Budget Implementation Act, 2024, No. 1  Madam Speaker, I thank my colleague and friend from La Pointe-de-l'Île for his intervention. Yes, it is interference, and yes, it is a concern for provincially regulated financial institutions. Desjardins is subject to Quebec regulations. Representatives of Desjardins appeared before the committee and raised many serious concerns in their testimony.

Budget Implementation Act, 2024, No. 1  Madam Speaker, I served with the current Conservative leader on the Standing Committee on Finance. He knows perfectly well how it works. When he says that the forthcoming bill cannot be amended or modified, that amendments cannot be brought forward, he is lying shamelessly. He is lying through his teeth.

Budget Implementation Act, 2024, No. 1  Madam Speaker, I thank my friend, the member for Shefford, for her comments. First, the capital gains tax comes into effect on June 25, but the bill does not yet exist. We are told that there will be a draft bill at the end of July and that it will not be introduced, debated and studied in the House until this fall.

Budget Implementation Act, 2024, No. 1  Madam Speaker, I thank my colleague. I am also pleased and privileged to work with him at the Standing Committee on Finance. We sit next to each other and I think we are learning to work well together, which is a great privilege. I raised this question, this thought earlier today in committee.

Budget Implementation Act, 2024, No. 1  Madam Speaker, that is a big problem for us with this bill. The bill is 660 pages long and amends or creates 67 laws. Some of it is good, and some is not so good. One example of something good is that it changes the rules so that companies that declare their profits in tax havens are taxed more effectively.

Budget Implementation Act, 2024, No. 1  Madam Speaker, after that 15-minute break to discuss Bill S-224, I am going to return to my speech on Bill C-69. I want to focus on the division that creates the federal framework for the open banking system and centralizes powers. As I said before the break, under this bill, banks under federal jurisdiction would have only one set of regulations to follow, whereas an institution under provincial jurisdiction, like Desjardins, would be caught between two governments: the Government of Quebec, for its general operations, and the federal government, for its technological interactions with customers.

Budget Implementation Act, 2024, No. 1  Madam Speaker, Bill C‑69 is a budget implementation omnibus bill that creates or amends 67 different acts. The government promised never to use this type of thing, but for the past several years, it has continued to do so. Bill C‑69 enacts, among other things, the consumer-driven banking act, which establishes that it is the federal government alone that regulates this sector and that the Financial Consumer Agency of Canada acts as the regulator.

Budget Implementation Act, 2024, No. 1  Mr. Speaker, I would like to thank my colleague for her thoughtful comment. I would say to her that, after the Quiet Revolution, Quebec started developing a social model, Quebec's social-democratic model. This model continued to develop while the governments of Jean Chrétien and Paul Martin slashed transfers to the provinces, particularly for social services, in order to balance their budgets.

Budget Implementation Act, 2024, No. 1  Mr. Speaker, I thank the hon. parliamentary secretary for his remarks. I really like working with him too. Bill C-69 seeks to amend 67 different statutes. It contains some good things and some that are not so good. For example, it contains the global minimum tax aimed at countering tax havens, and that is good.

Budget Implementation Act, 2024, No. 1  Mr. Speaker, I would like to thank my hon. colleague for his question and for all his interventions in the House. In my speech, I focused on division 16, the open banking system. Clearly, the government did not consult Quebec, the other provinces or any market players. The sector, in other words the business community, has been asking the government to legislate since about 2016.

Budget Implementation Act, 2024, No. 1  Mr. Speaker, Bill C-69 is an omnibus budget implementation bill that creates or amends 67 different acts. It enacts the consumer-driven banking act, which makes the federal government exclusively responsible for regulating this sector, with the Financial Consumer Agency of Canada serving as the regulator.

Budget Implementation Act, 2024, No. 1  Mr. Speaker, thank you. I also thank my colleague from Lac-Saint-Jean. Bill C-69 places Quebec in a dilemma in which there are no good options. If we refuse to join the federal framework, our institutions will stay trapped in the 20th century while their federal competitors step into the technological 21st century.

Budget Implementation Act, 2024, No. 1  moved: Motion No. 49 That Bill C-69 be amended by deleting Clause 198. Motion No. 50 That Bill C-69 be amended by deleting Clause 199. Motion No. 51 That Bill C-69 be amended by deleting Clause 200. Motion No. 52 That Bill C-69 be amended by deleting Clause 201.

Democratic Institutions  Mr. Speaker, the interpreter is saying that there was some feedback. There is a problem. They are no longer able to interpret.

Public Complaints and Review Commission Act  Mr. Speaker, in 2019, Mary Foster from Solidarity Across Borders said, “We have enough experience to know that making a complaint to the CBSA about the CBSA doesn't really lead anywhere.” Having the ability to challenge the findings of the CBSA's investigations is essential to maintaining Canadians' trust.