44th Parl. 1st Sess.
May 21, 2024 10:00AM
- May/21/24 12:56:35 p.m.
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Mr. Speaker, it is always a privilege to rise on behalf of the constituents of the riding of Waterloo. They have brought many items to my attention and have raised many concerns. They want different levels of government to work together.
Within this budget implementation act, I understand there would be increased health care funding. There would be the national school food program that we have heard about. There would be funding for nearly four million homes. The region of Waterloo, within the riding of Waterloo, has received really good support through the housing accelerator fund. There would also be support for renters to ensure that they are able to understand their tenant rights so that they will not be put out of their homes.
Some constituents have also been raising the issue of free contraceptives. I know it is a hard conversation in this place, especially as the official opposition does not recognize that a woman should be able to have full control and decision-making over her body. It is unfortunate that we are still having that debate, but we know where Liberals stand.
I also know that this is about affordable dental care and much more.
I would like to hear from the minister as to what this budget implementation act would do when it comes to affordability and when it comes to making lives better for Canadians, especially for constituents within the riding of Waterloo.
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- May/21/24 2:41:25 p.m.
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Mr. Speaker, I would encourage my hon. friend to actually read the work that was done by 300 economists across this country, which says unequivocally that eight out of 10 Canadian families get more money back in the rebate than they actually pay in the price on pollution. That is addressing affordability. In fact, Premier Smith herself said she got more money back for her family than she paid.
If the member really is concerned about affordability, I would encourage him to talk to his friend Premier Smith. She just increased the gas price by 13¢; she did so with no rebate and did not account for affordability.
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- May/21/24 2:42:41 p.m.
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Mr. Speaker, the Conservatives' lack-of-common-sense approach to these things is about axing the facts. Every reasonable observer, 300 economists across this country and the Parliamentary Budget Officer are very clear. Eight out of 10 Canadian families get more money back, and it is those who live on modest incomes who actually do the best, all while fighting climate change. If the Conservatives have questions, I encourage them to go and talk to the Premier of the Province of Alberta about the fact that she gets more money back than she actually pays.
That is a responsible plan to address affordability and to fight climate change.
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- May/21/24 2:54:40 p.m.
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Mr. Speaker, after nine years of the NDP-Liberal government, people cannot afford to live or die. Funeral costs are now out of reach for Canadians in Ontario. The increase in unclaimed bodies is 488% since 2013. The Prime Minister is not worth the cost. Seniors are already struggling with the affordability crisis. They built this country and now they cannot afford to bid their loved ones farewell.
When will the Prime Minister show some compassion and stop the out-of-control spending so people can live and die with dignity?
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- May/21/24 8:02:40 p.m.
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Mr. Speaker, my hon. friend from King—Vaughan and I may not agree on the details of this. There is no question but that Canadians are facing an affordability crisis. We do need, though, to spend the money it takes to alleviate that affordability crisis. What we have seen over the last number of decades is a growing gap between the very wealthy and the poor. A growing number of people who would not have considered themselves poor, and who had been in the middle class with incomes, can no longer fill a grocery cart.
I think it is a really important thing to have a school meal program. I think that would help alleviate some of the strain on families. I think we have to recognize that the inflationary impacts of postpandemic life and the breaking of supply chains have affected more than just Canada, so I think we need to address this as an affordability crisis and come up with solutions that really work. The Green Party believes one of those is a basic and livable annual income.
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- May/21/24 8:50:15 p.m.
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Mr. Speaker, it is always a privilege to stand in the House and to contribute to the debate today on Bill C-69, the budget implementation act for budget 2024, which is focused on ensuring fairness for every generation. It is another building block to help future generations and is based on supporting the promise that all Canadians should have a fair chance to build a good, middle-class life and to do as well as their parents, if not better.
Today, too many young Canadians feel as though the deck is stacked against them, and the reward of secure, prosperous, comfortable middle-class life remains out of reach. Budget 2024 presents our plan to fix that. We will build a Canada that works better for everyone, no matter where or when they were born, and we are going to do that by building more affordable homes. We will make life cost less, and we will grow the economy in a way that is shared by all because our country works best when our economy is growing and when more opportunities exist for every generation.
Today, I would like to talk about the housing pillar of budget 2024 and the elements of Bill C-69 that support the effort to make homes more affordable to more Canadians.
For generations, one of the fundamental, foundational promises of Canada's middle-class dream was that if one worked hard and saved money, one could afford a home. However, for today's young adults, this promise is under threat. Rising rents are making it hard to find an affordable place to call home, and rising home prices are keeping homes out of reach for many first-time buyers, especially in my home province of British Columbia, and in Richmond, B.C.
On April 12, the government released our ambitious housing plan, “solving the housing crisis: Canada's housing plan”, which is supported by new investments from the budget. Budget 2024 and Canada's housing plan lay out the government's bold strategy to unlock 3.87 million new homes by 2031, which includes a minimum of two million net new homes beyond what was already expected to be built. The plan will enable more apartments and affordable housing to be built across the country, while protecting the stock of affordable housing and protecting renters from unfair practices.
