SoVote

Context: House Hansard - 333 - Jun/17/24

Jun/17/24 7:37:27 p.m.
Watch

Is that agreed? Some hon. members: Agreed.

7 words

Mr. Parm Bains (Steveston—Richmond East, Lib.)

Jun/17/24 7:37:30 p.m.
Watch

Mr. Speaker, it is always an honour to stand in the House to debate on matters on behalf of the great people of Steveston—Richmond East. Today, it is to continue on the debate on Bill C-69, the budget Implementation act for budget 2024, which is about reinforcing the promise that all Canadians should have a fair chance to build a good life, and about continuing to build a country that works for everyone. We are going to do that by building more affordable homes, by making life cost less and by growing the economy in a way that is shared by all. Today I would like to talk about one element of Bill C-69 that could improve financial outcomes for Canadians: consumer-driven banking. Every Canadian deserves access to affordable, modern banking services to help them pay their bills, save money, receive their government benefits and build their credit. Budget 2024 includes measures to lower banking fees by capping non-sufficient fund fees, modernizing free and affordable bank account options, expanding financial help services, doing more to crack down on predatory lending and launching new consumer-driven banking tools. Consumer-driven banking, also known as open banking or consumer-driven finance, provides a way for people and small businesses to securely transfer their financial data to different service providers, including banks, credit unions and accredited financial technology companies, fintechs. This could include apps that use data to provide automated budgeting and savings advice, help keep track of bills, secure a loan, find a better deal on insurance or on a currency exchange rate and track monthly rent payments to build up credit. Consumer-driven banking provides real-time access to all financial accounts, products and services in one place and access to personalized tools and products to help improve financial health. It can play an important role in the future of the Canadian economy and increase consumers' choice and control over their financial data. It can help make life more affordable and even help young Canadians when it is time to buy a first home. However, so far, in the absence of a framework, fintechs have been limited in their ability to develop new financial tools, largely due to a reliance on an unsecured process called screen scraping, which pulls data from a bank account by reading the account information. This requires consumers to share their banking credentials with fintech companies. An estimated nine million Canadians currently share their financial data this way, which raises security, liability and privacy risks to consumers and the financial system. I presume there may be hon. members present who have gone through this process and felt uneasy about it, as I have. As first announced in the 2023 fall economic statement, the government published Canada's consumer-driven banking framework along with budget 2024, in order to drive an innovative consumer-driven banking system in Canada. As announced in budget 2024, the Financial Consumer Agency of Canada, FCAC, is mandated to oversee, administer and enforce Canada's consumer-driven banking framework. FCAC's existing financial literacy and consumer education mandate make it well placed to help guide consumers who engage in consumer-driven banking. The mandate was informed by an extensive review of international jurisdictions and is in line with international best practices, offers administrative efficiency and allows for the timely delivery of consumer-driven banking in Canada. At this point, I should also stress that the government would not be privy to any personal information or data. I will move now to the bill before us. Bill C-69 introduces legislation to implement key components of the framework, including a new act, the consumer-driven banking act, and amendments to the Financial Consumer Agency of Canada Act. These legislative updates would establish the foundational elements of the framework, including governance and scope, as well as criteria and the process for the technical standard. The amendments to the FCAC Act would create a senior deputy commissioner for consumer-driven banking, who would be responsible for the supervision of the framework. The commissioner of FCAC would retain full administrative control of FCAC and would continue to report to the Minister of Finance and Parliament. As well, the consumer-driven banking act would require FCAC to maintain a public registry of participating entities in the framework. Once implemented, the framework would regulate access to financial data, providing Canadians and small businesses with safe and secure access to financial services and products that would help them manage and improve their finances. The framework would also align with those of our largest trading partners, including the United States. In order to facilitate oversight of provincial entities while respecting their jurisdiction, provincial entities would be able to opt in to governance, supervision and participation. In the case of provincial credit unions, provinces would retain the authority to impose their own requirements. Importantly, the functional scope for participating entities would be limited to “read access”. This means that participating entities would only be able to see, not change, the data held by another participating entity should a consumer request it. The scope would not include payment initiation, or “write access” as it sometimes is called. Furthermore, data could be obtained only if a consumer provides consent to the participating entity. Access to data would be limited to what is specified in the legislation, which includes chequing accounts and savings accounts, investment products and lending products such as credit cards, lines of credit and mortgages. Regardless of an entity's size or business model, due diligence of its security controls would be conducted before allowing it to participate in the framework. This would help set an equal and high bar for security measures and give confidence to consumers that their data is safe. Participating entities would be required to comply with existing privacy legislation as well. The framework would also include additional privacy rules that are unique to financial data sharing to address the provision of express consent to access data, consent management, and revoking access to data shared by a consumer. Participants would be required to have a standardized process for consent and revocation that would be done in a clear, simple and not misleading manner. The proposed legislation represents a culmination of long-term engagement with industry, consumer groups and experts, and would deliver a made-in-Canada solution to the issue of screen scraping. There is alignment among stakeholders for the government's proposed approach, including fintech and the Canadian Bankers Association. The government would continue to engage with industry, which would lead on the implementation of the framework in key areas, including technical standards, with oversight from the FCAC. This collaborative work would refine more complex elements, such as the accreditation framework and common rules for privacy, security and liability, to be introduced in additional legislation later this year. Canada's consumer-driven banking framework, with government-led oversight of security requirements, technical standards and consumer protections, would enable consumers to securely and confidently exercise their right to use and move their data. Once the framework is operational, the government would consult with stakeholders to determine how and when to phase out screen scraping. This would include review of other jurisdictions' approaches to screen scraping. Canada has a strong, well-regulated financial sector that has proven to be stable, resilient and trusted by Canadians. Consumer-driven banking would contribute to the strength of the sector and protect financial consumers, part of the government's plan to grow Canada's economy in a way that works for everyone. I encourage all hon. members to support the bill.

