Official Hansard
Mr. Speaker, it is a real privilege to be able to join this afternoon's debate to talk about the opposition day motion. Those who know me know that, over my seven years of serving as a member of Parliament, I love opposition day motions because it is an opportunity for members on the government side of the House to critique the text and the policy ideas that are being put forward by the opposition members. Of course, today is no exception to that. I want to start by giving an opportunity to Canadians at home to understand what the government announced this week, because it is a core element of what the opposition has put forward. In its view, what we have put forward is not a good policy idea. I think the role of Canadian parliamentarians is to explain the policy positions and the ways in which we would handle government, and let Canadians decide who they think is best able to handle the current circumstances. This week, the Prime Minister announced the Canada Strong fund. This is Canada's first national sovereign wealth fund. It is an initial allocation of $25 billion from the government. Canadians at home might ask what a sovereign wealth fund means and what is the intention of the government in trying to move forward with this policy initiative. First, I think it is important to understand that the government has an intention of catalyzing a trillion dollars' worth of investment spending in this country over the next five years. I will repeat that: The government has an intention of spending and catalyzing private sector investment to $1 trillion. That is a large amount. I dare not doubt that for many people, parliamentarians in this House or Canadians at home, it is hard to understand the quantum of what that is, but that is a large investment in Canada's future. Of course, we have seen that reflected in the government's work to help establish the Major Projects Office, to look at identifying major projects of national interest and look at the work we can do to remove some of the regulatory barriers to be able to streamline processes, get shovels in the ground, draw in global investment and make that happen. I have observed, and I am on the record in my time as a member of Parliament since 2019, that as the government looks to incentivize the private sector to come and spend in the country, as we are putting public money on the table, Canadian parliamentarians on all sides of this House have identified that there is an important mechanism about public interest return. We can become equity stakeholders, and by “we”, I mean the government, as in Canadians. The beneficial economic derivatives of these projects can be used to support social programs and to support the types of national interest projects that we may wish to advance as a country in the days ahead. Of course, when we invest in projects, for example if we build what Enbridge is committing to do in British Columbia, a $4.4-billion natural gas pipeline, that comes with intrinsic benefits in terms of wages, which would support Canadian households. There is taxation on that, which would then support social programs that the government puts on. We could look at the construction jobs. We could look at the economic imports or perhaps royalties in terms of natural resources that are being developed in Canada. That is a broad macroeconomic benefit that would support the country. However, if the Canadian government were to invest or be an equity partner in these types of projects that return important revenues and economic benefits, not only for private stakeholders but for the government, there would be an opportunity to grow the wealth that the country has overall. Many Canadians would point to Norway as a prime example, the way Norway has been able to use its natural resource endowments to create a fund that is larger than $1 trillion. I do not have the exact figure, but I know it is north of $1 trillion. That is because the Norwegian government, back in the 1980s, decided that it would be an equity stakeholder in projects of national interest in its country. Now Norwegians, as a country and as a society, have a sovereign wealth fund that is over $1 trillion. We believe that the government here in Canada can do the same thing. We believe that we can draw in investments. We believe this Canada sovereign wealth fund can be a mechanism to take small but meaningful equity shares in projects that are going to matter to the country, that are going to create an economic return, and that Canadians themselves can participate in. Canadians can essentially be bondholders. They can take out an equity stake and invest in the Canada sovereign wealth fund themselves. That way, Canadians across this country, from coast to coast, can help build a country that they are proud of. If they have some additional disposable income, they can put it into the sovereign wealth fund. Of course, as the parameters are established, the fund would allow for Canadians, if they were to pull out their investment from the sovereign wealth fund, to have an interest-bearing benefit in terms of that time. As the sovereign wealth fund grows and the projects bring back economic revenues, this fund that Canadians could draw upon to invest in ourselves and our people is something we could move forward on. It has been interesting to hear the Conservatives take such a narrow and negative view of the benefits of what this type of fund could create. For example, the text of the motion says, “sovereign wealth funds must have wealth that comes from budget surpluses and resource revenues.” We certainly have resource revenues in this country. I point to the examples of perhaps some of the most successful wealth funds in the world: in Norway, the United Arab Emirates or some of the gulf countries. Every single one of those sovereign wealth funds started with the same principles as the Government of Canada is using today. They allocated and put in an initial ability to put money up front, and then they built out their fund as they continued to invest in economic projects around the world. We have a tremendous opportunity to do the same. Canadians watch what the government is seeking to accomplish. We have had the one-year anniversary since the mandate of our new Prime Minister in his seat. We are focused on delivering for Canadians, but it must be said with pride, regardless, so to speak, of the colour of jersey we wear in the House, that Canada has what the world wants. I have had the opportunity, as the Parliamentary Secretary to the Prime Minister, and as all parliamentarians have, to engage with diplomatic leaders from