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Mr. Garnett Genuis (Sherwood Park—Fort Saskatchewan, CPC)

Mar/21/22 3:52:30 p.m.
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Madam Speaker, it has been interesting for me to observe NDP members over the last few days speaking about gas prices and wanting gas prices to be lower. I thought that Liberal and NDP politicians actually wanted gas prices to be higher. Is it not the point of their carbon tax policy to raise the cost of gas? They think that will discourage people from driving more. It is curious for me to hear, in the vein of affordability along with the concerns being raised, the New Democrats, in particular, saying that affordability is a problem because gas prices are too high. Why would the NDP not simply reverse its position with respect to the carbon price if it wants gas prices to be lower?

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Ms. Lisa Marie Barron

Mar/21/22 3:53:19 p.m.
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Madam Speaker, we know that we need to be doing all we can to reduce pollution. We are in a climate crisis and we need to be ensuring that we are investing in renewable energy sources and moving away from our reliance on oil and gas. Bigger than that, we need to look at ensuring that the big oil and gas companies that are reaping profits like we have never seen before are paying their fair share. Their fair share of taxes can then be put back into the community where it belongs. We know the impacts from this high cost of living crisis are being felt disproportionately by those with lower incomes. We need to take the money that is taxed from big oil and gas corporations and put it back into the pockets of everyday people.

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Mr. Jean-Denis Garon (Mirabel, BQ)

Mar/21/22 3:54:20 p.m.
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Madam Speaker, the government members are talking about a tax for the super-rich. In 2015, shortly after being elected, this government offered what it politely called a tax cut for the middle class. In reality, Canadians whose taxable income was between $90,000 and $230,000 are the ones who benefited. Can my colleague tell me whether we can still trust the Liberal Party when it comes to taking care of the middle class and voters?

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Ms. Lisa Marie Barron

Mar/21/22 3:54:57 p.m.
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Madam Speaker, this is a very good question. What we are seeing right now through the pandemic is that the rich are getting richer and the number of people struggling to make ends meet is increasing. We need to make sure that we are looking at how we lift everyone up and that we are taking care of one another. Right now the systems that we have are not set up to do that. I spoke about Jocelyn, who is a constituent in my riding of Nanaimo—Ladysmith. Without her knowing that this motion was coming forward, she spoke about the barriers that she was experiencing in being able to get ahead and that we need to stop and look at the systems that we have so that everybody has an opportunity to—

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The Assistant Deputy Speaker (Mrs. Alexandra Mendès)

Mar/21/22 3:55:48 p.m.
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We have to resume debate. The hon. Parliamentary Secretary to the Minister of Tourism and Associate Minister of Finance.

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Ms. Rachel Bendayan (Parliamentary Secretary to the Minister of Tourism and Associate Minister of Finance, Lib.)

