“I support this budget. Canada's economy is strong, with the fastest growth in the G7 last quarter and big investments coming in. This budget lowers taxes for businesses that invest and hire, cuts government operating costs, and gives people money to help pay for groceries and daily costs.”

“Mr. Speaker, I will be sharing my time with the member for Honoré-Mercier. As Parliamentary Secretary to the Minister of Finance and National Revenue, it gives me great honour to rise today to speak to budget 2026. Yesterday, the Minister of Finance rose in the chamber to deliver budget 2026, an ambitious yet common-sense plan that would build on the generational investments made in budget 2025 to grow our economy, protect our communities and build a more unified Canada. As Canada grapples with this unique moment in history, it is important to remember that Canada has what the world wants and the foundations to build more ourselves here at home: abundant energy, critical minerals, advanced manufacturing, leadership in AI and extraordinary talent all across this country. Unlike those who talk the economy down, talk down our workers or claim that Canada is broken, budget 2026 will harness our strengths here at home and help Canadian businesses invest, improve productivity, scale up at home, compete on the world stage and create good-paying jobs. This budget will show that Canada is moving, and moving fast, to build a strong, more resilient and more united country, and while that long-term vision takes root, we will provide Canadians with a bridge and a boost in the interim to help make life more affordable. We have more than can ever be taken away from us, and budget 2026 is our plan to be the masters of our own destiny. Budget 2026 highlights Canada’s resilience amid global uncertainty. It also makes clear that Canada is meeting those challenges from a position of strength. The global economic order is experiencing its most consequential transformation in close to a century. The conflict in the Middle East has driven up energy prices. That is incontestable. Protectionism is rising around the world. Supply chains are being reorganized around security and sovereignty, and capital is seeking countries that can offer stability, energy and resources, talent, and trusted access to global markets. We have the opportunity, and in fact the duty, to meet this moment by helping to build a stronger, more independent Canadian economy. Budget 2026 is key to that approach, and it meets the moment. While others offer slogans or partisan rhetoric, we have the right plan and we know it is working. There are many signs of progress. They are multiple and are outlined in budget 2026 in the fiscal outlook. The world has changed dramatically. The relationships that powered Canada’s prosperity for decades can no longer be taken as a given. Since we were elected, our response has been very clear: We will focus on what we can control, and we will do so from a position of strength and resilience. We are strengthening our foundations here at home, diversifying our partnerships abroad and making life more affordable for Canadians. Our competitive advantages are among the strongest in the world, ranging from a skilled workforce, clean and traditional energy, and an abundance of critical minerals and natural resources, to our strong public finances and access to global markets. We have what the world wants, and we have what it takes to chart our own course. Canada and Canadians are ready to embrace this opportunity. We will not listen to those who say it is not possible and that we should settle for less. The numbers show that Canada is facing these challenges from a position of strength. Canada is not immune to geopolitical realignments, but we are moving decisively to seize the opportunities that they create. The Canadian economy grew by 3.3% annualized in the second quarter of this year, the fastest growth in the G7, driven by higher exports, household spending and new business investment. Recent data suggests that the economy remains resilient in the third quarter as well. According to the International Monetary Fund, Canada is projected to grow at the second-fastest pace in the G7 in 2027. Fiscal discipline is the bedrock of our approach. By spending less on day-to-day operations and managing public finances responsibly, we can invest more in Canadian workers, businesses and industries while making generational investments in infrastructure, defence, housing and innovation, and increasing our productive capacity, which is needed to expand our economy. By reducing operating costs, we are also able to invest in Canada’s long-term growth while making life more affordable for Canadians. Over the past year, our government has put in place a series of ambitious strategies spanning electricity, defence, critical minerals, food security, artificial intelligence and nature. Together, they are helping Canada seize major opportunities while strengthening our resilience in a more uncertain world. The early results are clear. Investment is growing. Major projects are advancing. New trade and investment agreements are opening markets abroad. More Canadians are finding rewarding, well-paying careers in the industries that will drive growth in the decades ahead. Our government’s strategy has helped position Canada to enter a new era of investment. Budget 2026 advances flagship tax policy changes, including the productivity mega deduction and the Canada growth incentive, which will further strengthen our tax competitiveness and create the conditions to catalyze an investment supercycle. Through strategic, targeted investments and broad-based tax policy changes, Canada remains among the leading advanced economies for tax competitiveness. Public investment, private capital, major projects and new market opportunities are coming together to expand what Canada can build and produce for decades to come. This is at the heart of Canada’s investment supercycle: a continuously evolving cycle in which each investment strengthens the conditions for the next. Foreign direct investment in Canada is at its highest level in nearly two decades. Canada attracted $98 billion in foreign investment in 2025 and has led the G7 in direct investment inflows per capita since early 2025. In September, Canada hosted its first-ever investment summit, bringing together approximately 200 of the world’s leading investors. It helped secure nearly $500 billion in new investment commitments and financing for businesses in Canada. Our government’s focus now is to turn those investment commitments into projects, jobs and growth. That means more homes, modernized infrastructure, twice the electricity capacity, new critical mineral projects, defence investments that build new industries, and deeper connections to global markets. It also means helping businesses of all sizes invest in technology, innovation, robotics and AI to boost productivity and better compete globally. Small and medium-sized businesses are the backbone of Canada’s economy, making up over 98% of Canadian businesses and creating jobs in communities across this country. To help businesses invest, grow and succeed in Canada, budget 2026 introduced several measures. They include the Canada growth incentive to help high-potential Canadian businesses attract investment and grow here at home. They also include a new tax exemption on up to $15 million in capital gains earned from successful investments in eligible Canadian companies for founders, key employees and investors, and an enhanced small business rollover to allow more investments to qualify for tax deferrals on capital gains when proceeds are reinvested in another Canadian small business. Budget 2026 also announced a commercialization expansion of the scientific research and experimental development tax incentive program. It is worth $930 million of investment over five years to help turn more Canadian ideas into growing companies, high-paying careers and made-in-Canada innovation. I would not do the budget justice if I did not also point to the fact that building a stronger economy means supporting Canadians with affordability. We have boosted the Canada groceries and essentials benefit and made changes to refocus the Canada workers benefit, and we are doing a lot more. We have also made the Canada caregiver credit refundable. All of these things are going to support millions of Canadians with some of the affordability challenges that we know they are feeling on a day-to-day and monthly basis. In short, budget 2026 puts Canada in the driver’s seat to determine our own future. That is exactly what Canadians hired us to do, and that is exactly what we are going to remain focused on.”