other countries, including ambassadors and high commissioners who are in Ottawa representing their country. Across the board, when we sit down with diplomatic representatives such as high commissioners or ambassadors, they say that they want more of what Canada has. We can look at what is happening right now in the Middle East, with all the uncertainty created by the blockade of the Strait of Hormuz. Countries want what Canada has from an energy perspective. We are focused on building out Canada's energy sector and being able to get product to international markets. That is one way in which Canada can continue to fuel the world. We talk about agriculture. I represent Kings—Hants in the Annapolis Valley, the largest agricultural riding in Atlantic Canada, though we may be small potatoes, so to speak, compared to the larger, sometimes prairie-heavy ridings, where we know a lot of the export focus in this country happens. I have enjoyed the working relationship I have with the Premier of Saskatchewan and have spent a lot of time in Western Canada. I believe in what prairie farmers mean to our Canadian economy and identity, and in what they do to feed the world every single day. We are proud of that. We also think about critical minerals. Again, whether seen through a lens of defence or one of clean energy, Canada's critical minerals are going to be what help shape the economy of today and tomorrow. That is what the government is focused on. The Canada Strong fund will allow Canada to take those equity positions I am talking about, help advance major projects across this country and create long-term benefit for Canadian people. The Prime Minister said that this “will be [the] people's fund.” This is an opportunity to invest in Canadians individually and our country and society as a whole. Of course, the Canada Strong fund is one of the many measures that the government introduced in the spring economic update. I would be remiss if I did not take some time to highlight the connectivity between the Canada Strong fund and the other initiatives we are putting on the table to help make our economy more resilient in the days ahead. First I will give some facts, because we can look at the text of the opposition day motion. The House leader, in question period earlier today, highlighted that essentially there were 33 questions of the exact same ilk from the opposition benches. There was no deviation from the type of questions. Let me take a moment to say as a parliamentarian, taking my parliamentary secretary hat off for a moment, that I think this is troubling. Yes, there should be a national line of questioning from opposition members. Perhaps the first two or three rounds ought to be about the macroeconomic issues of the day and holding the government to account, of course. However, when do individual members of Parliament from His Majesty's loyal opposition stand up to talk about the issues that might matter in their constituency? I cannot remember the last time there were actually questions on specific, directed issues that were being asked of government ministers. It is very rare or does not happen. Some hon. members: Oh, oh! Kody Blois: Mr. Speaker, I know I am getting a rise out of the opposition because they know it is true. I hope the leader of the official opposition and the empowered and enlightened members on the other side, including the hon. member for Regina—Lewvan, who has a lot to say and whose questions I look forward to, should have a conversation inside their blue tent and ask if they are doing the best for the people they represent and are asking the hard questions. I think they should be doing a better job of holding the front bench to account by talking about the things that actually matter in their riding. We never hear that. Here are some facts. We have heard, even in the opposition day motion, about the idea of a credit card debt dynamic. I do not know about anyone else, but when my wife and I bought our first home in Nova Scotia, we did not have the money to buy it outright. Maybe some members of the House had that ability, had some savings and bought a house outright. We had to borrow to buy an asset that we felt was fundamental. I would argue that when many Canadians buy a home, they do not have the money to buy it outright. What do they do? They borrow the money to build a brighter future for their family, and in many cases that primary residence becomes a retirement fund. When it is time for Canadians to retire, they sell their primary residence. Over the time they have held that property, its value will usually be greater than the original investment they made. Governments are very similar. Governments are exactly the same when they have to make decisions. They consider whether they are going to take a longer-term view of making an investment that will create long-term economic prosperity. While the Conservatives will stand and talk about so-called reckless spending, and I will get to this a moment, the most important metric is our overall debt with respect to the size of the economy and our propensity to repay. What we never hear is that level of nuance. What we never hear from the opposition benches is that the International Monetary Fund has reaffirmed that Canada has the strongest fiscal position in the G7. If the Conservatives would like to say that this is no longer a proper measure for how Canada and elected officials ought to be looking at our fiscal situation and that we need to go further, then we can have that conversation. Maybe the Conservatives would like to take the test pool of countries and go wider, and that is a fair thing for them to do, but we never hear about the fact that we have the best position. We never hear that we have the best net debt-to-GDP ratio in the G7, the amount of debt that Canada holds as a proportion of our economy. That is fact. We do not hear the members of the Conservative Party talk about that. They can talk about the fact that they would like us to be even stronger, that we should be even better. We are of the view that we are making important investments, including in our Canadian Armed Forces, and making the investments that matter for infrastructure in our communities. At the same time, the spring economic update showed $11 billion less in the size of the deficit. That is important, because we believe now is the time to invest. I have great respect for Mr. Harper. I may not have agreed with every decision he made, but he served this country as prime minister. I will remind Canadians that when Mr. Harper left office, in his last years of government, the Conservative Party