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Business of Supply

This was a Business of Supply debate taking place during consideration of the government’s recent economic update legislation. Conservatives pressed the Finance Minister on deficit spending, asking when the budget would be balanced, how many homes are being built, the costs of a planned sovereign wealth fund, and details of specific spending items such as a spaceport lease, while repeatedly saying the minister was not answering their questions. Liberals defended the government’s record, saying the economy is strong, the deficit is lower than expected, and housing prices and rents have come down. The Bloc Québécois asked about the exemption of American companies from the global minimum tax in Bill C-31 and about wage subsidies for workers affected by tariffs, and the NDP asked why the government is not taxing oil company excess profits or banning surveillance pricing. Some members also raised local matters such as support for regional media.Written by AI from the debate. Updated .

Official text

366 statements

Sandra Cobena

Conservative
“The government created an infrastructure bank with $35 billion, but red tape has stopped it from spending that money. How can the minister claim this new fund will actually be able to spend its money?”
Official Hansard

Mr. Chair, we actually have an example. The Liberals established the Canada Infrastructure Bank. It was supposed to support infrastructure projects that are in the public interest, and it cannot even deploy the $35 billion it was given because of regulatory roadblocks that the government creates. How can the minister pretend that this fund will be able to deploy the funds it will be given?

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François-Philippe Champagne

Liberal
“The opposition has a right to ask questions, but they should not criticize a plan that will make Canadians wealthier. We should all work together to help Canadians create wealth.”

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Official Hansard

Mr. Chair, there is something to question. Everyone in the House has a role. I understand the role of the opposition is to ask questions, but I do not understand why talking down an instrument that is going to create collective wealth for Canadians is the right thing to do. In this House, we should all work together to create structure, to create more wealth for Canadians and—

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Sandra Cobena

Conservative
“I want an answer to my question. A committee said we should get rid of the Canada Infrastructure Bank because it helped Liberal friends and failed to build what we need. Why is the government still supporting this failed plan?”
Official Hansard

Mr. Chair, I am not talking down anything. I am actually asking very simple questions, and I am getting zero answers. The transport committee has recommended that the Canada Infrastructure Bank be abolished because it benefited Liberal-appointed insiders and, in fact, failed to fill infrastructure gaps. Why are the Liberals doubling down on a failed policy and refusing to follow the gold standard practices of other sovereign wealth funds?

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François-Philippe Champagne

Liberal
“We talked to wealth funds around the world to set up our fund properly. This fund will let everyday investors share in Canada's economic growth.”

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Official Hansard

Mr. Chair, in fact, we have consulted with sovereign wealth funds around the world. We even said we would be consulting. We have already established the parameters of the fund. We are going to make sure that we have best practices, but at the same time, we in this House should be happy to see that individual investors will be able to share the growth that we are going to be creating in this country.

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Sandra Cobena

Conservative
“Canadians are struggling to afford food while government executives make millions. How much will the minister pay the bosses of this new fund?”
Official Hansard

Mr. Chair, Canadians are struggling to buy groceries, and the CEO of the Canada Infrastructure Bank is getting paid close to $1 million. It is not delivering. Now the Prime Minister and the minister want to recreate this whole scenario with yet another bureaucracy and another set of executives who will get paid millions of dollars as well. Let us be transparent. How much will the minister pay the new CEO and board of this sovereign wealth fund?

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François-Philippe Champagne

Liberal
“The member cannot decide if a national investment fund is good or bad. Other countries show these funds help people. That is why we are creating one for Canada.”

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Official Hansard

Mr. Chair, it is difficult to follow the member tonight in her line of questioning. On the one hand, she said sovereign wealth funds are a good thing, and now she wants to criticize us for creating one. It is very difficult to follow. I would ask her, is it a good thing or a bad thing? We have seen examples in Nordic countries and abroad that show creating a sovereign wealth fund is a good thing for people. That is why we are going to do our own sovereign wealth fund here in Canada using best practices.

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Sandra Cobena

Conservative
“The government has not told us how much this sovereign wealth fund will cost. Other officials do not know either. I want the minister to tell Canadians how much it will cost over the next five years.”
Official Hansard

Mr. Chair, if the member was following the golden class example of Norway, with budget surpluses, diversification and no political interference, then yes, it would be a good thing, but here, in fact, it is the opposite, which is why I am asking the questions. He is failing to answer them. Here is another question. We have received zero information in terms of the cost of the fund. I asked the PBO. She did not have it. The Bank of Canada governor referred me to the finance minister’s officials. Neither of them had it. I will ask the minister again. How much will the sovereign wealth fund cost Canadians over the next five years?