Mar/21/22 3:55:59 p.m.
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Madam Speaker, I will be sharing my time with the member for Whitby. We are fully aware that the effects of high inflation are being felt across the country. As the member for Burnaby South surely knows, it is a global phenomenon, and the price of goods has increased around the world. This is due to a number of factors. First, during the pandemic, millions of people reallocated money they usually spent on services to the purchase of physical goods. This put extraordinary pressure on global supply chains and led to shortages and bottlenecks. Furthermore, droughts in the main food-producing regions, including the Canadian Prairies, resulted in higher grocery bills. All of this has been exacerbated by the current instability of global markets following Russia's illegal and unwarranted attack on Ukraine. President Putin's unjustified war has led to an increase in the price of raw materials and again threatens to disrupt the supply of goods. This puts upward pressure on prices. There is also the pandemic, which continues to threaten global supply chains and increase inflation as a result of a resurgence of cases in China and another wave starting in Europe at this time. Many factors are putting upward pressure on prices. Canadians are worried about the rising cost of living and I am too. The Bank of Canada and private sector economists predict that inflation could remain higher for a little longer than initially thought. However, they expect it to go back down to the 2% target over the next two years, as the repercussions of the pandemic start to fade. Let us face it, these are truly uncertain times on many fronts. The Russian invasion of Ukraine is a new major source of uncertainty. The price of oil and energy have recently spiked. Our government acted swiftly and decisively with the European Union, the United States and the United Kingdom to impose the harshest sanctions ever placed on a major economy. For those sanctions to be truly effective and have a real impact, we must be prepared for any adverse consequences to our own economy. This could temporarily affect the cost of living for Canadians. Opposition members often bring up the rising cost of oil and gas. It is true that prices have risen sharply as of late. However, my colleagues have an unfortunate tendency to make obscure connections to explain this increase, for example by tying it to our pandemic spending or our tax on pollution. They are obviously ignoring the main factor behind this increase, which is, of course, Russia's unjustified war against Ukraine. The Conservatives like to say that we must do more for Ukraine. They even brought up a no‑fly zone over Ukraine before changing their minds a few hours later. They seem to be not only unsure of where they stand, but also completely oblivious to the economic consequences of this war and of our sanctions. That said, I remind members that the federal government's assistance programs, such as the Canada child benefit, old age security, the guaranteed income supplement and the GST credit are indexed to inflation. This ensures that the benefits will increase in tandem with the increase in the cost of living. In recent years our government has also lowered taxes for the middle class and increased taxes on the wealthiest 1% of Canadians. We are also working very hard to address the high cost of housing. Over the longer term, Canada's monetary policy framework is the best weapon in our arsenal to keep prices stable and keep inflationary pressures in check. That is why, last December, our government and the Bank of Canada announced the renewal of the 2% inflation target for another five-year period. This renewed framework will keep the bank focused on delivering low, stable and predictable inflation for Canada. Since Canada adopted an inflation targeting framework about 30 years ago, inflation has averaged close to 2%. This has contributed to our country's strong labour market performance, to our economic growth and, of course, to our prosperity. Maintaining a stable environment for the prices that Canadians pay is a paramount objective for Canada's monetary policy, as implemented by the Bank of Canada. I trust that my fellow members are aware of the efforts that our government is making to address the rising cost of living and to make life more affordable for Canadians. It is also important to remember that the significant support our government delivered to Canadians and businesses during the pandemic has contributed to a rapid and resilient recovery so far. Canada has far exceeded expectations, surpassing its goal of one million new jobs and posting the strongest job recovery rate in the G7. Still, we recognize that the recovery is happening more slowly in some sectors. That is why the government has shifted from very broad support to more targeted measures that provide help when and where it is needed. It is also true that some sectors and businesses have seen their profits go way up during the pandemic. We know that banks have continued to make a lot of money during the pandemic. That is why one of the planks in our campaign platform was to raise corporate income taxes on the largest, most profitable banks and insurance companies in the country and on corporations earning more than $1 billion per year. That is very important, because we want to build a sustainable, united Canada. We want to build a fairer, more equitable Canada where nobody is left behind. That means focusing on jobs and economic growth. It means making sure the cost of living is within everybody's reach. I know our government will have much more to say about this in our next budget. I am looking forward to debating it here in the House.

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Ms. Nathalie Sinclair-Desgagné (Terrebonne, BQ)

Mar/21/22 4:04:41 p.m.
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Madam Speaker, it has been scientifically proven that prosperity gaps have been increasing steadily over the past few decades. Many economists concur. Does my hon. colleague not think the government should do more to go after wealthy companies and make them pay more, in order to help the most vulnerable? Does she agree that this motion makes sense and is entirely valid?

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Ms. Rachel Bendayan

Mar/21/22 4:05:21 p.m.
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Madam Speaker, of course I agree. For me and for many of my constituents, raising taxes on the largest and most profitable banks was an essential part of our election platform. However, that is not the only thing included in the motion we are debating today, and that is why we are discussing it.