“Our budget manages our money well while bringing more investment to Canada. We are meeting our fiscal targets, and we will hit one a year early. Canada has a top credit rating, the lowest debt costs in the G7, and the smallest rise in bond yields among those countries.”

“Mr. Speaker, I am not sure what the member has against an investment supercycle and the government stepping up to attract investment in Canada and to incentivize that investment. We are sticking to both fiscal anchors in this budget. We are getting to one of our fiscal anchors a whole year ahead of schedule. I know the member opposite is worried about debt and debt charges. Canada has a AAA credit rating and the lowest debt service cost of the G7 countries as a result of our strong fiscal fundamentals. We also know that long-term bond yields in Canada have been largely isolated from the increases we have seen across the G7. Canada has the lowest rate of increase in bond yields of any G7 country.”

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“We are speeding up permits for major mineral projects without lowering our standards. We also improved tax deductions for exploration to encourage more mining, because the world needs our resources. Our new business tax deduction helps companies of all sizes invest in new equipment and become more productive.”

“Mr. Speaker, Canada has always been a jurisdiction of high standards, and we are not going to lower those standards today. We are streamlining permitting processes to get shovels in the ground on major critical mineral projects. We have enhanced the tax deductions for exploration in this country for minerals and critical minerals and extended those benefits to incentivize more critical mineral development across Canada, because we have such a wealth of natural resource assets that the world wants and needs. The member opposite talked about the productivity mega deduction. It cuts across the entire economy, applies to businesses of all sizes and allows them to have the confidence to invest in themselves and in new machinery and equipment and enhance their productivity after getting the tax deduction this year. That is only going to be a good thing for investment in this country.”

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“It makes sense to borrow money if we spend it on building things for the country's future. Can the member explain the plan to separate everyday spending from building costs and balance the everyday budget?”

“Mr. Speaker, I think Canadians understand that at a time like this when we have to face going into deficit, we should be doing it to invest in infrastructure that will build the country for the future. I am wondering if the member could talk a bit about the concept of separating our operating and capital expenditures and moving to try to balance the operating budget as a government over the coming years.”

“Our budget plan is working. It helps grow the economy and brings in private investment. Because of this growth, our deficit this year is $27.5 billion lower than we predicted in the spring. Business investments are up by 9 percent, and my colleagues should see this as good news.”

“Mr. Speaker, that is a great question. What we have done very transparently is define a capital budgeting framework with a set of definitions that corresponds to best practices around the world. We have set ourselves up to invest in the economy, draw in and attract private capital and ensure that the economy can grow. That is exactly what we have seen. My colleagues should remember that there is $27.5 billion less of a deficit in this budget, in this fiscal year, than was projected in the spring economic update. That is good news for this country. That is a result of growth in the economy and of new capital investment. We are seeing it rise at 9%. That is significant, and all colleagues should be able to recognize that.”

“I want the House to pass this budget. It invests 50 billion dollars to expand clean electricity, connect power lines across provinces, and create jobs. It also pays for heat pump rebates, thousands of new electric car chargers, and ocean conservation.”

