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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

Melissa Lantsman

Conservative
“Business investment dropped while the minister was in charge of industry. His policies drove that money away. I want to know if he admits he did anything wrong.”
Official Hansard

I am going to split my time, Mr. Chair. I thank the minister for being here tonight. Before he presents himself as Canada’s economic rescuer, Canadians deserve an accounting. He sat at the cabinet table as industry minister while the investment climate deteriorated in this country. The policies that drove capital away were his policies, so I will ask him quite candidly if he did anything wrong.

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François-Philippe Champagne

Liberal
“Canada's economy is much stronger than people expected. Even with global uncertainty, Canadian workers and businesses stay strong.”

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Official Hansard

Mr. Chair, first of all, I want to thank my colleague for her question. She is a very experienced member of the House. I think what the numbers show is that the Canadian economy is far more resilient than people expected. Despite the nature of what we are seeing with respect to uncertainty in the world, Canadians are resilient. Canadian industries are resilient. Canadian workers are resilient. That is why we can show numbers that show the Canadian economy is very resilient.

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Melissa Lantsman

Conservative
“The minister did not answer my question. How much investment money left Canada between 2015 and 2024 while he was in cabinet?”
Official Hansard

Mr. Chair, that is all true, but it does not answer my question. RBC analyzed the full decade from 2015 to 2024, years during which the minister held senior cabinet responsibilities. Can he tell the House the net investment figure in that period? How many net dollars left Canada under his leadership?

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François-Philippe Champagne

Liberal
“Canada has received a record amount of investment, the highest in 20 years. International leaders value our stability and opportunities, and experts say Canada will play a major role in global energy.”

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Official Hansard

Mr. Chair, I have good news for my colleague. In fact, we have received a record level of investment. I think it is the highest number in the last 20 years. I can reassure her that wherever I go internationally, people value the stability, predictability and opportunities they see in Canada. At this time, the executive director of the International Energy Agency has said that energy architecture is being redesigned and Canada is going to play a major role.

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Melissa Lantsman

Conservative
“One trillion dollars has left Canada. That is $25,000 for every person. I want to know if the minister thinks that is acceptable.”
Official Hansard

Mr. Chair, that was not my question. The answer for the minister is that one trillion dollars left Canada. According to RBC, that is the single largest sustained capital outflow in Canada’s history. For a country of 40 million people, just to put it into context for those watching at home, that is $25,000 for every person. Does the minister find that acceptable?

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François-Philippe Champagne

Liberal
“Canada is an energy superpower. Investors around the world are bringing record amounts of money here because our country is stable and follows the law.”

  • A repeated line

    “Together, we will build Canada strong.”

    Said 7 times by 5 members since April 23.

    Every time it was said
Official Hansard

Mr. Chair, my colleague would be happy to know that Canada is seen as an energy superpower. We are attracting a record level of foreign direct investment. Investors around the world are looking for places that offer stability, predictability and the rule of law. I would say Canada stands out in this context, and we will continue to build Canada strong together.

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Melissa Lantsman

Conservative
“I am asking the minister again because he did not answer. During his 10 years in cabinet, one trillion dollars in business investment left Canada. Does he think that is acceptable?”
Official Hansard

Mr. Chair, I will ask the minister the same question again because he did not answer my question. Under his leadership as the minister of industry, during the 10-year period that he was at the cabinet table, a trillion dollars of investment outflow left this country. Does he find that acceptable?

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François-Philippe Champagne

Liberal
“Our investments in housing and business are good for the country. Canada also has the lowest tax rate for new business investments among the G7 nations.”

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Official Hansard

Mr. Chair, I would say that my colleague should be reassured by the generational investments we are making in infrastructure, housing, productivity and innovation, and the fact that we have the lowest marginal effective tax rate of all the G7 countries. New investments in Canada receive the lowest tax rate in the G7. We are building Canada strong.

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Melissa Lantsman

Conservative
“More investment money left Canada than came in over the last decade. This happened because of the government's bad policies. I want the minister to take responsibility for it.”
Official Hansard

Mr. Chair, I will put it into context. For every dollar of foreign investment that came into Canada during that decade, two dollars left this country. It is not because of global issues. It is not because of the tariffs. Tariffs were not an issue then. It is a domestic policy failure that the minister cannot admit he was a part of. Does he accept responsibility, any responsibility, for his role in a trillion dollars leaving this country?