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Mr. Garnett Genuis (Sherwood Park—Fort Saskatchewan, CPC)

Mar/21/22 4:05:56 p.m.
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Madam Speaker, I have a simple question for my hon. friend with respect to affordability. Gas prices are top of mind for many Canadians. Does the government wish to see gas prices higher, lower or where they are right now?

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Ms. Rachel Bendayan

Mar/21/22 4:06:13 p.m.
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Madam Speaker, I was very interested by my colleague's earlier question on this same topic. I would like to remind the member, as well as all members in the House, that the price on pollution that he likes to refer to as a gas tax, which I am fine with, is actually completely compensated, for Canadians and all members of the middle class, through our climate action incentive. Canadians do not pay a higher rate at the pumps because of our price on pollution. They are paying a higher rate at the pump at the moment because of several factors related to the pandemic, which I detailed in my speech, and because of the unjustified and illegal war that Russia has begun against Ukraine. I would be happy to engage with my colleague further on the topic, if he likes.

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Ms. Elizabeth May (Saanich—Gulf Islands, GP)

Mar/21/22 4:07:11 p.m.
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Madam Speaker, I really am in favour of this motion, and one of the things I want to highlight in it is the last point: a publicly accessible beneficial ownership registry. Just within the last few days, an important report was released called “Snow-washing, Inc: How Canada is marketed abroad as a secrecy jurisdiction”. This is not just federal. I want to emphasize that this happens provincially too. However, non-Canadian corporations can register and take housing out of our markets for speculators. Does the hon. member have a comment on that?

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Ms. Rachel Bendayan

Mar/21/22 4:07:47 p.m.
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Madam Speaker, one of the measures that I am very much in favour of is to increase taxes on those who are speculating in our markets here in Canada. We have proposed a tax on foreign buyers who wish to scoop up Canadian homes for the purpose of either flipping them or leaving them vacant in order to have a property sold at a later date. I think we absolutely need to attack speculation, and I thank my colleague for her question.

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Mr. Jean-Denis Garon (Mirabel, BQ)

Mar/21/22 4:08:26 p.m.
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Madam Speaker, as I listen to my Conservative colleagues, something is bugging me. They are saying that their constituents like low gas prices, but the oil companies like high gas prices, because the cost structure of these companies means that they are only profitable when the price of oil goes up. Could my colleague please clarify the following: Do Albertans like expensive oil or cheap oil?

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Ms. Rachel Bendayan

Mar/21/22 4:08:48 p.m.
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Madam Speaker, as a proud Quebecker, I would not dare speak for Albertans, and I think that my colleague would agree with me.

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Mr. Ken Hardie (Fleetwood—Port Kells, Lib.)

Mar/21/22 4:09:03 p.m.
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Madam Speaker, to what degree do we need to count on action by the provinces in order to get meaningful measures to deal with the high cost of things and particularly housing?

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Ms. Rachel Bendayan

Mar/21/22 4:09:23 p.m.
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Madam Speaker, it is important for us to continue to work with the entire private sector and particularly with our banks. As I mentioned in my speech, it was an important platform commitment to raise the income tax for the most profitable and largest banks in the country.

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Mr. Ryan Turnbull (Whitby, Lib.)

