Finance

The House of Commons Standing Committee on Finance met to discuss federal spending power and its impact on the Canadian economy and the relationship between the federal and provincial governments. Witnesses included academics Jennifer Robson and Tammy Schirle, and representatives from the Montreal Economic Institute, Daniel Dufort and Gabriel Giguère. The discussion covered topics such as the federal government's role in areas of provincial jurisdiction, the effectiveness of federal spending programs, and the balance between federal and provincial fiscal responsibilities. Jennifer Robson emphasized that Canada is a decentralized federation and that federal spending power should be considered in the context of intergovernmental collaboration. She cautioned against excessive conditions on federal funding that could strain the federation. Tammy Schirle discussed when federal spending power is best used, focusing on market failures, reducing frictions across regional markets, and the long-term benefits for Canadians, using early learning and child care as an example. Daniel Dufort argued that the current budgetary challenge is a spending problem and advocated for disciplined program spending and a review of government missions. He expressed concerns about federal programs encroaching on provincial jurisdictions and suggested reforms to promote investment and productivity. Committee members questioned the witnesses on various aspects of federal spending, including the newly announced sovereign wealth fund, the effectiveness of the Canada Infrastructure Bank, and the impact of federal policies on provincial autonomy. Several committee members raised concerns about the federal government's involvement in areas of provincial jurisdiction, such as health care and dental care, and questioned whether federal programs were addressing actual market failures or simply duplicating existing provincial efforts. The discussion highlighted the ongoing tensions between the federal government and the provinces over fiscal responsibilities and the appropriate use of federal spending power. No specific decisions were made during the meeting, but the committee members gathered information and perspectives from the witnesses to inform their ongoing study of federal spending power. The committee will continue to examine the issue and consider potential recommendations for the government.

The House of Commons Standing Committee on Finance met to discuss household debt in Canada. Witnesses shared their expertise on the factors contributing to debt and potential solutions. The committee heard from Philippe d'Astous, a professor at HEC Montréal, who emphasized the importance of financial literacy and understanding the true cost of credit. Brian Dijkema from Cardus discussed the impact of online gambling, particularly sports betting, on household debt, highlighting the potential for addiction and financial harm. Grant Bazian and Sheri Aberback from MNP LLP provided insights into the realities of household debt, noting that many Canadians are struggling with rising costs of living and reliance on high-interest credit. d'Astous suggested presenting the cost of credit in a clear and simple way and improving financial literacy education for young consumers. Dijkema recommended recognizing online gambling as a significant contributor to debt and suggested supporting Senator Marty Deacon's proposed law to address the issue. He argued that online sports betting is structured to be addictive, like a slot machine, and is heavily advertised, leading to increased debt and mental health issues, especially among young men. He suggested banning sports advertising and changing the structure of gambling revenue to encourage savings rather than spending. Bazian and Aberback offered four recommendations: increasing public awareness of debt relief options, strengthening consumer protections around high-interest credit, addressing the connection between housing and debt, and supporting practical financial education. They emphasized that high household debt reflects financial literacy gaps, lending practices that normalize long-term debt, and structural pressures like housing costs and inflation. They noted that many Canadians are close to insolvency and that financial distress is often linked to mental health issues. Committee members questioned the witnesses on various aspects of household debt, including the sustainability of current debt levels, the impact of job losses, and the role of government policies. The committee explored potential solutions, such as improving financial literacy, addressing housing affordability, and regulating online gambling. There were no specific decisions made during the meeting, but the discussion provided valuable insights for future policy considerations. The committee acknowledged the need for earlier intervention, stronger consumer protections, and policies that address the root causes of household debt to help Canadians avoid insolvency.

