Business of Supply

A Conservative opposition day motion calling on the government to cancel a proposed $25-billion sovereign wealth fund, arguing that real wealth funds are built on surpluses and resource revenues while Canada runs deficits, so the money would have to be borrowed, driving up debt costs and benefiting favoured corporations. Conservatives said the government should instead cut taxes and red tape to encourage private investment, and questioned who would run the fund. Bloc Québécois members agreed the fund is not a true sovereign wealth fund because it would be debt-financed and lacked details. Liberals defended the fund as a way to invest in a stronger economy, noting other countries have such funds and that it could benefit all regions. Some time was also taken up with a procedural notice dividing Conservative speaking slots and exchanges about pipelines.Written by AI from the debate. Updated .

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86 statements

Arielle Kayabaga, London West

Liberal
“The Conservatives oppose everything that helps Canadians and grows the economy unless it is their idea. Why do they keep voting against things that help our country?”
  • Question or comment in debate

    Signal 16 of 100

    Much of this statement went to praise, blame, greetings, routine procedure or general stories rather than reasons, requests or specific points.

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Official Hansard

Mr. Speaker, I have been listening to the Conservatives’ position on anything that supports Canadians moving forward and Canadians having opportunities to grow our wealth and to grow our economy. Unless it is their idea, they are against it. Listening to them talk, it is almost like they are against Canada. They are talking about unlocking opportunities for Canadians, yet they constantly vote against Canadians. Can my hon. colleague tell me why they continue to vote against Canada?

Shannon Stubbs, Lakeland

Conservative
“The member should talk about policy instead of attacking our motives. She needs to explain how this fund works, who runs it, and how it helps Canadians who cannot afford food or housing.”
Official Hansard

Mr. Speaker, let me give the member some advice right off the top. I think she should actually engage in the policy discussion here instead of impugning the motives of duly and equally elected people who represent hundreds of thousands of Canadians and care about our country exactly as much as, and maybe more than, every single other person, which is why we are fighting so hard to save it. I think that as a Liberal government member, she should stand up here and explain all the details about the fund: exactly how it would work, who would run it and what it would do for Canadians who cannot afford to pay rent or their mortgage, or to feed themselves, people who have to ration their basics and live in sacrifice because that is what the government has made them do. It is the member’s job to stand up to answer those questions.

Dan Muys, Flamborough—Glanbrook—Brant North

Conservative
“Canada now gets the least private business investment among rich countries because of high taxes and rules. Other countries build big energy projects in months. Our new office for major projects has built nothing in nine months.”
Official Hansard

Mr. Speaker, my colleague from Lakeland is exactly right. Eleven years ago, we had the richest, most prosperous middle class in the world here in Canada, but we have moved a long way from that. Canada has the lowest private sector investment in our economy of all the OECD countries because of the regulatory and tax burden that is choking and chasing away investment. I would like the member to comment on the fact that it has been nine months since the Major Projects Office was approved in legislation, and zero shovels are in the ground, yet Germany built an LNG intake facility in 6.5 months, the Netherlands in six months and Finland in four months.

Shannon Stubbs, Lakeland

Conservative
“The government's major projects office is not working. It has not helped build any projects, cut red tape, or made it easier to trade between provinces. Instead, Canadian money is leaving for the United States, and the government is breaking its promises.”
Official Hansard

Mr. Speaker, I thank the member for all his advocacy for energy development and for making life more affordable for every single Canadian in every part of the country. Of course he is exactly right. The Major Projects Office is just the latest example of big promises and great rhetoric of the government’s trying to pretend it is new compared to the exact same one that it was, which had driven out investment. In fact, the member raises a major point. In 2015, and I wonder what happened then, it the first time in Canadian history that capital from Canada started to flow into the U.S., rather than the other way around, and it has gotten worse every year since. Here we are, a year out, and the Major Projects Office has not designated a single project in the national interest. Most of the projects it is announcing have already been built, and most have already gone through regulators or their provincial jurisdiction. There are a bunch of others for which nobody has any idea what is going to happen. There are a hundred people who are making a lot of money, and the Liberals have not delivered on a single thing in terms of their promises for getting major projects built or for cutting red tape and interprovincial trade barriers. That is the problem. They—

Xavier Barsalou-Duval, Pierre-Boucher—Les Patriotes—Verchères

Bloc Québécois
“I want to know why we need a new investment fund for big projects when the Canada Infrastructure Bank already does that.”
Official Hansard

Mr. Speaker, I must say that I was rather impressed by the intensity of my colleague’s speech. It was very substantial. There was so much to it that I could not take it all in. I would like to hear more about the merits of creating a so-called sovereign wealth fund to fund major projects, when apparently the Canada Infrastructure Bank is already being used for that purpose. Why launch a new fund when we already have a tool that does the same thing?

Shannon Stubbs, Lakeland

Conservative

Linked statement

“The Liberals waste money on funds that do not help anyone while life gets more expensive. Opposition parties should unite and make the government explain its plans. Right now, 71 projects are stuck waiting for approval from regulators.”
Official Hansard

Mr. Speaker, we entirely agree. The Liberals have created constant chaos, uncertainty and confusion with fund after fund that is not delivering any positive results in any way whatsoever. Life just keeps getting more and more expensive for everyday Canadians. I think all opposition parties need to unite in pushing the Liberals to tell them exactly what they are going to do. I think they are going to pick winners and losers in every part of this country, this society and the economy according to their own total-control agenda, which they are showing is what they want to do here in the House of Commons. In addition, related to another comment, do members know that there are 71 proponents in front of three Canadian regulators right now, and that they are all stuck, waiting around and not getting fast-tracked in any way whatsoever, no matter what the—

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