“Mr. Speaker, I would like to highlight to the member for Calgary Centre that I will be reading my original speech today. I would also like to wish the Speaker a happy Friday. I can see that everybody appears to be in a great and jovial mood today. I suspect they are all feeling very cheerful having read yesterday’s budget. Yesterday, our government released our budget, masters in our own House or, as we say in French, Maîtres chez nous. I would like to take the next 10 minutes to talk about an important budget. As members know, the expression maîtres chez nous is a slogan that was used during the Quiet Revolution in Quebec. It was an expression that was used during the campaign to nationalize electricity in the 1960s, before my time. It represents our natural resources, or protecting our lakes and rivers, but it also represents protecting our culture, our identity and our pride in being Canadian. Budget 2026 is about action, so let me outline why this budget advances many of these priorities. Yes, the front cover of the budget includes transmission lines from Churchill Falls in Newfoundland and Labrador, and that is because electricity is at the heart of this budget. Let me go through some of those measures that would advance Canada’s electricity strategy. Budget 2026 invests $50 billion in Canada’s electricity strategy, but $50 billion is more than money, though. It is about real results. New Economy Canada mentioned last night that “Budget 2026 puts electrification at the heart of Canada’s economy, ensuring energy security and affordability for businesses and households.” What would $50 billion get us? It would get us four things. First, our government’s electricity strategy is about building infrastructure, because we must build really fast. Last year, I had the honour of reading Ezra Klein and Derek Thompson’s book, Abundance, which I highly recommend. This book is important because it calls for a shift toward supply-side progressivism, where the state must actively build and reform zoning and permitting laws, but invest in large-scale physical infrastructure to electrify the economy. This $50-billion investment would do that. It would electrify the economy. When I worked in climate philanthropy, we worked with technical modelling and with partners like the Canadian Climate Institute, l’Institut de l’énergie Trottier, the David Suzuki Foundation, The Pembina Institute or The Transition Accelerator, and all modelling demonstrated that for Canada to get to net zero, we would need to at least double our electricity grid. Yesterday’s budget puts money where our mouth is. This investment in Canada’s electricity strategy is about connecting grids. In a turbulent world, we need to better integrate our provinces and territories, and this includes our complex regional electricity grids. There are 31 transmission lines that cross Canada to the U.S. border, north to south. However, to protect our sovereignty and strengthen our federation, we are now investing in integrating our grid from east to west to north. We are doing this to unify our country and to grow our economy while reducing emissions. My third point is that our $50-billion electricity strategy is about making technological components to power our grid and build our capacity and value chains. This is a unique opportunity to advance clean-tech value chains where Canada holds a strong competitive advantage. This is an opportunity for us to advance batteries and electrochemical storage, advance electricity grid equipment and infrastructure, utilize our Canadian-made critical minerals and advance our nuclear energy with CANDU technology, but also with small modular reactors. It is also an opportunity to advance hydro, solar and wind renewable energy. My fourth point is that our investment in electricity is about jobs and it is about labour. We need the skills and labour to help build out the grid and ensure support for great Canadian jobs across our country. I would also like to highlight some other measures from budget 2026 that would advance Canada’s electricity strategy. One, clean electricity investment tax credits phase-out to 15% would now occur in 2040 instead of 2034. This is positive news for the clean-tech sector. Two, this budget encourages more investment in electricity transmission and does so by extending the clean electricity ITCs for provincial electricity transmission lines in each province, with $2.4 billion allocated in 2027 to 2031 and $36 billion allocated by 2042. This is about building Canada strong. Third, it promises that $4 billion over 10 years would be provided to support