1277 words

Mr. Larry Maguire (Brandon—Souris, CPC)

Jun/17/24 7:46:28 p.m.
Watch

Mr. Speaker, my colleague did not really reference much in his speech in regard to where the government is at with its spending habits. There is the $61 billion more in spending that virtually every sector, the banking industry and even the government people themselves are saying is leading to continuing inflation. Can the member tell us what he thinks is wrong with the idea that, as Canadians are telling me, the government raised $54 billion on the GST and it is all going to the interest on the debt this year?

92 words

Mr. Parm Bains

Jun/17/24 7:47:05 p.m.
Watch

Mr. Speaker, I encourage the member opposite to look at the responsible measures taken in the spending review right now. If we look at all of the measures in the budget, we see that they are all about productivity. Whether we are talking about $5 billion in loan guarantee programs or whether we are delivering major economic investment tax credits, it is all to increase productivity.

66 words

Mr. Luc Desilets (Rivière-des-Mille-Îles, BQ)

Jun/17/24 7:47:37 p.m.
Watch

Mr. Speaker, I am very pleased to hear my colleague talk about banking services. That is something that Bill C-69 does not talk much about. I have two short questions to ask him about banking services. First, does he recognize the authority of Quebec and the provinces in this sector? Second, does he realize that Bill C-69 will give all of Canada's big banks a huge advantage over the smaller ones like Caisses Desjardins in Quebec?

81 words

Mr. Parm Bains

Jun/17/24 7:48:16 p.m.
Watch

Mr. Speaker, a tremendous number of initiatives respect what Quebec has to offer. If we look at the budget, there is $3.4 billion to support young researchers in Canada and Quebec, billions to fight homelessness, $780 million in support for creative industries and $1.5 billion to protect and expand affordable housing. There is a lot in this budget that respects how we are working with Quebec.

68 words

Mr. Ryan Turnbull (Parliamentary Secretary to the Deputy Prime Minister and Minister of Finance and to the Minister of Innovation, Science and Industry, Lib.)

