Remarks by the Deputy Prime Minister and Minister of Finance at the Standing Senate Committee on National Finance to discuss Bill C-47

June 7, 2023

Thank you very much, Mr. Chair.

First of all, I want to say that I will have to vote a number of times during my presence here today, and I thank you for your patience.

It is my pleasure to appear before you and members of the committee to discuss the Budget Implementation Act.

907,000 more Canadians are employed today than when COVID first hit, and at just five per cent, our unemployment rate is near its record low.

Canada experienced the strongest economic growth among G7 countries in 2022. Our real GDP grew by 3.1 per cent in the first quarter of this year, which was the highest in the G7, and Canada has both the lowest deficit-to-GDP ratio and the lowest net debt-to-GDP ratio in the G7.

Building on this strong economic foundation, I would like to outline why it is so important that we work together to pass this legislation.

In this legislation, we are cracking down on house flipping by fully taxing assignment sales—because homes should be for Canadians to live in, not a speculative financial asset class.

To protect Canadians, we are also cracking down on predatory lending by lowering the criminal rate of interest from 47 per cent to 35 per cent, and we are imposing a cap on payday loans of no more than $14 per $100 borrowed.

We are protecting air passengers’ rights by making airlines more accountable for delays, cancellations, and lost baggage, and ensuring they compensate Canadians fairly for delays that are within the airline’s control.

We are modernizing the oversight of Canada’s financial sector to ensure that our financial institutions act with integrity, and that they are protected from threats of foreign interference.

To help make the cost of an education more affordable for students across Canada, we are increasing withdrawal limits for RESPs from $5,000 to $8,000 for full-time students, and from $2,500 to $4,000 for part-time students.

To support skilled tradespeople who are building our clean economy and helping to double the number of new housing units, we are doubling the Tradesperson's Tools Deduction. This deduction will increase from $500 to $1,000 thousand, which will help them invest in the tools they need.

We are expanding the Canada Workers Benefit to help 4.2 million of our lowest-paid – and often most essential – workers. We will also ensure that payments of this benefit are made quarterly, so that more of the money they have earned is returned to them more quickly.

To help more low-income Canadians receive the benefits and supports they are entitled to, we are nearly tripling the number of Canadians who can auto-file their tax returns, and next year, the CRA will pilot a new, automatic filing system for vulnerable Canadians.

And we are supporting the implementation of the new Canadian Dental Care Plan, which will cover up to nine million Canadians by 2025, and will mean that you will no longer be able to tell how much money someone makes—or how much money their parents make—by their smile.

Mr. Chair, these are just some of the measures in the Budget Implementation Act that will deliver on our plan to support Canadians from coast-to-coast-to-coast—and which I am confident members of the committee will support, as well.

Thank you very much, and I’m happy to take your questions.