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House Hansard - 201

44th Parl. 1st Sess.
May 29, 2023 11:00AM
Context: House Hansard - 201 - May/29/23
Mr. Chandra Arya (Nepean, Lib.)
  • May/29/23 2:00:07 p.m.
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Mr. Speaker, Indo-Pacific region is growing in terms of population and economy. It is also a strategically important region in the current turbulent global situation. The region offers much-needed markets for Canadian exports and a secure place for Canadian investments. Canada has a well-formulated Indo-Pacific strategy. Among other things, this highlights the importance of our relationship with India. India is a growing market for our exports, with pulses today and potential products like small nuclear modular reactors in the future. India is also a secure place for our increasing need to diversify our investments. Our pension funds and the private sector have already invested $84 billion there. India is also the leading source of our much-needed skilled immigrants and a major provider of international students.
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Context: House Hansard - 201 - May/29/23
Ms. Soraya Martinez Ferrada (Parliamentary Secretary to the Minister of Housing and Diversity and Inclusion (Housing), Lib.)
  • May/29/23 2:51:24 p.m.
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Mr. Speaker, I agree with my colleague on the fact that speculative investments in real estate contribute to higher prices. That is why our government imposed a tax on residential real estate owned by non-Canadians. We have imposed a moratorium to stop foreign investments in this country. We will continue to work with all the provinces because it is a shared responsibility.
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 7:39:55 p.m.
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Mr. Chair, our government understands that there is a window of opportunity right now to be the country where the clean economy of the 21st century is built. That window is open today, but it will not be open forever. That is why, in our budget, we announced really significant investments in the clean economy. Our total clean economy investment is about $120 billion. As I said earlier, TD Economics now ranks Canada head to head with the U.S. as the world's most attractive clean economy investment destination. That is really important today and it is really important for tomorrow.
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 7:52:01 p.m.
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Mr. Chair, our government absolutely understands the importance of climate action and investing in a green economy. That is what we have done. With the budget, we now have a $120‑billion plan to create a clean economy. Today, we are seeing that we have really started to attract investments. We are also seeing that emissions are coming down. Our plan is working.
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland (Deputy Prime Minister and Minister of Finance, Lib.)
  • May/29/23 7:56:49 p.m.
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Mr. Chair, one of the things we have paid a lot of attention to in the budget, and in all of our budgets, is making investments that increase Canada's economic capacity, and we believe that investments that do that can actually be anti-inflationary.
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Context: House Hansard - 201 - May/29/23
Mr. Daniel Blaikie
  • May/29/23 7:59:55 p.m.
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Mr. Chair, infrastructure investments are important, but they can also be inflationary. Does the minister recognize that infrastructure spending can be inflationary?
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 8:04:34 p.m.
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Mr. Chair, the IRA has also changed the playing field in the world for investments of this kind—
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Context: House Hansard - 201 - May/29/23
Hon. Gudie Hutchings (Minister of Rural Economic Development, Lib.)
  • May/29/23 8:23:43 p.m.
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Mr. Chair, I am always excited to hear my hon. colleague speak, and I would like to ask him about the visitor economy. How important is this sector to every riding in every part of our country from coast to coast to coast? I know our government has been there. Could my colleague touch on the investments that we have made to support this incredible tourism industry and the visitor economy?
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Context: House Hansard - 201 - May/29/23
Mr. Terry Sheehan (Parliamentary Secretary to the Minister of Labour, Lib.)
  • May/29/23 8:24:45 p.m.
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Mr. Chair, when I was on city council, Sault Ste. Marie declared itself the North American alternative energy capital. We have now started talking about green and clean, but the federal government has made investments in solar and wind; in fact, it made one of the largest investments into a private company called Algoma Steel, with $420 million to get it from a coal-based process to an electric arc process. That is generational in funding. It is like taking a million cars off the road. I am particularly interested in this budget. The minister talked about the tax credits for businesses, but could he expand on the benefits for workers, in particular, prevailing wages for workers who are working in the clean, green economy?
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Context: House Hansard - 201 - May/29/23
Mr. Gary Anandasangaree (Parliamentary Secretary to the Minister of Justice and Attorney General of Canada, Lib.)
  • May/29/23 8:26:28 p.m.
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Mr. Chair, in this budget, there are some investments in legal aid. Could the minister talk about how important it is to have a legal system that is accessible and our role in supporting a legal system through additional funding to the legal aid program?
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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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Context: House Hansard - 201 - May/29/23
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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Context: House Hansard - 201 - May/29/23
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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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 9:41:24 p.m.
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Madam Chair, the government's investments are supporting those who are vulnerable, and they are driving a strong economic recovery.
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 9:44:10 p.m.
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Madam Chair, our commitment in 2015 was to not repeat the mistakes of the Conservatives, and to make the necessary investments in Canada and Canadians. That is what we have done. That is why Canada has the strongest growth—
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 10:07:39 p.m.
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Madam Chair, the credits will be used to make investments to create a clean economy and reduce existing greenhouse gas emissions—
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Context: House Hansard - 201 - May/29/23
Hon. Chrystia Freeland
  • May/29/23 10:10:07 p.m.
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Madam Chair, it is unfortunate but I do not agree with what my hon. colleague said. I believe that it really is a technology that has a lot of possibilities, not just for Canada, but also for the United States and other countries. The reality is that Canada has created an investment credit. It will be up to the private sector to make the additional investments. The sector—
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