Discussion · Government Orders
Abdelhaq Sari Liberal
“Canada is in a strong financial position, with a top credit rating and a low debt-to-GDP ratio compared to our peers. We are managing public money responsibly, bringing in hundreds of billions of dollars in new investments, and cutting our deficit.”
“Mr. Speaker, I would like to inform you that I will be sharing my time with the member for Scarborough Southwest. I am very pleased to rise today to speak to the motion put forward by the leader of the official opposition. It touches on an issue that affects all of us: the state of our public finances and what they enable us to do for Canadians. I believe there is at least one thing members on both sides of the House can agree on: The world is changing fast. It is changing unpredictably; trade tensions are on the rise, supply chains are being reshaped, and decisions made far from here are being felt in our kitchens, our factories and our small and medium-sized businesses. I see this in my riding of Bourassa every day. Families are carefully budgeting, and business owners on our main streets are wondering what tomorrow will bring. They do not expect slogans from us; they expect us to take this seriously. Faced with such uncertainty, what does a responsible government do? Our government is focusing on what it can control. It is strengthening the economy here at home. It is diversifying its trade relationships abroad. It is making strategic investments to build a stronger, more independent and, above all, more resilient economy. All of this rests on one essential condition, and one condition alone: a solid financial position. A sound financial position is not an end in itself. It is an asset for the country and a tool for the government. It is what allows us to protect Canadians when the storm hits. It is what gives us the means to respond to shocks. Above all, it is what allows us to invest in the future rather than simply endure it. The good news is that Canada is entering this period from a position of strength. The government is not the only one saying so; the International Monetary Fund, or IMF, agrees. It should be noted that the IMF does not engage in politics; rather, it produces calculations, figures and rather interesting performance indicators. According to its most recent projections, Canada will have the second-lowest deficit in the G7 this year as a share of its economy. That deficit will continue to decline over the coming years. It is expected to fall from 2.5% of GDP in 2026 to 2.4% in 2027, before falling to 1.7% by 2031. Across the globe, budgetary pressures are mounting, yet Canada remains among the strongest performers in the G7. We have the lowest net debt-to-GDP ratio in the entire G7. Canada is one of only two G7 countries, alongside Germany, to hold a AAA credit rating from the major credit rating agencies. The AAA rating cannot be bought; it must be earned. This rating is not merely a badge of honour. It is a vote of confidence from investors around the world. This confidence has measurable value: It helps keep our borrowing costs as low as possible, and that directly protects taxpayers. There are other assets in addition to that. Canada is the best-connected economy in the world, with free trade agreements that open the door to 1.5 billion consumers. We offer by far the most competitive tax environment in the G7 for new business investment. We are not letting those strengths go to waste; we are putting them to work. In fact, last month, Canada hosted the first-ever Canada investment summit. We brought together some of the world’s biggest investors and gave them a simple message: Come and see what Canada has to offer. The result was nearly $500 billion in new funding and investment commitments in Canada. However, attracting investors is not enough. They need a reason to want to stay, to build and grow here in Canada. That is why we announced the new productivity mega deduction. What does a mega deduction actually mean? It means that businesses will be able to immediately and permanently write off their eligible investments in a broad-based range of assets. The percentage of assets covered will increase from about 15% to more than 65%. This measure would help an SME that is hesitating over whether to buy a new machine. There is an industrial area in my riding of Bourassa. If an SME wants to buy a new machine or modernize its systems, this measure is a reason to say yes to that investment. If a large company is torn between Canada and another country, this measure is a reason to choose our country, Canada. Whether small, medium or large, all our businesses benefit. Whether in Quebec, Alberta or elsewhere in the country, everyone benefits. When businesses invest in their equipment and their workers, our overall productivity improves. Canada has a financial advantage, and we are determined to protect it, because investing in the future does not mean spending recklessly. On the contrary, budget 2025 marked a real shift in how public finances are managed, and this plan is working. As the Prime Minister recently announced, the government is on track to balance its operating spending as early as 2027-28, a year earlier than our government had projected. We are also committed to rigorously implementing the efficiency measures set out in budget 2025. The Minister of Finance and National Revenue will table the 2026 budget on November 5. On November 5, we will not be tabling slogans. We will not be tabling a motion. We will be tabling a budget. The logic is very simple: fewer resources devoted to the day-to-day operations of government and more resources devoted to the things that build our economic capacity for decades to come, such as infrastructure, major projects and revenue-generating assets. Every family understands the difference between the money we spend to meet our day-to-day needs and the money we invest to build our future. A prudent family keeps a close eye on the former. A wise family never neglects the latter. That discipline is not optional. Our fiscal position is strong today, but in no way does that mean we can take it for granted. That is why the government has adopted two clear and essential rules. First, operating expenses must be balanced with revenues. Second, the deficit must remain on a downward path relative to the size of our economy. These are two simple, measurable rules, and our government is abiding by them. This brings me to my conclusion. Canada’s fiscal strengths are real. We have one of the strongest financial positions in the G7, with the lowest net debt-to-GDP ratio and a AAA credit rating. Our responsibility is twofold. The first responsibility is to preserve these strengths. The second is to use them for growth. That means investing in infrastructure and major projects, attracting more private capital, empowering our businesses to grow, diversifying our trade so that we are less dependent on a single partner, and diligently managing our public finances. That is exactly what we are doing. As I was saying, we live in a rapidly changing world. Neither the Speaker of the House, nor I, nor the Prime Minister, nor any member of the House can control what happens outside our borders. However, we can control the choices we make, and our choice is clear. We are choosing to build on our strengths, invest in the future and build a more resilient and more prosperous economy for our children. We do not control the world, but we can control our choices.”