The House of Commons Standing Committee on Finance met to discuss household debt in Canada, with a focus on understanding the factors contributing to financial distress and potential solutions. The committee heard from various experts, including Ronald Butler, Peter MacKenzie, Vasiliki Bednar, André Bolduc, Wesley Cowan, Maude Pugliese, and Douglas Hoyes, who provided insights into the current state of household debt and its implications. The discussion covered mortgage renewals, the impact of interest rates, the role of government policies, and the challenges faced by young Canadians and low-income individuals. Ronald Butler highlighted the increasing difficulties faced by Canadians in affording homes, especially in major cities like Toronto and Vancouver. He noted that many people are struggling with mortgage renewals due to higher interest rates and stagnant wages. Peter MacKenzie suggested focusing on the debt service ratio as a key indicator of household financial health and recommended policies to promote economic growth in mid-sized cities as an alternative to larger, more expensive urban centers. Vasiliki Bednar raised concerns about the growing use of "buy now, pay later" services and their potential to trap young people in debt. André Bolduc and Wesley Cowan discussed trends in consumer insolvency, including longer-term debt products and the expansion of alternative lending. They emphasized the need for stronger consumer protection and responsible lending practices. Maude Pugliese presented findings from her research on debt in Quebec, highlighting the importance of distinguishing between debt and excessive debt. She suggested enhancing social programs and improving awareness of alternatives to credit during times of financial stress. Douglas Hoyes pointed out that the Canada Revenue Agency is a creditor in many personal insolvencies and suggested improving communication between the CRA and licensed insolvency trustees to facilitate better outcomes for debtors and creditors. Committee members raised questions about the impact of government policies on housing affordability, the role of the social safety net, and the challenges faced by young Canadians in managing debt. The witnesses offered various recommendations, including deregulating housing construction, promoting financial literacy, and providing more support for low-income individuals. The committee agreed that household debt remains a significant issue in Canada and that further action is needed to address the underlying causes and mitigate the risks. The committee did not make any specific decisions during the meeting but gathered valuable information from the witnesses to inform future policy discussions and recommendations. They did agree to extend the deadline for pre-budget consultation portal submissions to May 22.

The House of Commons Standing Committee on Finance met to discuss Canada Pension Plan (CPP) investments in Canada. Michel Leduc, Senior Managing Director of the Canada Pension Plan Investment Board (CPPIB), explained how the CPPIB invests globally to secure retirement income for Canadians. He emphasized that while Canada is a core market, the CPPIB must diversify investments worldwide to maximize growth and manage risk. Leduc stressed the importance of the CPPIB's independence from political pressures to ensure the best returns for Canadians. Committee members questioned Leduc on various aspects of CPPIB's investment strategies, including investments in Canada versus other countries, and the role of environmental, social, and governance (ESG) factors. Mr. Leduc clarified that the CPPIB is one of the largest investors in Canada, with over $115 billion invested. He addressed concerns about the CPPIB's investments in China, noting that while the fund has reduced its exposure, it maintains an "optionality" in anticipation of China's future economic growth. Members discussed the importance of predictable regulations and efficient approval processes to attract more investment to Canada. Mr. Leduc highlighted that the CPPIB is actively looking at opportunities in Canada, particularly in energy, digital infrastructure, and regulated utilities. Committee members explored the CPPIB's approach to climate change, with Mr. Leduc explaining that the CPPIB sees investments in high-emitting sectors as both a risk and an opportunity to help companies transition to a low-carbon economy. He also emphasized the importance of global standards for sustainability reporting to better measure and manage climate-related risks. Members also discussed the potential for the CPPIB to invest in infrastructure projects, such as airports, and the challenges of navigating complex regulatory processes. During the meeting, a motion was introduced to suspend all federal taxes on gasoline and diesel for the remainder of 2026, but it was defeated. The committee agreed to schedule an informal discussion with the Committee on Economic and Monetary Affairs of the European Parliament in May to discuss cooperation in the financial sector. The committee members agreed that Canada has a unique opportunity to attract global funds, and that the CPPIB is well-positioned to take advantage of this situation.