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François-Philippe Champagne

Liberal
“The information the member is asking for is in the economic report.”
Official Hansard

Mr. Chair, I refer the member to table A1.9 on page 125 of the spring economic statement in English. She will find the information. It is all there.

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Sandra Cobena

Conservative
“I want to know the exact amount Canadians will pay in interest on the $25 billion of debt for this fund.”
Official Hansard

Mr. Chair, how much will Canadians pay in interest on the $25 billion of debt that this fund will use? I want just the number.

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François-Philippe Champagne

Liberal
“The numbers the member is asking for are in the document, on page 125 in table A1.9.”

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Official Hansard

Again, Mr. Chair, I know the member would want to refer to the document. It is all there on page 125. It is in table A1.9. She will see the numbers.

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Sandra Cobena

Conservative
“I want the minister to tell me the exact cost of the bureaucracy for this.”
Official Hansard

Mr. Chair, how much will the bureaucracy cost? I want just the number. The minister must know the numbers. I would like just the number for how much it will cost in terms of the bureaucracy.

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François-Philippe Champagne

Liberal
“We are creating a national fund to build wealth for Canada. The numbers the member asked for are in the spring economic update.”

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Official Hansard

Mr. Chair, like I said, this is an important structure we are going to be creating to create collective wealth in the country. With respect to the numbers that my colleague has been asking for, she will find them in the spring economic update. She will be able to find the numbers for herself. As she said, and as I think we should all celebrate, it is a good thing for Canada to have its own sovereign wealth fund.

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Jasraj Hallan

Conservative
“Why is the finance minister using borrowed public money to fund a government investment fund?”
Official Hansard

Mr. Chair, why would the finance minister run a so-called sovereign wealth fund with taxpayer debt?

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François-Philippe Champagne

Liberal
“We will start the fund with federal government money. Other investments and assets will be added to it later.”
Official Hansard

Mr. Chair, as I said, we would have seed investments coming from the consolidated fund of Canada. Then, obviously, there will be other assets contributed and other investments made in the fund.

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Jasraj Hallan

Conservative
“I want to know who is responsible for paying for this fund.”
Official Hansard

Mr. Chair, who is on the hook for the consolidated fund that the minister is talking about?

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François-Philippe Champagne

Liberal
“The government will provide the starting money for this fund. After that, the fund's own investments will make money that we can reinvest for Canadians.”
Official Hansard

Mr. Chair, it is pretty obvious when we say that it is going to come from the consolidated fund of Canada as seed money, but after that, obviously, the fund will have its own investment and will generate revenues that can be reinvested and create wealth for Canadians.

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Jasraj Hallan

Conservative
“The government has spent ten years creating offices that fail to meet their goals and lose money. Why is the minister creating another fund that uses taxpayer money to take on debt?”
Official Hansard

Mr. Chair, over the last 10 years, we have seen the Liberal government create many other bureaucracies that have not met any targets and have run large deficits. Why would the minister create another debt fund that is filled with taxpayer money?

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François-Philippe Champagne

Liberal
“Canada should create a national wealth fund. Other countries have them, and it would build wealth for all Canadians.”

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Official Hansard

Mr. Chair, I would like to see my colleague have a bit more ambition for this country. This is about creating an instrument to provide collective wealth for Canadians. If it is good for the Nordic countries, as my colleague said, why would it not be good for Canada? I am asking the question to my colleague. Why would it not be good for Canada to have its own sovereign wealth fund? I think it is a good thing, and it has been—

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Jasraj Hallan

Conservative
“Other countries pay for wealth funds with extra cash or money from natural resources. Why is the minister using borrowed money to pay for this new fund?”
Official Hansard

Mr. Chair, Nordic wealth funds are run with surpluses or royalties from resource revenues. This fund that the minister is creating is going to be funded by debt. Why?

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François-Philippe Champagne

Liberal

Linked statement

“Other countries have wealth funds that work well. This fund will create wealth for Canadians, and I do not understand why the member is against it.”

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Official Hansard

Mr. Chair, I would invite my colleague to look at a number of sovereign funds. There are different models around the world. Like I said, this is going to be an instrument that is going to create wealth for Canadians. I do not understand why the member would talk down the fact that we are creating collective wealth for Canadians. I hope that my colleague—

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