Mar/21/22 4:09:54 p.m.
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Madam Speaker, it gives me great pleasure to rise today and speak to the opposition motion before the House. We are acutely aware that many Canadians are being squeezed by higher prices for groceries and gasoline. Our government knows that elevated inflation, a global phenomenon, is driven by the unprecedented challenge of restarting the world's economy and the instability of global markets as a result of Russia's attack on Ukraine. These factors are leading Canadians to worry, and rightly so, about the cost of living. The pandemic also continues to be a threat to global supply chains and inflation, with a surge in cases in China and another wave beginning in Europe. As global economies have unwound COVID-19-related restrictions and re-opened their economies, the price of goods has gone up around the world. This is a result of several factors. One is that during the pandemic, millions upon millions of people redirected the money they usually spent on in-person services towards durable physical goods. This has put an extraordinary strain on global supply chains, leading to shortages and bottlenecks. This has been a significant driver of inflation around the world. Furthermore, the droughts in key food-producing regions, including our prairies, have caused grocery bills to go up, and energy prices have increased at rates not seen in decades. Indeed, the Bank of Canada and private sector economists anticipate that inflation may stay higher for longer than initially expected, but they expect it to ease back towards the 2% target over the next two years as pandemic-related forces start to fade and as market conditions begin to rebalance and equalize and hopefully return somewhat to normal. As we have always said, restarting the economy is a complex process, and the Canadian and global economies are still feeling the impact of the COVID-19 pandemic. Now, along with higher prices for a broad range of commodities, the Russian invasion threatens renewed supply disruptions, all of which are expected to add upward pressure on prices. Our government has been swift and decisive in its actions, along with Europe, the United States and the United Kingdom, to put in place the toughest sanctions ever imposed on a major economy. We remain steadfast in our support for Ukraine and we will do whatever is needed to continue to put pressure on Russia and choke President Putin's ability to fund his illegal and unprovoked war of aggression on Ukraine. However, in order to really be effective, in order to really have an impact, we are going to have to be prepared for some adverse consequences for our own economy, which could also temporarily affect Canadians' cost of living. That said, Canadians should rest assured that when it comes to government benefits and concerns over inflation, the government indexes the Canada child benefit to inflation, as well as old age security, the guaranteed income supplement, the goods and services tax credit, and other benefits for the most vulnerable people. Our government has also cut taxes for the middle class while raising them on the top 1%, and we are working to address the housing affordability issues that we see across our country as well. In fact, we have put in place Canada's first-ever national housing strategy, a $72-billion investment over 10 years that has created hundreds of thousands of affordable housing units, and we have now added a large package of new measures in addition to the national housing strategy, which should help to control the affordable housing problem. We are also working with provinces and territories to implement a Canada-wide $10-a-day community-based early learning and child care system that would make life more affordable for families, create new jobs, get parents back into the workforce and grow the middle class while giving every child a real and fair chance at success. Ontario is the only province that has not signed on to these agreements, and we are looking forward to getting that done. It would save families in my riding of Whitby up to $600 per month in just the first year through a 50% reduction in fees. That is a pretty significant amount of savings for the average family. We could think about that in terms of per-child savings, so if a family has two or three children, there would be even more savings. I also want to mention renewing Canada's monetary policy framework. Additionally, a strong monetary policy framework is the best weapon in our arsenal to keep prices stable and keep inflationary pressures in check. Our government and the Bank of Canada believe that monetary policy can best serve Canadians by continuing to focus on price stability. That is why, last December, our government and the Bank of Canada announced the renewal of the 2% inflation target for another five-year period. This renewed framework will keep the bank focused on delivering low, stable and predictable inflation in Canada. Since Canada adopted an inflation targeting framework 30 years ago, inflation has averaged close to 2%, which has contributed to our country's strong labour market performance, to our economic growth and to our prosperity. Maintaining a stable environment for the prices that Canadians pay is a paramount objective for Canada's monetary policy. That has been the case for 30 years and it will remain the case for the next five. Doing so supports a strong and inclusive labour market that provides every Canadian with opportunities for a good, high-quality way of life. That is why the review and renewal of Canada's monetary policy framework every five years is such an important moment for our country. This renewal of Canada's monetary policy framework is fundamental to Canada's economic success. It is about continuity and about continuing to do what we know works. As members can see, our government is already working hard to address the cost of living and to make life more affordable for Canadians. Thankfully, by delivering significant fiscal policy support to Canadians during the pandemic and avoiding harmful austerity policies, we have seen a rapid and resilient recovery so far. The vast majority of the government's recovery plan is targeted towards growth-enhancing and job-creating initiatives, such as investments to support child care and the adoption of new technologies that will help boost supply and increase space for the economy to grow without the risk of higher inflation. Our government has moved from very broad-based financial supports to more targeted measures that will provide help where it is needed and when it is needed. I am pleased to say that our plan is working. Canada has exceeded its goal of creating a million jobs, well ahead of expectations. It has the strongest job recovery rate in the G7. In fact, as of February, despite the temporary effects of the omicron variant on Canada's labour market, 112% of the jobs lost since the peak of the pandemic have been recouped in Canada. That is significantly outpacing the U.S., which is at just about 90% of jobs recovered. Canada's GDP has now returned to prepandemic levels. It was reported in the fourth quarter of 2021 that the annualized growth rate of GDP in Canada was 6.7%, which is a pretty incredible economic recovery. We are well on track, and we focus now on shifting to sustaining and enhancing Canada's growth potential. That is going to be important as we move forward. However, we know that more can be done, especially as we emerge from COVID-19. Despite impressive economic performance in certain parts of the economy, as I stated, our government is mindful of the global phenomenon of elevated inflation and its impact on the cost of living, and mindful that housing continues to be top of mind for many Canadians. As we look to the years ahead, the government's focus will continue to be on jobs and growth and making life more affordable, priorities that will form the foundation of the upcoming budget. The cost of living crisis and making life more affordable have been priorities for our government, and I have given many examples in my speech today. There is much more work to be done, of course, and this is an ongoing concern for Canadians. To wrap up, there are many factors due to the current geopolitical context. Our country and Canadians have gone through many crises over the last two years, and our government is doing its very best to remain responsive to the needs of Canadians and address the affordability challenges that every Canadian experiences. By no means have we solved it all, but at the same time we have made a lot of progress, and we will continue to work hard to alleviate the stresses and strains that many Canadians face with the cost of living challenges.

