SoVote

Decentralized Democracy

House Hansard - 201

44th Parl. 1st Sess.
May 29, 2023 11:00AM
Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • May/29/23 8:55:53 p.m.
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Mr. Chair, I thank my colleague for her very important question. She is obviously right. The fact that Canada's electricity is green is a major advantage in terms of investments. Today, we produce 83% of our electricity with renewable energy, but we need to produce more green electricity. We are talking about it with investors. It is a priority. That is why our budget really focused on this very important objective. As I said, investors agree that with the investments in this budget, Canada is truly the most attractive place for investments in the clean economy.
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Ms. Rachel Bendayan
  • May/29/23 8:57:03 p.m.
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Mr. Chair, picking up on my last question with respect to Canada's electricity grid, I will say it is one of the cleanest in the world. We have been hard at work as a government. In the past year, we have seen many companies bringing historic investments to our shores like Honda, GM, Stellantis, Rio Tinto, Volkswagen and I could go on. These are huge opportunities for our country. Can the Minister of Finance expand on how budget 2023 builds on these historic developments and investments in our country? How will it continue to ensure that Canada remains a global leader in the market for clean technology manufacturing? It is a market that the International Energy Agency estimates will be worth about $650 billion U.S. by 2030.
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Hon. Chrystia Freeland
  • May/29/23 8:57:57 p.m.
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Mr. Chair, it is with our $120-billion clean economy plan.
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Mr. Chris Warkentin
  • May/29/23 8:58:10 p.m.
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Mr. Chair, on a point of order, on May 4, the Speaker asked me to withdraw a comment. I would like to withdraw it and apologize for any inconvenience that I caused the Speaker.
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The Chair
  • May/29/23 8:58:18 p.m.
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I thank the member for that. The hon. member for Kingston and the Islands.
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Mr. Mark Gerretsen
  • May/29/23 8:58:23 p.m.
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Mr. Chair, on a point of order, although I think we are all excited to see this apology come, we are technically in committee of the whole. Would that not have to happen during a regular sitting of Parliament?
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The Chair
  • May/29/23 8:58:34 p.m.
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It is acceptable during this session as well. Let us put it this way. It is really good to see the member. The hon. member for Thornhill.
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Ms. Melissa Lantsman (Thornhill, CPC)
  • May/29/23 8:58:55 p.m.
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Mr. Chair, I am going to split my time three ways. I thank the minister for coming. The minister agrees that deficits fuel inflation. She said so. How much will the $60 billion that she just spent increase inflation over five years?
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Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • May/29/23 8:59:13 p.m.
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Mr. Chair, actually, that is not exactly what I said. I know that we need to invest in our economic capacity. However, I believe that fiscal responsibility is important. That is why I am so glad that S&P reaffirmed our AAA rating after I tabled the budget.
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Ms. Melissa Lantsman
  • May/29/23 8:59:32 p.m.
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Mr. Chair, this is a simple question. Of the $60 billion that the minister just spent in her budget, how much will inflation increase over five years? I want just a number.
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Hon. Chrystia Freeland
  • May/29/23 8:59:48 p.m.
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Mr. Chair, the fact is that inflation is coming down in Canada. Inflation was at 8.1% in June and was 4.4% in April, and the Bank of Canada forecasts that it will be 3% this summer.
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Ms. Melissa Lantsman
  • May/29/23 9:00:05 p.m.
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Mr. Chair, the minister knows that inflation went up last month after she tabled her budget. She has been briefed on this number. There are officials sitting in front of her. I will give her a moment to ask her officials what the number is. How much will inflation go up as a result of the $60 billion that she spent in the last budget?
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Hon. Chrystia Freeland
  • May/29/23 9:00:24 p.m.
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Mr. Chair, many of the investments in our budget increased Canada's economic capacity and increased the supply side. That is helping to keep inflation and jobs on track.
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Ms. Melissa Lantsman
  • May/29/23 9:00:41 p.m.
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Mr. Chair, I will ask the minister about numbers that maybe she does know. Could she tell us what the debt-to-GDP ratio was in 2021-22?
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Hon. Chrystia Freeland
  • May/29/23 9:00:52 p.m.
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Mr. Chair, Canada's debt-to-GDP ratio went up during COVID, and that was natural. We did an important job in supporting Canadians and the Canadian economy. It was the right thing—
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The Chair
  • May/29/23 9:01:07 p.m.
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The hon. member.
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Ms. Melissa Lantsman
  • May/29/23 9:01:09 p.m.
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Mr. Chair, it was 42.4% and this year it is 43.5%. Does the minister agree that 43.5% is bigger than 42.4%?
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Hon. Chrystia Freeland
  • May/29/23 9:01:22 p.m.
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Mr. Chair, I believe that the member opposite was a staffer in the Harper government, so let us talk about the 2008 recession and the incredibly slow and painful recovery Canada made because of a government that refused to invest in Canada's recovery. I have some numbers there and I am happy to share them in future questions.
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Ms. Melissa Lantsman
  • May/29/23 9:01:42 p.m.
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Mr. Chair, she will have plenty of time to sit on this side of the House and ask questions, but during that recession, we were the last ones in and the first ones out. She will remember that. Can the minister tell us how much it cost to service the debt in 2021-22? I want just a number. She is the finance minister.
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Hon. Chrystia Freeland
  • May/29/23 9:02:01 p.m.
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Mr. Chair, I am the finance minister, and I remember that it took GDP four months longer to recover following the 2008 recession than it took following the COVID recession. That was because of smart investments by our government to support Canadians.
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