Remarks by the Deputy Prime Minister at the Standing Committee on Finance to discuss the Budget Implementation Act, 2024, No. 1.

May 9, 2024 - House of Commons

Thank you, Mr. Chair.

It is my pleasure to appear before you and members of the committee to discuss the Budget Implementation Act, No 1, which would put into effect many key measures from this year’s budget.

Our budget, and the measures outlined in the Budget Implementation Act, is about ensuring fairness for every generation.

These measures include a plan to help make homes more affordable—by helping Millennial and Gen Z Canadians afford a home with more tax-free ways to save for that first down payment.

We’re also putting more homes back on the market by cracking down on short-term rentals and by banning foreign buyers of Canadian homes.

We’re making life cost less and we’re strengthening Canada’s social safety net for every generation— from expanding the Canada Student Loan forgiveness program to workers across health care and social services who work in rural and remote communities, to launching a National School Food Program, to making switching internet and phone plans easier and more affordable.

We’re also increasing investments and productivity, including by delivering two more major investment tax credits, to attract more private investment, create more good-paying jobs, and grow the economy.

Mr. Chair, these investments are built upon a fiscally responsible plan.

Last week, Moody’s, one of the leading credit ratings agencies, re-affirmed Canada’s triple-A credit rating with a stable outlook. Moody’s also predicts that, over the medium term, Canada will see more growth than some other triple-A economies and that inflation will remain near the Bank of Canada’s midpoint target of 2 per cent.

This is a powerful, independent, objective proof point. A triple-A credit rating means Canada’s economy is strong and resilient. It means our economic plan is fiscally responsible.

It means we can afford to make the investments Canada needs and create the good jobs Canadians need. It means the federal government can responsibly invest and borrow at lower costs, as can other orders of government and Canadian businesses. 

Our government is acting now—because the cost of inaction today would be borne chiefly by younger Canadians, and we will not leave them behind.

That’s why I am urging my fellow Parliamentarians to pass the Budget Implementation Act as swiftly as possible. Young Canadians are counting on it. 

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