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François-Philippe Champagne

Liberal
“Canada has brought in more foreign investment than any other country in the last 20 years. That success belongs to Canadian workers and businesses, even while the world faces rare economic uncertainty.”

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Official Hansard

Mr. Chair, Canadians should take credit for being the country that has attracted the largest amount of foreign investment in the last 20 years. It is not about government. It is about workers. It is about industry. It is about this country. What we have been doing is building the conditions for Canada to stand out in the world. I would remind my colleague that if she looked at the uncertainty index of the International Monetary Fund, she would see we are at one of the highest levels since the Second World War.

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Melissa Lantsman

Conservative
“Business leaders say government rules are the biggest thing stopping investment in Canada, not tariffs. I want to know if the finance minister agrees.”
Official Hansard

Mr. Chair, does the finance minister know that the single biggest hurtle to investment decisions in this country right now is not tariffs? His own business council, the Business Council of Canada, says it is Canada’s own domestic regulatory burden that is in the way. It is government that is in the way of those investment dollars. Does he agree with any of that?

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François-Philippe Champagne

Liberal

Linked statement

“Global investors want to put their money in Canada. International experts say Canada is a leader in traditional energy, renewable power, and nuclear energy.”

  • A repeated line

    “We are going to build Canada strong.”

    Said 33 times by 14 members since April 24.

    Every time it was said
Official Hansard

Mr. Chair, I would say global investors see Canada as the place to invest. I would remind my colleague of the International Energy Agency, which mentioned that Canada is playing a big role in the new energy architecture. It is a good thing that Canada is seen as an energy superpower in conventional, renewable and nuclear energy. We are going to build Canada strong together.

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Greg McLean

Conservative
“We need private investment and major projects to grow the economy and bring in government money. Does the minister agree?”
Official Hansard

Mr. Chair, attracting private investment and advancing major projects is critical to economic growth and government revenues. Will the minister agree with that?

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François-Philippe Champagne

Liberal
“We made Canada a good place for businesses to invest, and our results prove it.”
Official Hansard

Mr. Chair, I would agree that we have put the conditions in place to attract investment in this country, and the numbers speak for themselves.

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Greg McLean

Conservative
“I want the minister to tell us how long it took the government to build the Trans Mountain pipeline.”
Official Hansard

Mr. Chair, can the minister tell us how long it took for the government to get the TMX pipeline built?

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François-Philippe Champagne

Liberal
“Global experts say Canada can help supply the world with more energy. Our government is taking steps to support our energy industry.”

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Official Hansard

Mr. Chair, my colleague will be pleased to know that the International Energy Agency and international commentators see Canada playing a bigger role when it comes to energy security around the world and that we have taken a number of measures to support the energy industry in this country.

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Greg McLean

Conservative
“The Trans Mountain pipeline expansion took five years and went 28 billion dollars over budget. It was built along an existing path. Where did that money go?”
Official Hansard

Mr. Chair, TMX took five years and went over budget five times, by $28 billion Canadian taxpayer dollars, to triple the size of a pipe on a pathway that already had a pipeline. That means no new pipe and no new land. Where did the $28 billion go?

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François-Philippe Champagne

Liberal
“I agree that Canada needs to build more. We must build so we can sell our energy to our partners in Asia and Europe, who are counting on us.”

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Official Hansard

Mr. Chair, I am trying to understand my colleague’s question. He is saying that Canada needs to build more. I agree with him. We need to build more to make sure we can bring our energy resources to market. I would say our Asian partners and European partners are counting on Canada to play a bigger role when it comes to energy.

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Greg McLean

Conservative
“The last pipeline took five years to build and went $28 billion over budget. The government just made a deal for a new pipeline, but says it will take seven years. Why will it take so long when the world needs energy now?”
Official Hansard

Mr. Chair, it took five years for TMX to get built, and it was $28 billion over budget. The Liberals just announced a memorandum of understanding with the Government of Alberta to build a pipeline that is going to be a projected deliverable seven years from now. Why is that going to take so long if there is an energy emergency around the world?

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François-Philippe Champagne

Liberal
“The world is changing how it gets its energy because of the crisis in the Middle East. Other countries are asking Canada to help provide reliable energy.”

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Official Hansard

Mr. Chair, my colleague would know, because he is a very learned colleague, that the energy ecosystem is being redesigned in the world. Like I said, the crisis in the Middle East is calling for countries to redesign their energy ecosystems. That is what we have heard. In that context, Canada is being called on to play a bigger role in terms of energy security.

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