Spring Economic Update 2026 Implementation Act

Bill C-30, Spring Economic Update 2026 Implementation Act · Second reading · now law Where it stands

What the law does

The law implements measures from the spring economic update, temporarily removing the federal excise tax on gasoline, diesel, and aviation fuels from April 20, 2026, to September 7, 2026. It lowers Canada Pension Plan contribution rates starting in 2027 and extends extra Employment Insurance weeks for seasonal workers to October 2028. It also makes other changes to tax rules, alcohol excise duties, transportation data, and federal regulation of banking, food inspection, and pest control products.

Official text (opens in a new tab)

29 statements

Mario Beaulieu, La Pointe-de-l'Île

Bloc Québécois
“I want to know what my colleague thinks about this economic update ignoring the new tariffs. President Trump put a 25% tax on products with steel and aluminum, and it will hurt many businesses in Quebec and Canada.”
Official Hansard

Madam Speaker, I want to know what my colleague thinks about the fact that the economic update does not take the current tariff crisis into account. It ignores the fact that President Trump’s imposition of new 25% tariffs on all products containing steel and aluminum will create major challenges for many businesses in Quebec and the rest of Canada. What does my colleague think about that?

Pat Kelly, Calgary Crowfoot

Conservative
“The tariffs are a big problem. The government promised to fix them with a deal by last July, but it failed. There is no progress, and the Liberals have no real plan.”
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Official Hansard

Madam Speaker, I only had 10 minutes. I am glad I got that question. The hon. member raised the tariffs. This is a terrible moment in which we find ourselves with respect to the tariffs. Again, this is the government that said it had the answers. It promised and ran in an election campaign promising a deal by last July. The deal has not happened. There is no visible evidence of progress toward a deal. I do not know what the Liberals’ plan is. They just seem to think that their own slogans or walking around saying “elbows up” will solve the problem.

Carlos Leitão, Parliamentary Secretary to the Minister of Industry

Liberal

Linked statement

“If Canada is doing so poorly, how does the member explain that our country still has a top AAA credit rating?”
Official Hansard

Madam Speaker, I just have one short question. How does the hon. member explain the fact that, despite all of the doom and gloom, that Canada is broken, we still have a AAA credit rating?

Pat Kelly, Calgary Crowfoot

Conservative
“Past prime ministers left this government with a balanced budget in 2015. Since this government took over, our standard of living has not improved, and Canada now ranks at the bottom of peer countries for economic output per person.”
Official Hansard

Madam Speaker, that is a credit to past prime ministers, who bequeathed this government a balanced budget in 2015. He may note that it gives me no joy to point out that we are at the bottom of the OECD for per capita GDP and that the standard of living in the country has not improved over the tenure of the government. Yes, they are clinging to that one, but we have seen how they discharge all of their anchors and all of their measurements, all of the bars to which they measure themselves, when necessary.

Dane Lloyd, Parkland

Conservative
“The government is terrible at investing public money. It put $55 million into a nuclear energy company that just failed and sold for only $11 million. Taxpayers rarely get their money back from these projects.”
Official Hansard

Madam Speaker, the Liberal government, for 11 years, has been the worst investor of any government in Canadian history. There is a litany of projects, but I just want to talk about one today. Moltex Energy Canada was purporting to make molten-salt nuclear reactors in New Brunswick. The Liberal government poured $55 million, taxpayer dollars, into this boondoggle. It just went into insolvency and has been sold off for $11 million. Can the member for Calgary Crowfoot talk about the government’s poor record of investment? It loves spending taxpayer dollars on its schemes, but taxpayers rarely ever get their money back.

Pat Kelly, Calgary Crowfoot

Conservative
“This is what happens when the economy is run on government favours.”
Official Hansard

Madam Speaker, that is the natural, expected outcome of an economic management system based on rent-seeking and favour-seeking from government.

Michael Guglielmin, Vaughan—Woodbridge

Conservative
“I do not want this bill to pass. It spends too much borrowed money and doubles the deficit instead of lowering costs for Canadians. The government needs to stop running up the debt and cut taxes to make life affordable.”
  • A repeated line

    “That is not a sovereign wealth fund.”

    Said 4 times by 4 members since April 30.

