take care of our seniors at whatever age they are, so they can have a secure and dignified retirement. That is a solemn promise I made to my constituents. We need to uphold that promise.

[National Security Review of Investments Modernization Act, February 8th, 2023]

Madam Speaker, I am actually an economist by training, but I have about half my accounting designation as well, along with my CFA charter. Therefore, I am well versed on the finance issues.

I will say that on any sort of net benefit test, the test should not be on the value of the transaction. It should actually be, in my opinion, on the strategic asset that is being looked at or being purchased by a foreign entity or an entity that we would consider injurious to Canada's national security interests and national economic interests.

[National Security Review of Investments Modernization Act, February 8th, 2023]

Madam Speaker, what I would say is that the direction of the bill is so important. I have risen many times in the House to talk about corporate concentration and foreign ownership. Especially, when foreign owners attempt to purchase an asset in Canada, whether it is a holding company, an operating company or straight asset, and they are backed by, say, a fund that is backed by the government, we need to have the tools and resources to block those types of acquisitions.

If this is going on that track, the bill will hopefully be sent to committee for further studies, further recommendations and more in-depth questions.

I appreciate the hon. member's question. I share those concerns.

We need to make sure that we protect our assets and our companies from national security threats from wherever they may arise throughout the world.

[National Security Review of Investments Modernization Act, February 8th, 2023]

Madam Speaker, I rise today to speak to Bill C‑34, an act to amend the Investment Canada Act.

Today, our government is proposing important amendments to modernize this legislation. We will never hesitate to act swiftly and decisively when there is a threat to our national security, and these amendments are at the heart of that effort.

The purpose of this bill is to modernize the Investment Canada Act. The proposed amendments will help make Canada more agile in addressing any threats that may arise from foreign investment, thereby maintaining Canada's position as a top destination for doing business.

Today I want to talk specifically about increasing foreign investment across the entire economy and in certain key sectors of Canada's economy over the past few years. More than ever, we know and recognize the importance of ensuring that we are doing everything we can to promote and foster a strong, innovative green economy. A clear and predictable regulatory regime in Canada is essential for businesses and investors.

As we know, Canada is one of the best places in the world to do business. Businesses that invest here benefit from favourable economic conditions, a stable political climate, safe infrastructure and an innovation-friendly environment. Canada's advantageous position makes companies that do business here more competitive and increases prosperity for all Canadians.

Over the past few years, more and more foreign investors have chosen Canada for its business-friendly environment. The flow of foreign direct investment in Canada has nearly doubled over the past five years.

I will be sharing my time with my hon. colleague and esteemed friend from Halifax.

According to the United Nations, in 2021, Canada had the second-largest ratio of foreign direct investment stock to GDP among G20 countries. However, this increase in the volume of foreign investment also comes with certain risks. For example, the number of investments reviewed under the Investment Canada Act also doubled over the past five years. There are also more and more investments related to sensitive technologies, critical minerals and sensitive information.

It is also important to point out the recent increase in national security reviews under the Investment Canada Act. There have been more national security reviews since 2020 than in the previous 10 years. This upward trend is expected to continue, given that Canada is an attractive destination for foreign investors.

The reality is that today's geopolitical dynamic is evolving quickly. Hostile actors could seek to disrupt Canada's economic security through our open market economy. Threats to Canada are changing all the time, and the government must ensure that Canada's foreign investment review regime strikes a good balance between promoting foreign direct investment and protecting Canada's interests and security.

We are all proud that Canada is an open economy and a trading nation. Our country is one of the most attractive destinations for the foreign investments that are necessary to our economic prosperity. In order to ensure that Canada remains an attractive destination for foreign investment, we must have a clear and predictable regulatory regime. That is why this new bill, which modernizes Canada's foreign investment review regime by amending the Investment Canada Act, or ICA, is so important.

The amendments to the ICA will make the investment review process more effective and transparent, while ensuring that the interests and security of all Canadians are better protected. This new Bill C-34 represents the most significant update of the Investment Canada Act since 2009.

Together, these legislative amendments will help ensure that Canada is able to enjoy the economic benefits of foreign investments in all sectors, while strengthening its ability to act quickly and decisively to defend against threats to our national and economic security.

[Government Policies, February 7th, 2023]

Mr. Speaker, Vaughan residents are among the most entrepreneurial and generous in the country. It is an honour to be their voice and the voice of the thousands of hard-working families in the city of Vaughan, who are dedicated to building strong communities and creating a better future for their children.

For seven years the government has stood side by side with Vaughan families to put more money in their pockets and make life more affordable. We introduced the Canada child benefit and have now implemented a transformational early learning and child care program that is bringing $10-a-day day care closer to reality every day.

To fight climate change, we put a price on pollution and created the climate action incentive. We also introduced the Canada dental benefit and are working to strengthen our public health care system.

These are real, tangible and long-lasting measures to help Vaughan families. Our government is laser-focused on making life more affordable for Canadians by fostering inclusive economic growth that sets up Vaughan families, and families from coast to coast to coast, for success.

[Innovation, Science and Industry, February 3rd, 2023]

Madam Speaker, we know Canada has the great potential and talent to be a leader in new technology and innovation. Can the Minister of Innovation, Science and Industry update this House on what our government is doing to improve Canada's competitiveness as an innovative nation?