When it comes to Bill C-69, the federal government is taking action to help Canadians buy and stay in their homes while also curbing investor activity that drives up the cost and decreases the availability of housing. Homes are for Canadians to live in, not speculative assets for investors, so we would crack down on non-compliant short-term rentals. The operation of non-compliant short-term rentals is helping to keep too many homes off the market. The 2023 fall economic statement proposed tax changes to incentivize the return of non-compliant short-term rentals to the long-term market and to support the work of provinces and territories that have restricted short-term rentals.
Bill C-69 proposes those amendments to the Income Tax Act, which would deny income tax deductions for short-term rentals operated in provinces and municipalities that have prohibited such activities or where short-term rentals operators are not compliant with the applicable provincial or municipal orders. This measure would induce owners of short-term rentals to return their properties to the long-term market and would unlock more housing supply for Canadians to live in.
The extension of the foreign buyer ban on Canadian housing now is to address increasing affordability concerns in cities across the country due to foreign money coming into Canada to buy up residential real estate. The government introduced a two-year ban on the purchase of residential property by foreign investors, which went into effect on January 1, 2023, to help further curb speculative foreign investments that reduce the supply of homes for Canadians to live in.
The government announced that it intends to extend the ban on foreign buying of Canadian homes by an additional two years. As confirmed in budget 2024, Bill C-69 proposes to amend legislation to extend the restrictions on foreign investment in Canadian housing, established under the Prohibition on the Purchase of Residential Property by Non-Canadians Act, to January 1, 2027. Foreign commercial enterprises and people who are not Canadian citizens or permanent residents would continue to be prohibited from purchasing residential property in Canada.
Regarding the issue of underused housing tax refinements, as part of the 2023 fall economic statement, the government proposed several changes to the underused housing tax, or the UHT. Canadians and other stakeholders were invited to share their views on these proposals, and the amendments included in Bill C-69 take into account the feedback received. These changes would do the following: eliminate the UHT filing requirement for entities that are substantially or entirely Canadian; reduce the minimum non-filing penalties from $5,000 to $1,000 for individuals, and from $10,000 to $2,000 for corporations; introduce a new employee-accommodation exemption that would be available in areas of Canada that are rural or otherwise not densely populated; and, finally, make several technical changes to ensure that UHT applies in accordance with the policy intent. These proposed amendments aim to facilitate compliance while ensuring that the tax continues to apply as intended, and that is to discourage having non-resident, non-Canadian-owned residential property sitting vacant and off the market.
When it comes to enhancing the home buyers' plan to help Canadians buy their first home while at the same time we increase supply, the federal government is also enhancing the tax-free savings plans that help young prospective buyers save for a down payment. Support to help first-time buyers save must keep pace with market prices. That is why the government launched the tax-free first home savings account in 2023. To great success, more than 750,000 Canadians have already opened an account to save for their first down payment.
That is also why, through budget 2024, we propose to enhance the home buyers' plan. To effect that enhancement, Bill C-69 proposes to amend the Income Tax Act to increase the home buyers' plan withdrawal limit from $35,000 to $60,000, enabling first-time homebuyers to use the tax benefits of an RRSP to save up to $25,000 more for their down payment or, if they are in a partnership, $50,000 and almost $120,000 toward their first down payment. The newly increased limit would be effective since the budget was tabled on April 16. Bill C-69 also proposes to temporarily extend the grace period, during which homeowners are not required to repay their home buyers' plan withdrawals to their RRSP by an additional three years.
Of the two million net new homes I mentioned earlier, we estimate that the recent policy actions taken in Canada's housing plan in budget 2024 and in fall 2023 would support a minimum of 1.2 million net new homes. Budget 2024 investments for increasing the supply of affordable homes are necessary and timely, and they are part of the investments we are making for the prosperity of every generation. We will build more homes. We will make life cost less. We will invest in our small businesses. We will grow our economy in a way that works for everyone, and I encourage all hon. members to support this bill.
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- May/21/24 9:02:13 p.m.
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Mr. Speaker, as we all know, on this side of the House, we have worked very hard and aggressively to combat climate change, and we will continue to do so for future generations. Not only that, but also I was talking more precisely about housing and how we are going to be combatting the issues around affordability on housing.
I can only speak for my riding specifically. We have already broken ground on the rapid housing initiative on Steveston Highway and Railway Avenue in Richmond, British Columbia, where we will be building 25 units for those who need it the most: women and women with children. It is something we are really happy to introduce. We have broken ground on that, and I am looking forward to it being done in record time.
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- May/21/24 10:49:36 p.m.
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Madam Speaker, I thank the member for that question because it very much illustrates the point I was trying to make; continuing to tear down Canada is not serving anyone. It is not serving the House either. I am sure he did not listen to my speech because I certainly did not paint this perfect picture of Canada. What we are doing with the budget implementation act is building what we want to see for the future. It is setting up that green economy. It is setting up affordable housing for all. This is what the budget is about, making those plans and implementing them.
I will say that when I have conversations with community members in my riding, they are very much focused on the climate crisis and actually support the initiatives we have put in place as far as the price on pollution, driving down our emissions and ensuring they are given those rebates to address the affordability challenges as well. That is just one example.
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