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Finance

In question period on finance, the Conservatives raised an Auditor General report saying FINTRAC has not effectively overseen compliance with Canada’s anti-money-laundering rules, and argued the government missed its 2021 promise to create a financial crimes agency and delayed sharing financial information with police. The Liberals pointed to work on a national anti-fraud strategy, added RCMP resources, and the proposed Financial Crimes Agency, asking the Conservatives to support the bill. Most of the remaining exchanges were about the economy: Conservatives cited rising inflation, interest rates, unemployment, and deficit spending, asking when the government would stop running deficits and for the data behind claims about the school food program. Liberals pointed to tax cuts, affordability benefits, federal investments including in Saskatchewan, Canada’s AAA credit rating, and said inflation is driven by the war in the Middle East.Written by AI from the debate. Updated .

Official text

14 statements

Jacob Mantle

Conservative
“A new report from the Auditor General says Canada's money-laundering watchdog is not doing its job. It says the agency is failing to catch or stop money laundering. Does the Minister of Finance accept that his agency is failing to stop this crime?”
Official Hansard

Mr. Speaker, today the Auditor General released a sobering report on Canada’s anti-money laundering watchdog, FINTRAC, which reports directly to the Minister of Finance. Here is the bottom line up front. The AG said, “FINTRAC did not effectively carry out its role in overseeing compliance with Canada’s anti-money laundering laws” and that “limited FINTRAC’s ability to help detect, prevent, and deter money laundering.” Does the Minister of Finance accept the Auditor General’s findings that his agency is failing to prevent money laundering, terrorist financing and sanctions evasion in Canada?

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Ryan Turnbull

Liberal
“We are working on a national plan to stop fraud and setting up a new agency to fight money crimes. I want the Conservatives to vote for this bill to help stop money laundering.”

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Official Hansard

Mr. Speaker, our government is committed to protecting the integrity of Canada’s financial system and supporting the institutions that safeguard it. We are taking concrete steps to develop a national anti-fraud strategy in collaboration with industry partners and agencies. We are also creating the financial crimes agency, which will lead the fight against sophisticated financial crimes with increased RCMP resources. If the Conservatives are concerned about combatting money laundering, we encourage them to support Bill C-29.

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Jacob Mantle

Conservative
“The government broke its promise to create an agency to fight financial crime. It takes 112 days on average for the government to share financial clues with police, which is too late to be useful. Why is the finance minister not giving police the tools they need to stop money laundering and terror funding?”
Official Hansard

Mr. Speaker, if the government was serious about this issue, it would have created the agency, which it promised in 2021, and it would not have missed the legal deadline to review the Proceeds of Crime, Money Laundering, and Terrorist Financing Act. The reality is that police need timely access to this information, and yet the Auditor General found that it took on average 112 days for FINTRAC to give law enforcement information, and said that it was, “too late to be useful.” Why is the Minister of Finance not giving police across Canada the tools and information they need to stop money laundering and terrorist financing?

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Ryan Turnbull

Liberal
“We are working to protect Canada's financial system from fraud. We gave the RCMP more resources, and we are creating a new agency to fight financial crime. The Conservatives should support this bill.”

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Official Hansard

Mr. Speaker, again, our government is committed to protecting and safeguarding the integrity of Canada’s financial system. We have taken concrete steps to develop an anti-fraud strategy in collaboration with many partners. We are in the process of creating the financial crimes agency that will lead the fight against ever more sophisticated financial crimes. We have given the RCMP additional resources to help coordinate these efforts. If the Conservatives are concerned about this issue, they should support our bill, Bill C-29.

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Pat Kelly

Conservative

Linked statement

“Inflation is up, economic growth is slowing, and paying interest on the national debt is the government's fastest-growing cost. The Liberals have run deficits for 11 straight years and broken their budget promises. This spending drives up the cost of living. When will the government stop running deficits?”
Official Hansard

Mr. Speaker, the Bank of Canada says inflation is rising and economic growth is slowing, while the Parliamentary Budget Officer says interest on the national debt is the fastest-growing government expense. The cost of government is driving up the cost of living and these Liberals have broken every fiscal promise, smashed through every fiscal guardrail and cut loose every fiscal anchor they have ever set. For 11 straight years, they have tabled deficits. When will the government finally stop its inflationary deficit spending?

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Ryan Turnbull

Liberal
“Our spending is not causing inflation. The war in the Middle East is driving inflation. We have cut taxes on income, housing, fuel, and business investments. We have also increased benefits and are creating jobs to help Canadians with the cost of living.”

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  • A repeated line

    “That is how we build Canada strong.”

    Said 20 times by 14 members since April 23.

    Every time it was said
Official Hansard

Mr. Speaker, unlike the Conservatives, we believe in the independence of monetary policy in our central bank, and we know that inflation is being driven by the war in the Middle East. Unlike the Conservatives, we are stepping up every single day in this House to offer more affordability supports for Canadians when they need it most. We have cut taxes on income, housing, fuel and new business investment. We have enhanced and increased access to federal benefits, like the groceries and essentials benefit, and we are investing to create tens of thousands of new jobs all across Canada. That is how we build Canada strong. That is how we support Canadians.