The House of Commons Standing Committee on Finance met to discuss household debt in Canada. Witnesses from the Financial Consumer Agency of Canada (FCAC), the Office of the Superintendent of Bankruptcy (OSB), and Statistics Canada presented data and insights on the current state of household debt and financial vulnerabilities. The committee also heard from experts including a chief economist, a credit counselor, and a licensed insolvency trustee. Committee members questioned the witnesses on various aspects of household debt, including its impact on the economy, the role of financial literacy, and the effectiveness of consumer protection measures. Shereen Benzvy Miller from FCAC highlighted the agency's work in protecting financial consumers and empowering them to make informed decisions. Elisabeth Lang from OSB provided an overview of Canada's insolvency system and key data points related to household debt. Jennifer Withington from Statistics Canada shared insights into Canadian household debt and financial vulnerabilities, emphasizing the importance of distributional statistics to understand the financial position of different socio-economic groups. Charles St-Arnaud, Chief Economist at Servus Credit Union, discussed the structural impacts of high household debt on the Canadian economy, including the crowding out of business investment and the impact on productivity growth. Jeffrey Schwartz, Executive Director of Consolidated Credit Canada, emphasized the critical role of financial literacy and the need for consistent and equitable funding for accredited non-profit credit counseling agencies. Guyllaume Amiot, a Licensed Insolvency Trustee, discussed the changing profile of Canadian debtors facing insolvency and the role of LITs in the financial rehabilitation of consumers. Committee members expressed concerns about the rising levels of household debt, the impact of inflation and interest rates on household finances, and the potential for increased insolvencies. They also discussed the role of government policies in addressing household debt and promoting financial literacy. There was discussion on whether Canadians have too easy access to credit, and whether banks should take more responsibility for fraud. The committee explored the impact of international events on household finances and the potential for targeted measures to provide relief to vulnerable Canadians. The committee did not make any specific decisions during the meeting, but the information gathered will likely inform future policy recommendations related to household debt and financial well-being.

The House of Commons Standing Committee on Finance met to discuss household debt in Canada. The committee heard from officials from the Department of Finance, who provided an overview of the current situation, noting that while household debt remains high, most Canadians are still managing their financial obligations. Brian Torgunrud, Matthew Boldt, and Mark Radley from the Department of Finance explained how the department monitors economic developments and works with other agencies to manage financial risks. They also talked about the government's role in setting mortgage insurance rules and protecting consumers. They noted that vulnerable groups like renters, younger households, and lower-income households are facing the most financial strain. Committee members questioned the witnesses about the quality of life for Canadians who are reducing spending, refinancing mortgages, or using savings to cope with higher interest rates. Pat Kelly, a Conservative member, expressed concern that flat per capita GDP means Canadians aren't getting ahead. Jake Sawatzky, a Liberal member, asked about the impact of global economic disruptions and the factors considered when setting mortgage insurance rules. Jean-Denis Garon, a Bloc Québécois member, questioned whether government policies have channeled too much investment into residential real estate. Sandra Cobena, a Conservative member, asked about forecasts for food insecurity and poverty. Later, the committee heard from Sue Hutchison and Rebecca Oakes from Equifax Canada, and Matte Fabian and Clarke Cross from TransUnion Canada, who provided data and insights on consumer credit trends. They highlighted that while overall numbers show stabilization, there are significant differences among different groups of people. They also discussed the importance of including alternative data, like rental payments, in credit assessments to increase financial inclusion. The committee discussed the accuracy and use of credit scores, and the potential for them to be misused by landlords. During the meeting, Jasraj Hallan, a Conservative member, moved a motion to call on the government to cancel the upcoming automatic alcohol tax increase. Ryan Turnbull, a Liberal member, opposed the motion, arguing that it was not the appropriate time to discuss the issue and that the motion contained partisan language. Due to time constraints, the committee voted to adjourn before a decision could be made on the motion.