Jun/17/24 7:49:03 p.m.
Watch

Mr. Speaker, I always appreciate my hon. colleague's remarks. Every day we hear in the House the Conservatives talk about the cost of living pressures that Canadians are under. Obviously, they continually make it sound like global inflation has been caused by our government. We know that is not true, and it is misleading to imply that. We see in this budget numerous measures that would help Canadian families save money on their bills: more child care spaces, the national school food program, dental care, pharmacare and others. Could my hon. colleague speak to how our government is there for Canadians in helping them out with the cost of living pressures they are under?

115 words

Mr. Parm Bains

Jun/17/24 7:49:57 p.m.
Watch

Mr. Speaker, I have listed a few things in some of the other answers. For example, the member mentioned the dental program. We have over 500 dentists now signed up in my city of Richmond, British Columbia, who are ready to help those who need help the most. I speak to all of these measures as being a way toward productivity. If people can get help and get a leg-up, they can contribute in a better way.

78 words

Ms. Louise Chabot (Thérèse-De Blainville, BQ)

Jun/17/24 7:50:41 p.m.
Watch

Mr. Speaker, my colleague talked about homelessness. The Auditor General of Canada has said that for the government to meet its target of reducing chronic homelessness by 50% by 2030, it would have to invest seven times more money than it is currently investing. What does my colleague have to say to address the homelessness crisis?

57 words

Mr. Parm Bains

Jun/17/24 7:51:08 p.m.
Watch

Mr. Speaker, I encourage the member to look at all the measures that were put into this budget. They amount to billions to help with homelessness and to give people another chance.

32 words

The Speaker

Jun/17/24 7:51:28 p.m.
Watch

Before we move on with debate, the Chair wishes to make a statement in regard to the concerns raised earlier today by the member for Edmonton Strathcona about the premature publishing of a tweet on the @HoCChamber X account. In her intervention, the member pointed out that the account had prematurely disclosed the conclusions of the Speaker's ruling on the question of privilege raised by the member for Winnipeg Centre. The member stated that it was inappropriate that the conclusions of the ruling would be shared publicly before members of the House were apprised of them. The Speaker wishes to note that the tweet in question was published in error. According to the process in place, a courtesy advance notice of tweets about rulings is shared with a very small team in the House administration to expedite publication on social media. The instructions are clear: Tweets must never be posted before a ruling is delivered. In this case, the text of the tweet was unfortunately posted as the ruling was being read and not afterwards. To our knowledge, this is the first time this has happened. I should note that at no point is anyone in my office involved in publishing these tweets. On behalf of the House administration, the Speaker would like to sincerely apologize for this error. It is very important to the Speaker that members have the first opportunity to hear the conclusions of a ruling. To ensure that such a thing does not happen again, I immediately requested changes to our internal processes on your behalf. While I am on my feet, I want to address the strong language that was used after the point of order was raised. The member for Winnipeg Centre made a significant point for all members to consider, yet used words that were not acceptable on the floor of the House. There are ways to make one's point without resorting to profanity, and I trust that this will not happen again. I thank all members for their attention. The hon. member for Winnipeg Centre has a point of order.

350 words

Ms. Leah Gazan

Jun/17/24 7:53:57 p.m.
Watch

Mr. Speaker, you pointing out my language in the House speaks exactly to my point. You commented just now, with all due respect, that my language was unparliamentary, but saying in this House that “he was more likely to reoffend because of his racial background”, which is highly racist, was totally disregarded. In fact, it was not just totally disregarded. The total meaning of that sentence was allowed to be changed. I will not watch unparliamentary language in this House, with all due respect, if racism, bigotry, anti-LGBT bigotry and sexism are tolerated, behaviour that I find highly unparliamentary.