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Ms. Laurel Collins (Victoria, NDP)

Mar/21/22 4:19:46 p.m.
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Madam Speaker, I thank the member for his speech. In the most recent mandate letters for the Minister of Finance and the Minister of Innovation, Science and Industry, the commitment to make a beneficial ownership registry public was curiously absent. I would ask the member if he knows if his government is still committed to making this registry public. Currently, the government only collects limited data on ownership, and money laundering is wreaking havoc on our housing market. Will the member across the way commit today to push his government to make this important registry public?

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Mr. Ryan Turnbull

Mar/21/22 4:20:30 p.m.
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Madam Speaker, I appreciate the member's push in this direction. It is an important discussion to have. Strengthening the transparency needed for corporate beneficial ownership is a topic that our government is very concerned with and, in fact, has done a pretty substantive public consultation and engagement on. I note a document posted on the Government of Canada's website from April 6, 2021, provides quite a lot of information about some very detailed and in-depth consultation work that was done. I will read the conclusion, which states: ...stakeholders across the spectrum supported the idea of a central registry (or registries) of beneficial ownership information as an effective tool in making sure that law enforcement, tax and other authorities obtain the information they need to identify the natural persons who own and control Canadian corporations. While there were more mixed views on the value and merits of public access, [this]...remains a priority of the Government of Canada.

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Mr. Garnett Genuis (Sherwood Park—Fort Saskatchewan, CPC)

Mar/21/22 4:21:46 p.m.
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Madam Speaker, the member mentioned child care in his speech as part of this debate on affordability. He is keen that his province sign on. I will share a big challenge that I am hearing of from child care providers in my province, a province that has signed a deal with the federal government, and that is that the federal plan effectively involves deregulation and limited increases to fees, which are actually below the current rate of inflation. Child care providers are very concerned. They are being told that they cannot charge more than a certain amount, that they cannot raise their fees beyond a certain amount, and that is severely limiting their ability to expand to offer more child care services and do what this plan is theoretically supposed to do, which is to increase the availability of child care. In the short term, it sounds great to say the fees are being regulated, but in the long term, if child care providers cannot expand, cannot afford to offer services and are being forced to close as a result of the cost squeeze on them from inflation and other factors, there is a serious problem. It is a real sort of ticking time bomb in the availability of child care services.

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