The House of Commons Standing Committee on Finance met to discuss the nomination of Annette Ryan for the position of Parliamentary Budget Officer (PBO). Annette Ryan, currently a deputy director at FINTRAC, was invited to speak about her qualifications and vision for the role. She emphasized her commitment to independence, transparency, and providing high-quality analysis to Parliament. Ryan also pledged to serve only one term as PBO to ensure impartiality. She highlighted her extensive experience in government and her dedication to fiscal sustainability. Committee members questioned Ryan about her past relationship with the Prime Minister, her commitment to impartiality, and her views on the government's fiscal policies. Some members expressed concerns about the government's track record of not reappointing officials who have been critical of its policies. Ryan reassured the committee that she would serve Parliament and provide independent analysis, regardless of potential pressure from the government. She also addressed questions about her views on the sustainability of Canada's public finances and the role of the PBO in advising Parliament on economic matters. Ryan committed to analyzing the sustainability of the government's fiscal framework and its ability to deliver on program commitments. She also expressed a willingness to work with parliamentarians to clarify the analyses they would like to receive from the PBO. Some committee members thanked Jason Jacques for his service as PBO. The committee agreed to provide updates on how budgets are spent.

The House of Commons Standing Committee on Finance met to discuss a proposed law to implement parts of the budget. Committee members went through the proposed law section by section, discussing and voting on changes. Karina Gould chaired the meeting, guiding the committee through the process of considering each clause and proposed amendment. Several members spoke about different parts of the proposed law. Jasraj Hallan suggested grouping clauses together to speed up the process. Peter Fragiskatos introduced government amendments related to income tax. Jean-Denis Garon proposed changes related to critical minerals, high-speed rail, and banking services, expressing concerns about protecting rights and ensuring fairness. Don Davies raised issues about digital services tax, housing tax, the luxury tax, and changes to Canada Post, advocating for consumers and vulnerable populations. Elizabeth May spoke against changes to the Red Tape Reduction Act and environmental protection laws, emphasizing the need for transparency and accountability. Several amendments were made to the proposed law. These included changes to income tax rules, the inclusion of phosphate as a critical mineral, and protections for library materials and services for the blind through Canada Post. Some proposed changes, especially those concerning the high-speed rail project and consumer protection in banking, were voted down. The committee agreed to send the revised proposed law back to the House of Commons for further consideration.

The House of Commons Standing Committee on Finance met to discuss proposed changes to laws related to the budget. Witnesses from various organizations gave their opinions on the proposed law. Carol Wilding from the Chartered Professional Accountants of Ontario talked about how the tax system needs to change to help businesses grow and attract investment. She suggested making some tax breaks permanent to give companies more certainty. Mathieu Lavigne from the Fédération des chambres de commerce du Québec highlighted some good things in the proposed law, like improvements to tax incentives for research and development. However, he also pointed out that there's no tax relief for companies in general and that more needs to be done to help businesses succeed. He also raised concerns about restrictions on temporary foreign workers. Adriana Vega from Fintechs Canada said the proposed law would help make the financial sector more competitive and affordable for Canadians. She specifically mentioned changes to open banking and the regulation of stablecoins (a type of cryptocurrency). Jessica Oliver from Wealthsimple talked about the need to ban exit fees on investment accounts, which can cost Canadians a lot of money when they switch platforms. The committee also heard from Ehren Cory of the Canada Infrastructure Bank, who discussed plans to increase the bank's capital and invest in infrastructure projects across the country. Finally, National Chief Cindy Woodhouse Nepinak from the Assembly of First Nations raised concerns about budget cuts to indigenous services and the lack of consultation with first nations on certain laws. David Chartrand from the Manitoba Métis Federation spoke about the need for Métis-specific health legislation and for the government to follow through on its treaty obligations.

The House of Commons Standing Committee on Finance met to discuss proposed changes to the law, specifically focusing on justice-related aspects within Bill C-15. Minister of Justice Sean Fraser explained key points, including changes to judicial appointments in Ontario, where some judges would be moved to unified family courts in Brampton and the Court of Appeal. He emphasized the goal of making family court processes easier for families, especially those with limited resources. He also touched on administrative changes to support services for federal tribunals in the Yukon. Minister Fraser also spoke about the government's broader public safety strategy, which includes stronger criminal laws, investments in frontline services, and violence prevention measures.