102 words

Mr. Richard Cannings (South Okanagan—West Kootenay, NDP)

Jun/17/24 7:55:18 p.m.
Watch

Mr. Speaker, it is a pleasure to rise here this evening to speak to Bill C-69, a bill that enacts certain provisions of the budget tabled back in April. I spoke to the budget at that time, back in the spring, but I would like to add a few comments now that it is before us as an implementation act because it is an important budget. All budgets are important, but this one in particular is important. As we all know and hear every day, Canadians are struggling, especially to find housing, to pay the rent, to dream of paying a mortgage or even to find a roof to put over their heads. They struggle with the cost of groceries and the price of gas at the pumps. Also, we are facing a climate crisis that is bringing us fires, floods and other extreme weather events that cause widespread stress to Canadians, their health, their homes and their livelihoods. Last year's fires in my riding and surrounding areas not only destroyed houses, but put tens of thousands of people on evacuation. They ended the tourist season abruptly in early August, just when all my local businesses are poised to make an income after months of losses. Then a mid-winter freeze caused serious damage to grapevines and peach, apricot and cherry orchards, which are part of the agriculture sector, a real backbone of the economy in my riding. Any budget has to recognize and face the climate crisis head-on. While Canadians are struggling, big corporations and wealthy Canadians are doing better than ever. Big oil companies are making a killing. Big grocery companies are making record profits. Budgets are documents that make choices that will help Canadians. That is what we hope. It is clear that it is ordinary Canadians who need that help, not big corporations and wealthy individuals. The NDP has used its leverage in this minority Parliament to deliver results for people. In this budget alone, we have compelled the Liberal government to build more homes, preserve existing affordable housing, protect renters and bring in universal single-payer pharmacare, starting with contraception and diabetes medications and devices. I want to pause there because, while they are all critical, people may not realize how critical diabetes medications are. A friend of mine, who was 27 years old, died because he could not afford the full cost of his insulin medication to monitor and help his diabetes. That will not happen again. This budget would establish a national food program. Canada is the only G7 nation without a national school food program. A quarter of Canadian kids live in homes that are food insecure. This is another NDP initiative put in this budget. We are very proud of it. The Conservatives voted against it. This budget would reverse damaging cuts to indigenous services. It would invest in accessible, high-quality, non-profit child care, another NDP initiative. It would establish a dedicated youth mental health fund. It would double the volunteer firefighters tax credit. I will talk more about that later. As I said, several elements in this budget are key NDP initiatives. They are the pillar of this budget, I would say. However, they would not be there without the NDP's pressure. This is not an NDP budget. It would be different if it was an NDP government. We would go much further in some areas to help Canadians who need it the most. I will talk about some of the victories, the things that will change the lives of Canadians for the better, and some things that are conspicuously missing. We have the homebuyers' plan, which has been enhanced by increasing the withdrawal limit from $35,000 to $60,000. The government is also cracking down on short-term rentals by denying income tax deductions on income earned. Short-term rentals are one of the big issues in my riding. My riding is a very popular area for people to come visit and spend their vacations at all times of the year. Increasingly, it is becoming more and more difficult to find housing, simply because it is very profitable for people to buy houses simply for investment and to put up as short-term rentals. This will help curb that, along with some important provincial legislation that has just been introduced. That is very welcome news. This budget implements the Canada health transfer 5% growth guarantee. Canadians expect the federal government to support provinces in delivering the health care that we need. We all know that our health care system is struggling as well. This will help keep it going and give us the health care that we need, which we are so proud of, health care that was brought to us, again, by the NDP back in the 1960s. I mentioned the volunteer firefighters tax credit. It used to be $3,000. There are almost 100,000 volunteer firefighters across Canada. They are the people who keep us safe in small communities from one end of the country to the other, and yet they receive so little in return for that brave and hard work. They used to get a $3,000 tax credit. That was raised to $6,000 in this budget, again, based on an NDP initiative by my colleague from Courtenay—Alberni, who put forward a private member's bill to increase that to $10,000. We will take $6,000 as an improvement, but let us keep supporting our firefighters. There is one thing that is not in this budget. With regard to wildfire firefighters who are not part of local firefighting corps but who fight wildfires in the summer, one would be surprised to find that they are not defined as firefighters under the CRA regulations. Firefighters, policemen and other people, such as ambulance drivers, get special dispensation under the Income Tax Act to put more money aside for their retirement. Wildfire firefighters do not. They are specifically excluded, and we need to change that, to call wildfire firefighters “firefighters”. It was not in this budget, but I hope it will be soon. While I am talking about firefighters, another thing that is not in this budget is a national wildfire-fighting force. We need this, and 75% of Canadians have come out in support of such a force, which would be there to support local and provincial firefighting services. We need this help. It is clear that things are getting worse year by year. We cannot go on as we have been. We have been depending on the armed forces to help us. This year, the armed forces have said they are not going to be there this summer. We need to do something different, and I think a national wildfire-fighting force is the way to go. I will also mention the good news about support for research. Finally, the government is putting funding into the scholarship and fellowship funding for young researchers in Canada. That funding had remained stagnant for 20 years. Students were living in poverty, and that has finally been fixed. That is very good news. I will just finish by mentioning the Canada disability benefit, something the NDP has been fighting for, and yet we are very disappointed that this was brought in as a $200-a-month benefit, something that will not get people with disabilities out of poverty. People with disabilities live in poverty all across the country. No province gives them enough money to live above the poverty line. We had a chance to finish that, make it right, and we will continue fighting for people with disabilities, to make sure that they will not live in poverty.