electricity infrastructure expansion, renewable energy and new funding for the smart renewables and electrification pathways program. Fourth, the budget would support robust cost-benefit analysis to better understand interties and inform cross-border cost allocation discussions. Building out transmission lines and interties is not always a technical problem. It is often one of governance, of navigating complex provincial jurisdictions and challenges with social acceptability. According to Electricity Canada’s statement last night on budget 2026, modernizing our grid is a “nation-building endeavour.” This is about building real projects. For example, our budget would now allow the building of a 15-megawatt hydro facility in the Yukon, as well as an eight-megawatt hydro facility in Atlin. This is in addition to the massive 14,000 megawatts at Churchill Falls. We will be building more clean renewable projects for decades to come. I spoke about grids and electricity, but let us talk about buildings and how budget 2026 benefits the decarbonization of our buildings. As Clean Energy Canada announced last night, “Budget 2026 offers a new framework for climate progress: build, switch, transform, and innovate.” Last month, our government announced a transformative $2-billion investment in a national heat pump rebate program, which will benefit one million Canadian homes and reduce 25 megatonnes of greenhouse gas emissions, while significantly reducing energy costs and creating jobs throughout the country. Whether Canadians are wearing a better parka to keep ourselves warm in the winter or installing a heat pump to reduce our energy bills, Canadians understand that staying warm should not mean wasting energy. Canadians also keep more money in their pocket. I am thrilled that budget 2026 renews the green industrial facilities and manufacturing program, which, to my knowledge, is now called SHIFT, the strategic high-efficiency industrial facilities transition program. This $400-million investment will help optimize energy efficiency for Canadian industrial and manufacturing facilities in a way that will help us remain competitive while also lowering carbon emissions. As a strong advocate of energy efficiency measures, I am also deeply excited for the renewal of DRE, or the deep retrofit accelerator initiative. Let us discuss transportation as well. We know that nearly one-fifth of Canada’s greenhouse gas emissions come from the vehicles on our roads. Do members know that nearly 25% of global car sales this year will be electric vehicles? That is right. Everyone looks really impressed. Globally, one in four vehicles sold will be electric, and by 2030, 40% of new car sales will be EVs. The opposition is very excited about this change. Canada is huge, and we need infrastructure to change our cars. We need larger charging networks to connect Canadians, including rural communities. This is why I am electrified that budget 2026 supports the installation of 55,000 new EV chargers. That is about $600 million invested over five years to renew the zero-emission vehicle infrastructure program. This investment would mean 55,000 new EV chargers across Canada, with 9,000 in Quebec, 23,000 in Ontario, 17,000 in B.C. and many in Alberta and elsewhere. As I wrap up, I would like to highlight a few other measures. The first one is on sustainable finance. I would like to thank the leadership of the member for Whitby as we continue to develop a new sustainable bond framework for government issuance using made-in-Canada sustainable investment guidelines. The second is on marine conservation. It is worth highlighting the investment of $282 million over 11 years for the creation of two new national marine conservation areas, as well as support for three more in the north. Canada has set ambitious targets of 30% conservation of its land and oceans by 2030, and this will help us get there. If I may, I would also like to quickly mention that budget 2026 supports our national parks and historic sites. I would like to mention quickly the support for the Terry Fox Humanitarian Award, which does excellent work. In passing, my friend Ryan Keeping, who ran across Canada a few years ago, and his father, Scott Keeping, from Halifax are very big fans of Terry Fox. There is also the Canada groceries and essentials benefit program, which benefits all of us across our ridings. Third, support for the Francophonie summit is also crucial. That is important to us. In closing, budget 2026 is one that will help all Canadians, that is good for nature and the environment and that helps mitigate climate change.”