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Speech on a motion
Relevance 27 of 100
None of this speech addressed the specific motion under debate.
See full analysis -
A repeated line
“We have the lowest debt-to-GDP ratio in the G7.”
Said 17 times by 13 members since April 29.
Every time it was said
Mr. Speaker, I would like to inform you that I will be sharing my time with the member for Scarborough Southwest. I am very pleased to rise today to speak to the motion put forward by the leader of the official opposition. It touches on an issue that affects all of us: the state of our public finances and what they enable us to do for Canadians. I believe there is at least one thing members on both sides of the House can agree on: The world is changing fast. It is changing unpredictably; trade tensions are on the rise, supply chains are being reshaped, and decisions made far from here are being felt in our kitchens, our factories and our small and medium-sized businesses. I see this in my riding of Bourassa every day. Families are carefully budgeting, and business owners on our main streets are wondering what tomorrow will bring. They do not expect slogans from us; they expect us to take this seriously. Faced with such uncertainty, what does a responsible government do? Our government is focusing on what it can control. It is strengthening the economy here at home. It is diversifying its trade relationships abroad. It is making strategic investments to build a stronger, more independent and, above all, more resilient economy. All of this rests on one essential condition, and one condition alone: a solid financial position. A sound financial position is not an end in itself. It is an asset for the country and a tool for the government. It is what allows us to protect Canadians when the storm hits. It is what gives us the means to respond to shocks. Above all, it is what allows us to invest in the future rather than simply endure it. The good news is that Canada is entering this period from a position of strength. The government is not the only one saying so; the International Monetary Fund, or IMF, agrees. It should be noted that the IMF does not engage in politics; rather, it produces calculations, figures and rather interesting performance indicators. According to its most recent projections, Canada will have the second-lowest deficit in the G7 this year as a share of its economy. That deficit will continue to decline over the coming years. It is expected to fall from 2.5% of GDP in 2026 to 2.4% in 2027, before falling to 1.7% by 2031. Across the globe, budgetary pressures are mounting, yet Canada remains among the strongest performers in the G7. We have the lowest net debt-to-GDP ratio in the entire G7. Canada is one of only two G7 countries, alongside Germany, to hold a AAA credit rating from the major credit rating agencies. The AAA rating cannot be bought; it must be earned. This rating is not merely a badge of honour. It is a vote of confidence from investors around the world. This confidence has measurable value: It helps keep our borrowing costs as low as possible, and that directly protects taxpayers. There are other assets in addition to that. Canada is the best-connected economy in the world, with free trade agreements that open the door to 1.5 billion consumers. We offer by far the most competitive tax environment in the G7 for new business investment. We are not letting those strengths go to waste; we are putting them to work. In fact, last month, Canada hosted the first-ever Canada investment summit. We brought together some of the world’s biggest investors and gave them a simple message: Come and see what Canada has to offer. The result was nearly $500 billion in new funding and investment commitments in Canada. However, attracting investors is not enough. They need a reason to want to stay, to build and grow here in Canada. That is why we announced the new productivity mega deduction. What does a mega deduction actually mean? It means that businesses will be able to immediately and permanently write off their eligible investments in a broad-based range of assets. The percentage of assets covered will increase from about 15% to more than 65%. This measure would help an SME that is hesitating over whether to buy a new machine. There is an industrial area in my riding of Bourassa. If an SME wants to buy a new machine or modernize its systems, this measure is a reason to say yes to that investment. If a large company is torn between Canada and another country, this measure is a reason to choose our country, Canada. Whether small, medium or large, all our businesses benefit. Whether in Quebec, Alberta or elsewhere in the country, everyone benefits. When businesses invest in their equipment and their workers, our overall productivity improves. Canada has a financial advantage, and we are determined to protect it, because investing in the future does not mean spending recklessly. On the contrary, budget 2025 marked a real shift in how public finances are managed, and this plan is working. As the Prime Minister recently announced, the government is on track to balance its operating spending as early as 2027-28, a year earlier than our government had projected. We are also committed to rigorously implementing the efficiency measures set out in budget 2025. The Minister of Finance and National Revenue will table the 2026 budget on November 5. On November 5, we will not be tabling slogans. We will not be tabling a motion. We will be tabling a budget. The logic is very simple: fewer resources devoted to the day-to-day operations of government and more resources devoted to the things that build our economic capacity for decades to come, such as infrastructure, major projects and revenue-generating assets. Every family understands the difference between the money we spend to meet our day-to-day needs and the money we invest to build our future. A prudent family keeps a close eye on the former. A wise family never neglects the latter. That discipline is not optional. Our fiscal position is strong today, but in no way does that mean we can take it for granted. That is why the government has adopted two clear and essential rules. First, operating expenses must be balanced with revenues. Second, the deficit must remain on a downward path relative to the size of our economy. These are two simple, measurable rules, and our government is abiding by them. This brings me to my conclusion. Canada’s fiscal strengths are real. We have one of the strongest financial positions in the G7, with the lowest net debt-to-GDP ratio and a AAA credit rating. Our responsibility is twofold. The first responsibility is to preserve these strengths. The second is to use them for growth. That means investing in infrastructure and major projects, attracting more private capital, empowering our businesses to grow, diversifying our trade so that we are less dependent on a single partner, and diligently managing our public finances. That is exactly what we are doing. As I was saying, we live in a rapidly changing world. Neither the Speaker of the House, nor I, nor the Prime Minister, nor any member of the House can control what happens outside our borders. However, we can control the choices we make, and our choice is clear. We are choosing to build on our strengths, invest in the future and build a more resilient and more prosperous economy for our children. We do not control the world, but we can control our choices.