The House of Commons Standing Committee on Finance met to discuss proposed changes to laws about the budget and broadcasting. Minister of Canadian Identity and Culture, Marc Miller, spoke about the 2025 budget, which includes money for arts, culture, media, and preserving Canadian identity. He also talked about fixing a mistake in the Broadcasting Act related to privacy. Committee members questioned Miller on topics like censorship and algorithms related to Bill C-11, the Online Streaming Act. Rachael Thomas, a Conservative member, worried about the CRTC's power to control what Canadians see online and the impact on free speech. Miller defended the CRTC's role in regulating broadcasting and ensuring Canadian content is promoted. Other committee members asked about funding for CBC/Radio-Canada, support for private media, and the role of government in promoting Canadian culture. Vicky Eatrides, the head of the CRTC, and her team explained the CRTC's work in regulating communications and broadcasting. They discussed efforts to improve internet and cellphone services, protect consumers from scams, and modernize the broadcasting system. Committee members asked about the impact of online streaming laws on prices and choices for consumers, as well as the CRTC's role in promoting Canadian content and dealing with issues like artificial intelligence and online harms. The committee explored the balance between regulation, consumer choice, and promoting Canadian culture in the digital age. No votes were held.

The House of Commons Standing Committee on Finance met to discuss proposed law C-15, which is related to implementing parts of the 2025 budget. The Minister of Finance, François-Philippe Champagne, presented the budget as a generational investment in Canada's future, emphasizing the need for collaboration in a changing global economy. He highlighted key measures including investments in research and development, tax incentives for businesses, and strategies for climate competitiveness. The minister urged committee members to pass the proposed law quickly. Nick Leswick, the Deputy Minister of Finance, also attended. During the meeting, committee members questioned the Minister on various aspects of the proposed law. Jasraj Hallan, a Conservative member, raised concerns about a provision that could allow ministers to exempt entities from certain laws, including the Conflict of Interest Act. He pressed the Minister for a direct answer on whether this could apply to companies like Brookfield, but the Minister did not provide a clear response. Other members, like Carlos Leitão, a Liberal member, defended the proposed law and praised the Minister's efforts to attract private investment. Other topics discussed included Canada's commitment to NATO, infrastructure spending, and support for personal support workers. Gabriel Ste-Marie, a Bloc Québécois member, questioned the fiscal implications of increased NATO spending and sought clarification on infrastructure funding. Eric Lefebvre, a Conservative member, inquired about public service job cuts and the rising costs of government programs. The committee also discussed measures to support small and medium-sized businesses and address affordability concerns. The meeting concluded with members agreeing to meet again on Monday to discuss other aspects of the proposed law.

The House of Commons Standing Committee on Finance met to discuss proposed law C-15, which deals with implementing parts of the 2025 budget. Minister of Veterans Affairs Jill McKnight explained the proposed law includes investments in veterans' disability benefits and changes to how medical cannabis reimbursements are handled. The proposed law also clarifies how certain benefits are calculated, like those related to pensions and long-term care. McKnight emphasized the changes aim to provide more clarity and transparency for veterans, and that the government is committed to supporting veterans. McKnight faced questions about potential budget cuts and the quality of services for veterans. Conservative committee members questioned the Minister about potential cuts to veteran services, a contract with PCVRS, and whether veterans are actually receiving better service. They expressed concern that the proposed law would negatively impact veterans, especially regarding long-term care benefits. Bloc Québécois committee members focused on whether Veterans Affairs Canada provides enough services in French and whether the proposed law would lead to job losses within the department. They also questioned whether Quebec veteran organizations receive a fair share of funding. The committee also heard from Veterans Ombud Nishika Jardine, who expressed disappointment that the proposed law did not include mental health treatment benefits for families. Jardine raised concerns about clauses in the proposed law that would retroactively change how long-term care subsidies are calculated, potentially denying compensation to some veterans. Jardine recommended that the committee remove the retroactive part of the proposed law to maintain trust with the veteran community. The committee will continue its review of the proposed law.