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Kelly Block

Conservative
“Unemployment, grocery prices, inflation, and interest rates are all going up. The Prime Minister's spending caused this, making it harder for people to pay for or buy a home. I want to know if the government will stop this spending in the next budget.”
Official Hansard

Mr. Speaker, unemployment is up, grocery costs are up, inflation is up and now interest rates are up. Yesterday, deficit-fuelled inflation caused the Bank of Canada to raise interest rates, with the six big banks following. For those who own a home, their mortgage payment just got more expensive, and for those aspiring to buy one, that dream has just been pushed further out of reach, all because the Prime Minister could not control his spending. With their upcoming budget, will the Liberals stop their inflationary spending?

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Buckley Belanger

Liberal
“Since June, the federal government has put more than $467 million into Saskatchewan. We invested in child care, local infrastructure, and Indigenous communities, and the province's canola sales are going up.”

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Official Hansard

Mr. Speaker, as the Conservative caucus members from Saskatchewan awaken from their slumber, this is what has been happening in Saskatchewan. Since June alone, I have been part of federal announcements representing a more than $467-million investment in Saskatchewan, and canola sales are increasing. We have spent money in support of child care, and canola sales are improving. We have spent money in community infrastructure, and canola sales are improving. We have spent money in indigenous communities, and canola sales are improving. I think maybe the member and the entire Saskatchewan—

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Gérard Deltell

Conservative
“Higher interest rates and inflation will hurt families by raising mortgage costs and slowing down housing. I want the government to answer if any of its ministers understand that big debts and deficits cause inflation.”
Official Hansard

Mr. Speaker, this is terrible news for all Canadian families. Yesterday, the Bank of Canada announced that, for the first time in three years, the key interest rate is set to rise and inflation is set to climb to 3.5% for the year as a whole. What does this mean in practical terms? It means that mortgage rates will rise. It risks slowing home sales, placing additional pressure on homeowners and bringing housing construction to a standstill. Is there a single minister in this government who actually understands that colossal debts and deficits lead to inflation?

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Joël Lightbound

Liberal
“Our government has focused on lowering costs by cutting taxes and helping with grocery bills. I want the member to explain why he voted against child benefit payments that give 22,000 children in his riding about $3,500 each.”

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  • A repeated line

    “We introduced the Canada groceries and essentials benefit.”

    Said 29 times by 19 members since April 23.

    Every time it was said
Official Hansard

Mr. Speaker, if the member opposite had been paying attention to what the government has been doing for almost a year and a half now, he would see that we have been focusing on affordability. We lowered taxes for 22 million Canadians. We introduced the Canada groceries and essentials benefit. However, there is something that I still do not understand and that is why I am asking him this question: Given the cost of living, why did he vote against the Canada child benefit, which provides $79 million for 22,845 children in his riding of Louis-Saint-Laurent—Akiawenhrahk? That is approximately $3,500 per child in his riding, and his riding is home to nearly 23,000 children. Why did he vote against that?

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Gérard Deltell

Conservative
“The Governor of the Bank of Canada says the Liberals have made a mess of the economy. Grocery prices are rising even faster this year than last year. I want the minister to explain why his government's policies are driving these prices up.”
Official Hansard

Mr. Speaker, I would invite the minister to update his statistics or, at the very least, check with the the Governor of the Bank of Canada to get the latest figures. The governor is the one saying that the Liberals’ management of the economy is a complete mess. What is the result? Grocery prices are going to go up. The governor is saying that prices will rise faster than last year, and things were already terrible last year. That is what life is like after 11 years of Liberal governance. Can the minister tell Canadians or the Governor of the Bank of Canada why the Liberals’ inflationary policies are causing grocery prices to rise even more sharply this year than last year?

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Joël Lightbound

Liberal
“Canada has one of the best credit ratings and lowest debts among our peer countries. The member should vote for our programs, like dental care and help with groceries, which support thousands of families in his own riding.”

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Official Hansard

Mr. Speaker, let us be clear about Canada’s fiscal position. Canada is one of only two G7 countries with a AAA rating. We have a better debt-to-GDP ratio and deficit-to-GDP ratio than our G7 peers. However, what I still do not understand is why the member insists on systematically voting against measures that have a very direct impact, whether it is a tax cut, the groceries and essentials benefit or the Canadian dental care plan. Those programs affect 23,614 residents in his riding, not to mention the 23,000 children who are benefiting from the Canada child benefit. If he wants to talk about helping families, he should put his vote where his mouth is.

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Tamara Kronis

Conservative
“The government's school food program cannot feed 400,000 more kids like the minister claims. The money only works out to less than three dollars per child each day, but the average school lunch costs over six dollars. I want the minister to show the math and data behind her claim.”
Official Hansard

Mr. Speaker, Breakfast Club of Canada told committee this week that the $1-billion school food program has lost 22% of its grocery purchasing power because of inflation, yet the minister keeps insisting that the program feeds an extra 400,000 kids a year. The math does not math. When we divide the money over five years and 180 school days per year, it averages less than three dollars per target child per day, but a five-province study found that the average lunch costs $6.45, double, which feeds a lot fewer kids. Will the minister table the national data and costing behind her claims? Hungry kids want to check her homework.

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Leslie Church

Liberal
“I reject the Conservatives' criticism of our school food program. Groups that feed kids and students themselves say this program helps them every single day. The member should listen to them.”

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Official Hansard

Mr. Speaker, we absolutely take no lessons from the other side of the House when it comes to the national school food program. I was at that committee meeting, and I heard from the Coalition for Healthy School Food, from the Breakfast Club of Canada and from students who have written to our Prime Minister about how the national school food program is helping them every single day in their schools. The member should listen up.

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