    Every time it was said
Official Hansard

Madam Speaker, it is an honour to rise on behalf of the great people of the riding of Vaughan—Woodbridge. Every Canadian household will pay $3,400 this year for the interest on the federal debt. That is $3,400 per household gone, just to service what the government has borrowed. That number is only going to rise in the foreseeable future. That one number tells Canadians everything they need to know about the Liberal government’s 2026 budget. The finance minister stood in this place just three days ago and told Canadians, “the dream of Canada is alive and well. Young people, increasingly, see themselves in building Canada strong, and we will be there with them.” I would invite the minister to put down the prepared remarks and speak to the young people I represent. About 47% of Canadian home builders are laying off workers. In Ontario, that figure climbs up to 65%. More Canadians are starting businesses in the United States than in Canada. Half a trillion dollars in net investment has fled south of the border. How does the minister call this a dream? For too many young Canadians trying to afford a home, find a job or start a business in this country, it is a nightmare from which they cannot awake. The minister went further and told this House, “Generations will look back at the Prime Minister, the government and the current Parliament and say that we were there for them. We are building long-term wealth and growth.” Indeed, generations will look back at this. They will look back at $80 billion a year in interest payments. They will look back at a government that called debt an investment and mortgaged their future. The government is not building long-term wealth. It is building long-term debt and calling it long-term wealth. It gets much worse than that. The Prime Minister himself straight up misled Canadians when he claimed, just a few weeks ago, “Affordability is the best it has been in over a decade.” Every Canadian I have spoken to, regardless of who they are, knows this is false. Let us consider what Conservatives asked for in this update. We asked for the deficit to be capped at $31 billion, the figure Justin Trudeau projected in his last fiscal update, a figure that brought down a finance minister and a prime minister. It is the very deficit that almost toppled a federal government. Under this Prime Minister, the Liberals have more than doubled that number: $66.9 billion this year. That is six straight years of deficits above $53 billion and 11 straight years of deficits from the Liberals. What is amazing is that the Liberals celebrate their $67-billion deficit as if they are being fiscally responsible and stewards of economic management. Imagine this. The Liberals put forward a budget and have a projected deficit of around $80 billion. They then put out a spring economic statement and say, “Look how amazing we are. The deficit is only $67 billion, still more than double what was projected the year Trudeau was prime minister, but less than what we projected a few short months ago. How great are we?” We do not have to imagine that, because that is exactly what the Liberal Prime Minister has done. Outside of the pandemic, this is the largest deficit in Canadian history, and spending as a share of our economy is the highest it has been since 1996. The government calls this fiscal discipline. This is not discipline. This is a windfall. There was $60.3 billion in new revenue that walked through the finance minister’s door, the product of higher personal and corporate taxes, which hurt our competitiveness, and higher oil prices. What did the Prime Minister do with this extra money? He spent it. The government spent two-thirds of a gift it did not earn and asked Canadians to applaud the restraint. The trajectory is actually worse than the headline. Public debt charges are rising 50%, from $54 billion today to almost $81 billion five years from now, more than the government spends on health care transfers and more than it collects from every Canadian who pays GST. While interest climbs, growth falls. Real GDP growth has averaged 2.1% over the last 25 years. It is projected to be 1.7% this decade, and 1.5% for decades to come. The government is borrowing more, growing less and spending the difference on interest. It is mortgaging the future of our children and grandchildren. Then, there is the sovereign wealth fund. The key word in “sovereign wealth fund” is “wealth”. Norway has surpluses. Saudi Arabia has surpluses. Singapore has surpluses. Canada has a $66-billion deficit and $1.3 trillion in debt. The $25 billion seeding the fund is borrowed. That is not a sovereign wealth fund; it is a sovereign debt fund. Members do not have to take my word for it; they can take the word of independent voices. Build Canada, a non-partisan civic movement that supports founders and innovators in this country, calls the Canada Strong fund a “war bond”, where Canadians are being asked to “buy equity in the projects” that the government cannot get off the ground by its own merits. The Montreal Economic Institute put it plainly: “We don’t need a Canada Infrastructure Bank 2.0”. The Infrastructure Bank is a cautionary tale. Of 108 projects, only 11 have been completed. The Parliamentary Budget Officer found that the bank will fall $20.1 billion short of its disbursement target. Sixty-seven per cent of its partner funding came from the public sector. The very private capital it was supposed to attract, it is not attracting. The transport committee of this House recommended abolishing it. The government’s response was to raise its spending limit by another $10 billion. Canadian pension funds hold $1.33 trillion in foreign assets, 51% of their total holdings. Let us think about that: 51% of their total holdings not invested in Canada. Capital is not missing in this country; confidence is. The spring economic statement mentions artificial intelligence six times across its entire length. There are six mentions and six pillars of the strategy that does not yet exist. The Minister of Artificial Intelligence set his own deadline to deliver the framework. He missed it. His office now tells Canadians the framework is coming soon, but with no specific timeline. Witnesses appearing before the industry committee on this very subject have called the government’s consultation process rushed and too corporate-heavy. They have noted the absence of unions, civil society, researchers studying AI work, governance experts, privacy experts and human rights experts. A list of pillar names is not a strategy. While Canada drafts press releases, our competitors are building the technology that will define the next century of economic growth. Debt will cost $3,400 per household this year and $80 billion a year in interest by the end of the decade. We have a sovereign wealth fund with no wealth, a strategy with no plan, a finance minister who calls this a dream and a Prime Minister creating an illusion. Conservatives reject this credit card budget. We would build a paycheque economy where hard work brings home a powerful paycheque, where families can afford groceries and can afford their homes, and where neighbourhoods are safe and opportunity in this country is real. That is the promise of Canada, and that is the promise we will keep. That is why I move this amendment, seconded by the member for Parkland: That the motion be amended by deleting all the words after the word “That” and substituting the following: “the House decline to give second reading to Bill C-30, An Act to implement certain provisions of the spring economic update tabled in Parliament on April 28, 2026, since the Bill reflects the Prime Minister’s approach to credit-card budgeting by: (a) adding $37.5 billion in inflationary, net new spending; (b) running a deficit more than double the $31 billion last projected when Justin Trudeau was prime minister; (c) continuing to drive inflation up through the creation of more bureaucracies, rather than taking meaningful action to confront the affordability challenges facing Canadians by axing the taxes on groceries, eliminating the fuel standard and industrial carbon tax, scrapping the food packaging tax to make life affordable again; and (d) failing to cut inflationary spending, currently being racked up on the country’s credit card, such as the Alto rail project, the Liberal gun grab, excessive use of external consultants, foreign aid, corporate welfare, and taxpayer-funded handouts for fake asylum claimants.