The House of Commons Standing Committee on Finance met to discuss a proposed law called the Canada groceries and essentials benefit act. This law aims to help Canadians struggling with the high cost of groceries and everyday items. The proposed law would increase the GST credit and provide a one-time payment to over 12 million Canadians. The Minister of Finance, François-Philippe Champagne, explained that the proposed law is a response to rising food prices caused by global issues like supply chain problems and climate change. He said the benefit would put hundreds of dollars back into the pockets of Canadians. However, some committee members questioned whether the proposed law would actually solve the problem of high food prices. Melissa Lantsman, a Conservative member, pointed out that food prices have actually increased since the government promised to stabilize them. She asked the Minister what specific food items have become cheaper. Other committee members questioned the cost of the program and how it would affect the federal budget. Carlos Leitão, a Liberal member, defended the proposed law, saying it was needed to help Canadians struggling with the high cost of living. He also corrected the record, stating that Canada's food inflation is not the worst in the G7. Jean-Denis Garon, a Bloc Québécois member, suggested that the government should provide the GST credit on a monthly basis instead of quarterly. The committee approved the budget request regarding the study and will meet again on Thursday to continue discussing the budget.

The House of Commons Standing Committee on Finance met to discuss the proposed law related to the new high-speed rail network. Minister of Transport Steven MacKinnon explained that the proposed law aims to speed up the construction of the rail network, connecting major cities in Ontario and Quebec. He argued it would boost the economy, create jobs, and reduce emissions. He compared it to other major nation-building projects like the St. Lawrence Seaway. The proposed law aligns with existing infrastructure legislation in Quebec and Ontario to cut red tape and avoid delays. The first segment of the rail network is planned to run between Ottawa and Montreal, with construction potentially starting in four years if the proposed law passes. During the meeting, committee members raised concerns about the impact of the proposed law on landowners. Conservative MP Dan Albas questioned why the proposed law eliminates an independent review process that could protect the interests of affected communities. He also worried about landowners receiving little notice before their land is affected. Minister MacKinnon responded that the proposed law is for the general benefit of Canada and that landowners will be approached with common sense and offered fair market value for their land. Bloc Québécois MP Jean-Denis Garon expressed concern about the government's power to expropriate land, referencing the history of land seizures for the Mirabel airport. Alto representatives, including President and CEO Martin Imbleau, also attended the meeting. Mr. Imbleau emphasized the importance of the proposed law for delivering the project efficiently and predictably. He acknowledged concerns about expropriation and assured committee members that voluntary agreements with landowners would be preferred. He also stated that Alto is committed to maximizing the use of Canadian steel in the project. Committee members questioned Alto about the project's costs, environmental impact, and potential benefits for communities along the route. Ultimately, the committee is still considering the proposed law and its potential impacts. Further discussions and amendments may be needed to address the concerns raised by committee members and ensure the project benefits all Canadians.

The House of Commons Standing Committee on Finance met to discuss Bill C-15, which puts into action parts of the budget from November 2025. The first part of the meeting focused on tax-related items, while the second part covered other areas like banking and housing. Committee members questioned government officials on various aspects of the proposed law, including tax changes, support for media, and regulations for new financial products like stablecoins. During the tax discussion, Pat Kelly (Conservative) questioned the impact of tax eliminations on Canada's productivity and investment. Maximilian Baylor from the Department of Finance explained how tax measures aim to encourage investment and growth. Carlos Leitão (Liberal) emphasized the economic context behind the budget, including trade issues and slow productivity growth. Jean-Denis Garon (Bloc Québécois) raised concerns about fossil fuel subsidies and the digital services tax. Later, the committee shifted to non-tax measures. Pat Kelly inquired about consumer-driven banking and changes to equity thresholds for financial services companies. Jean-Denis Garon voiced concerns about land expropriation for the Alto high-speed train project and the potential impact on Quebec libraries. Matt Strauss (Conservative) questioned the practicality of regulating stablecoins, while Carlos Leitão explored their potential benefits for international money transfers. The committee agreed to follow up with the department to get answers to the questions that were not addressed during the meeting.