At a time when there is so much division in so many countries in the world, I am pleased to report to Senators that Bill C-56 passed unanimously in the House on Monday, and I really hope that it will have the same support here.
Whether it is building more homes, faster, making life more affordable, or growing our economy and creating great careers for people right across Canada, we want to hear about what matters most to Canadians.
The government’s economic plan is building more homes, faster, making life more affordable, and creating good jobs for Canadians from coast to coast to coast. The suggestions received from Canadians will ensure that the government can address the challenges that matter most to Canadians and build an economy that works for everyone.
Earlier today, the Office of the Superintendent of Financial Institutions (OSFI) announced that it is maintaining at its current level the minimum qualifying rate for uninsured mortgages. This rate came into effect on June 1, 2021, and was last reaffirmed on December 15, 2022.
Next week in Toronto, Ontario, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, will host the annual meeting of federal, provincial, and territorial Finance Ministers.
At my instruction on June 14, 2023, the Government of Canada immediately halted all government-led activity at the Asian Infrastructure Investment Bank (AIIB). This urgent step was taken after serious concerns were raised about the AIIB by a former employee.
I will first provide an update on our new Tax-Free First Home Savings Account.
I will then pass it to Minister Fraser, who will speak about how we are supporting co-op housing providers to build more homes, faster, for Canadians.
Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, announced that more than 300,000 Canadians have opened a Tax-Free First Home Savings Account since April 1, 2023, which is making it more affordable for them to save for a down payment.
All told, our Investment Tax Credit for Carbon Capture, Utilization, and Storage as well as our Investment Tax Credit for Clean Hydrogen will provide up to $400 million in support of this project. That is money that is going to be delivered up-front, to get shovels in the ground on a truly, first-of-its-kind, best-in-class, world-leading facility.