Kevin Lamoureux, Parliamentary Secretary to the Leader of the Government in the House of Commons

Liberal
“This bill helps train up to 100,000 new skilled trades workers over the next five years. The Conservatives say they care about young people, but they are voting against this help. I want the member to explain why.”
Official Hansard

Madam Speaker, the Conservative Party has adopted a new-found “Get out of the way; I do not care” attitude. I reference the member’s opening comments, when he was talking about young people and doing things for youth. Within the spring update, there is a serious commitment to increase skilled trades Red Seal holders by between 80,000 and 100,000 over the next five years. The Conservative Party is actually voting against that particular project. I wonder how the member can justify it. Given his opening remarks regarding being there and supporting youth, why would the Conservative Party oppose a federal initiative to deal with Red Seal workers?

Michael Guglielmin, Vaughan—Woodbridge

Conservative
“The Liberal government is borrowing too much money and hurting young people's future. Their policies scare businesses and investments away from Canada. I want the government to stop spending so recklessly so there will be jobs for young people.”
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Official Hansard

Madam Speaker, $81 billion is the amount of money the Liberal government under the Liberal Prime Minister wants to mortgage away for our young people’s future. The Liberal Party and the Liberal government had a chance to demonstrate that they were different. The Liberals had a year to say that they are a different government now and are going to reject the incompetent and fiscally irresponsible ways of the Justin Trudeau Liberal government, but they did not. The mask came off. It is the same Liberal, costly government it always has been. In response to the hon. member, I would ask this: Where are the young people going to work? The Liberals have driven investment out of this country. Companies do not want to open businesses here. People do not want to stay here. There is a trillion-dollar gap between FDI and capital flight in this country. Where are the young people going to work? The Liberals should start acting fiscally responsibly and stop talking and pretending as if they were.

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