1293 words

Ms. Rachel Blaney (North Island—Powell River, NDP)

Jun/17/24 8:05:47 p.m.
Watch

Mr. Speaker, I really appreciate the member's role in our caucus, as well as in this House, with his many years of expertise. One of the parts he mentioned in his speech that really resonated with me was the realities of climate change and the impacts it has on smaller communities and their economies. I am just wondering if he could talk about some solutions that we could be looking at, instead of giving so many dollars to the oil and gas industry.

84 words

Mr. Richard Cannings

Jun/17/24 8:06:22 p.m.
Watch

Mr. Speaker, small communities are really at the pointy end of the stick when it comes to climate change and its effects, whether it is through floods or wildfires. We have to mitigate the effects of climate change, that is, get serious about the emissions we put out by bringing them down through every means possible, but we also have to help these small communities adapt to climate change. Just outside my riding, there are small communities in my area, Princeton, Merritt and Abbotsford, that were devastated by floods, for instance, in 2021. They are still waiting for adequate federal help to pay for the rebuilding of their communities in a way that they will be resilient in the face of future floods or fires. I could go on. We have to support small communities. They do not have the resources, and we should and could help them.

148 words

Mr. Lloyd Longfield (Guelph, Lib.)

Jun/17/24 8:07:40 p.m.
Watch

Mr. Speaker, maybe we could talk a bit about what was not in the budget: eliminating the price on pollution, as an example, or cutting programs for people who are struggling. We are continuing to invest in Canadians and at the same time fight climate change. The hon. member had started talking about science. If he could work science and climate change, and our need to invest in that, as well, into his answer, that would be great.

78 words

Mr. Richard Cannings

Jun/17/24 8:08:16 p.m.
Watch

Mr. Speaker, that sounded a bit like an improv act where one has to talk about a couple of things to bring it in, but I am happy to do that. I sit with the member for Guelph on the science and research committee. Right now, we are studying the effect of climate change in the Arctic and the research that we need to support in the Arctic about that: about how it is affecting people, what we can do about it, and how we can mitigate it. There is so much that needs to be done. We have all heard about how Canada has to maintain and strengthen its support for Arctic communities, about how we have to work with indigenous groups there, the Inuit, the first nations of the north. We need to invest in infrastructure across the Arctic for that research. We have to invest in logistics support. There is the polar continental shelf project, which, like the fellowships I mentioned, has been stagnant in funding for many, many years. It is the backbone of Arctic research. We have to maintain and strengthen that.