had taken defence spending below 1% of GDP. I would submit to the House that for far too long, both Conservative and Liberal governments had not taken the question of defence spending in the way they ought to have. I am proud that the government has gotten to our target of 2% of GDP on defence spending, with an ambition to get up to 3.5%, according to what is being asked of our NATO partners. My question for the Conservative Party is this: Will it not recognize that part of that spending, being able to take on debt, is an investment in our men and women in uniform and an investment in our communities, and that, as part of our procurement to give the equipment needed to our men and women in uniform, those are true investments in our communities all across this country? There is no recognition of this at all, and I think it is important. Here is something else important. We will never hear this from the opposition benches, so my message to Canadians living in Conservative ridings, who will not find this in householders, on clip media or on social media, is that Canada has the strongest amount of foreign direct investment in the world on a per capita basis. That was in 2025. It is because countries want to invest in Canada. I can tell the member for Regina—Lewvan that this is absolutely the truth. I am happy to give him the statistics. He has to get beyond the social media talking points. It is an absolute fact. It is the job of the official opposition to push and to move. At the end of the day, investment is coming in, and it is a result of the conditions and culture the government is creating, saying we want investment in the country, the $1 trillion I just talked about. Connected with these major projects, connected with the sovereign wealth fund, we have to have the ability for the women and men of this country to build this country. This is why we have $6 billion committed to skilled trades. We want to help support 80,000 to 100,000 new Red Seal trade professionals in this country over the next five years. We are putting forward investment to support our young, new entrants into the trades. We want to encourage people to join. Again, I would ask the Conservative members to at least make sure this is being made known in their community, to share the fact that those programs are happening. As was mentioned in question period, there is almost $1 billion to support small craft harbours across this country. This is extremely important in Atlantic Canadian communities. The CPP reduction for small business employees is modest, but it is important. It reduces the amount that employees and employers have to contribute towards CPP savings, depending on their income and the amount of the deductions that would happen. Again, these are important measures that we are trying to take to support small businesses. The Conservatives ought to like this one. Bill C-273 was introduced by the member for Bow River, in Alberta. The bill is an identical mirror image of the bill I introduced three years ago. I have good news for my Conservative friends. If they have read the text of the spring economic update, and I give credit to the Minister of Health and the Minister of Agriculture, they will have seen that we are going to be amending the legislative statute of the CFIA and what is now called the pesticide regulatory directorate. This is going to ensure that we have an economic lens and can make more agile regulatory decisions. In fact, the Minister of Health confirmed today, publicly, that we are going to be using trusted science from other jurisdictions to expedite the available tools for farmers. The Conservative Party ran on a platform in April 2025 with absolutely nothing for farmers, no specifics about the programs, no specifics around AgriMarketing, nothing for business risk management and certainly nothing on this type of regulatory piece. It was good to see the Conservatives steal my homework, but guess what. It is not needed, because we are actually moving forward as a government. We appreciate that the Conservatives are going to continue to support it. I expect, or really hope at least, that when these measures come back in the budget, if the Conservatives do not agree with all elements of the spring economic update, they will actually create a separate vote and support that element of what may come through. We think it is extremely important. We believe we have an ability to create a Canada sovereign wealth fund that will create benefit for Canadians in the days ahead. This will be an important way for us to be able to invest in public interest stakeholders and major national projects that will return a type of fund that can be reinvested for Canadians and generations to come. We reject the premise that this type of spending in long-term national economic and productivity-building investments is somehow going to draw and increase inflationary pressures. We would submit that the inflationary pressure we are seeing around the world as a result of global consequences, such as the Strait of Hormuz closure, the impacts of climate change, and the impacts of trade relationships that are being dislocated in a world that is increasingly pulling away from elements of free trade, is a larger driver of that inflation than anything the government is doing. We would also suggest, as I have already made the case and the Prime Minister has made clear, contrary to the idea that the fund cannot be used as a way to support everyday Canadians, everyday Canadians will be able to invest in the Canada sovereign wealth fund as a way to contribute to their country, to invest in the country they believe in and in the people who are helping build these projects. We have a positive view on what we can get done in this country, and I wish the Conservatives would join us. The last piece is around affordability, because fuel is referenced, along with food. Again, there was nothing in the Conservatives' platform, in their last election opportunity, that spoke for farmers. As it relates to affordability, we have been rolling out a series of measures to support Canadians. Whether it is the groceries and essentials rebate, the Canada child benefit, the national school food program or dental care for seniors, there is a plethora of programs we think are important for everyday Canadians. At every single turn, notwithstanding the fact that these programs benefit their own constituents, the Conservatives vote against them. I look forward to taking questions from my hon. colleagues. I appreciate the opportunity to engage in this debate.
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