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“Our budget has many good measures in it. It includes funding for electricity and electric vehicle chargers that will help your communities.”

“Mr. Speaker, I think you are excited about the budget from yesterday. I am very enthused about yesterday’s budget. As I outlined, we had a lot of measures in there. I can sense your excitement. I know you are going to applaud the excitement for yesterday’s budget. You are looking forward to going back to your riding, talking about the electricity funding and probably even the EV chargers that might be installed in some of your communities—”

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“This budget will help all communities.”

“Mr. Speaker, in conclusion, I think the member will appreciate the positive impact this will have on all communities.”

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“The budget has over $280 million to protect our oceans. Our goal is to protect 30% of our waters, which helps all Canadians, including people on Vancouver Island.”

“Mr. Speaker, the member opposite is a colleague and a great friend. I respect his advocacy for his riding enormously. I would like to highlight that in the budget there was over $280 million allocated for marine conservation. I am certain that the member will be very excited about our objective of increasing marine conservation from 15.5% up to 30%, which would benefit all Canadians, including the folks from Vancouver Island.”

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“My colleague supports saving energy and paying for green projects. Can he explain how this budget will help us do more of that?”

“Mr. Speaker, my colleague supports energy efficiency and funding for energy-efficient projects. Can he tell us a little more about how the budget will help us be more productive in that regard?”

“Our government is spending $2 billion on heat pumps for one million households. Lower-income Canadians will get $10,000 rebates. This will cut emissions and help the country.”

“Mr. Speaker, that is an excellent question. As members know, a few weeks ago our government announced a $2-billion heat pump program, which will benefit one million Canadian households. Rebates of $10,000 will be awarded to lower-income Canadians. This will help reduce greenhouse gas emissions by 25 megatonnes. This is very positive for Canada.”

“Our budget manages money responsibly. Our debt is shrinking compared to our economy, and we hit our financial targets early. Because trade is uncertain, we should spend money to help businesses, grow the economy, stop homelessness, and fund our military. I want to know if the member agrees that we should spend money on these priorities.”

“Mr. Speaker, I believe our budget reflects a very responsible fiscal approach. In fact, the debt-to-GDP ratio is falling, and we achieved our fiscal targets a full year ahead of schedule. Moreover, in a period of trade uncertainty, it is important to invest and stimulate the Canadian economy, support our small and medium-sized enterprises and to make essential investments, such as in the fight against homelessness, for example. With that in mind, the question I have for my colleague is this: Does he agree that we should make use of our fiscal flexibility? Canada is in a strong fiscal position to invest in Canadians’ priorities, whether that means tackling homelessness, strengthening our national defence or supporting economic growth across the country.”

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