187 words

Mr. Mel Arnold (North Okanagan—Shuswap, CPC)

Jun/17/24 8:09:53 p.m.
Watch

Mr. Speaker, the member comes from a beautiful part of the province, but not as beautiful as North Okanagan—Shuswap. I would like to ask the member what his thoughts are about the $60 billion in additional debt that this budget is going to be passing on to future Canadians. Members in his riding, just the same as in mine and in every riding across the country, are going to be forced to pay the debt and the interest payments, which will now overcome what we actually do in health care transfers to the province. How does he justify passing that debt on to future generations?

107 words

Mr. Richard Cannings

Jun/17/24 8:10:43 p.m.
Watch

Mr. Speaker, we could talk all night about this. I would simply say that budgets are about choices. There is some increased funding here in this budget. It would go to a dental care plan that would bring dental care to nine million Canadians. For the first time, they would have access to a dentist. All of us here get free dental care, but the Conservatives want to keep that from the rest of Canadians. That is an investment in our health care system that would save us money in the long term. There are many other examples like that.

100 words

Mr. Patrick Weiler (West Vancouver—Sunshine Coast—Sea to Sky Country, Lib.)

Jun/17/24 8:11:28 p.m.
Watch

Mr. Speaker, it is a pleasure to rise in the House this evening to join the debate on the budget implementation act. As this may be the last time I have the opportunity to rise in this House before the session ends for the summer, I do want to take some time to acknowledge my staff members, who helped me tremendously, allowing me to do the work that I do: Natasha, Norman, Kevin, Donna and Kiran on my constituency side, and Sophie, Edith, Ahdi and Danica helping me on the legislative side. I thank them so much for the incredible work that they do. I do want to spend a few minutes talking about budget 2024. Particularly, this budget takes some significant steps forward in ensuring that we can get more housing built faster. In my mind, there is perhaps no bigger challenge that we have in the country right now than tackling the housing crisis. This year's budget lays out an ambitious plan that shows how we would build 3.87 million new homes by 2031, which is what we need to do to close the housing gap. This is about building more homes by bringing down the cost of home building, helping cities make it easier to build homes at a faster pace, changing the way Canadian home builders manufacture homes and growing the workforce to ensure that we get the job done. The budget also includes funding for below-market housing. I have very much seen the impact of these programs already through many of the municipalities, through the housing accelerator fund, speeding up the permitting process for new housing, as well as the federal government supporting the construction of over 1,000 new below-market homes since I was elected in 2019. The budget also takes some significant steps forward in helping with the high cost of living. There would be $1 billion in additional funding to build new child care spaces. Already, through the federal government's programming, families are saving, on average, $6,600 per child on child care each year in B.C. The budget would also provide additional funding for training of more ECE workers. We are also moving ahead on the first two parts of our pharmacare program, providing free access to contraceptives and diabetes medication, which would make a tremendous difference in the lives of so many Canadians. This budget also moves ahead with the national school food program, as well as launching the Canada disability benefit, and I will get to those a bit more in a few minutes. This budget also takes some steps forward in growing the economy in a way that is shared by all. There would be a generational investment in artificial intelligence, which is going to be a huge part of improving productivity in Canada going forward, as well as major investments in research and development, which was just mentioned in the previous intervention. We are also moving forward on a number of investment tax credits that would continue to grow the green economy in Canada, which has already led to Canada's being the largest per capita recipient of foreign direct investment last year. I do want to highlight a few measures in the budget implementation act, knowing that I will not have time to cover all of them, as this is a 660-page piece of legislation. With respect to the housing file, there are changes to the Income Tax Act that would now prevent folks from deducting income for short-term rentals in areas where municipalities do not allow them. This would be really important to ensure that those homes go back into the long-term rental pool. The homebuyers' plan withdrawal limit would also be increased from $35,000 to $60,000 to allow people to save for a down payment for their first home, which would be in addition to the first home savings account that we created, which is already allowing Canadians to save $40,000 tax-free in and tax-free out. There are a number of measures that would make life cost less for Canadians. One that would make a tremendous difference in my riding is doubling the volunteer firefighter tax credit and the search and rescue tax credit for volunteers. As someone who has both Royal Canadian Marine Search and Rescue and normal search and rescue, as well as a number of volunteer firefighter stations in my riding, I know this would make a tremendous difference for folks who put themselves at risk to help us in our most vulnerable times. Therefore, this is a small token of our appreciation for the incredible work that they do. As I mentioned before, we are moving ahead with a national school food program. We are currently the only G7 country that does not have a national school food program. Through an investment of $1 billion over five years, we would be providing meals for 400,000 children across Canada. Through measures in this budget, we would be able to start negotiations with provinces, like my own, British Columbia, which has already started on the work to ensure we can pass along these benefits, which are not only going to ensure that children get fed but also save families an estimated $800 per child per year. This budget also moves ahead with the Canada disability benefit. This is the largest single-line budget item in this budget, which would provide $2,400 tax-free to Canadians living with disabilities. We know these are some of the most vulnerable Canadians who face high costs because of living with a disability, so measures in the budget implementation act would give effect to this benefit. The budget implementation act would also expand the Canada student loan forgiveness program, which provides student loan forgiveness for professionals to tackle labour shortages in remote and rural areas. As a proud representative of a semi-rural riding, I am pleased that the budget implementation act would offer loan forgiveness to ECE workers, dentists, dental hygienists, pharmacists, midwives, teachers, social workers, personal support workers, physiotherapists and psychologists, in addition to doctors and nurses in all communities in my riding outside metro Vancouver. Up to $60,000 over five years in loan forgiveness is available in some cases. For those in one of these professions, it is yet another reason to consider coming to my riding. This budget would also cut the excise duty rate on craft brewing, which is 90% of brewers in Canada. It would make a big difference for those businesses and their customers as well. This budget would also drive inclusive growth. We are moving ahead with a number of investment tax credits, including for green hydrogen and clean manufacturing, as well as the extension of the mineral exploration tax credit, which would ensure that we can find the critical minerals that we need and use those critical minerals in the value chain to build the technologies we are going to need to decarbonize, as well as to produce the green hydrogen that we are going to need in a number of sectors, like heavy transportation, where electrification will not work. I also want to mention that this budget would make a number of legislative changes to improve Canada's anti-money laundering and anti-terrorist financing regime. In fact, in every budgetary bill, both the budget and the fall economic statement, since I was elected in 2019, we have made legislative amendments to improve this regime, in addition to investing close to $375 million to ensure we can better combat financial crimes. The budget implementation act would expand coverage under this regime to tackle more high-risk areas, like cheque-cashing businesses, leasing and financing companies and others. It would also allow businesses that report under this regime, like banks, to communicate with each other while maintaining privacy regulations. This is very important as we know we are dealing with very complex matters that would require that sharing of information, provided that we do it in a safe way. Lastly, we would allow FINTRAC to communicate directly with civil forfeiture offices. This is very important because it would make it much easier to seize assets, ill-gotten gains, where it is very difficult at times to prove at a criminal level. I want to mention a couple of things that I would like to have seen in the BIA that were not included. Number one, while we do make some important changes to the underused housing tax, there are more areas that we need to address. As an example, in my riding, there are areas that municipalities zone to prevent people from being long-term renters. The areas are zoned to be short-term rentals, where foreign direct investment was sought after to build up the bed capacity. We need to take into account examples like this to create exemptions. Lastly, we made a number of changes to the Impact Assessment Act in this budget implementation act to respond to the Supreme Court of Canada case. I believe we may have gone a little too far and were too cautious in those changes, such that we have created gaps in our environmental assessment regime. My suggestion is that in the fall economic statement, these are two areas we should look at to make sure we improve them going forward.

1568 words