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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

Pat Kelly

Conservative
“The government broke its promises to build infrastructure and balance the budget. I want the minister to tell me what year the budget will finally be balanced.”
Official Hansard

Madam Chair, for clarity, I am speaking for five minutes and then sharing my time with the member for Louis-Saint-Laurent—Akiawenhrahk and the member for Calgary East, for five minutes each, after I have concluded. In 2015, the minister’s government promised to run modest deficits that would fund unprecedented infrastructure spending and would allow the budget to balance itself, as they put it. Instead, they created a structural deficit for 10 years, and, 10 years later, they have broken the same promise that they made back in 2015 about infrastructure. Perhaps tonight will be the night when the minister will finally answer this question and tell me in what year the budget will be balanced.

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François-Philippe Champagne

Liberal
“Our government is investing heavily in housing, infrastructure, and innovation. The International Monetary Fund agrees that our economic plan creates growth.”

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Official Hansard

Madam Chair, it is a real pleasure to be spending the whole evening with my colleagues. My colleague will be happy to learn, because I know he will be very interested, that we made generational investments in infrastructure, housing, productivity and innovation. The plan of Canada, according to the International Monetary Fund, is the way forward in order to create growth. I am sure tonight my colleague will be very happy to know that the country is going to be building the strongest economy in the G7 and that we have made generational investments in infrastructure.

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Pat Kelly

Conservative
“The minister did not answer my question. We are paying $54 billion in interest this year. Is that more or less than the money the government sends for health care?”
Official Hansard

Madam Chair, the minister has not answered the question. He has just repeated the same promise that they have been breaking since 2015. Canada’s current interest costs for this year are $54 billion. Is that amount more or less than the current federal health transfer?

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François-Philippe Champagne

Liberal
“Canada is in a very strong financial position. The cost to pay our national debt is close to 2 percent, which is much lower than the 6 percent it was in the 1990s.”

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Official Hansard

Madam Chair, my colleague will be happy to learn, because tonight is a learning exercise for my colleagues, that in fact the percentage, when we look at the debt charge of Canada, is pretty low by historical standards. It is close to 2%. If we look at the historical figures in the 1990s, they were around 6%. I would say that Canada is in a very strong fiscal position.

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Pat Kelly

Conservative
“I want the minister to answer my questions. The interest on Canada's debt will rise to $81 billion by 2031. Is that more than what we plan to spend on health care?”
Official Hansard

Madam Chair, Canadians are not going to learn anything tonight if the minister will not answer any questions. The interest on Canada’s debt is projected to rise by 50%, from $54 billion to $81 billion, in 2030-31. Is that more than future health transfers are budgeted for?

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François-Philippe Champagne

Liberal
“The cost to pay our debt will only be 1.7 percent of our economy in 2026. That is much lower than the 6.5 percent we saw in the 1990s. Our country's finances are in good shape.”

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Official Hansard

Madam Chair, as I said, it is going to be interesting for Canadians to learn that the projected debt charge, as a percentage of GDP, for 2026-27 will be 1.7%. That is far below the peak of 6.5% that Canadians faced in the 1990s. What I am saying is that we are on a very solid fiscal track.

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Pat Kelly

Conservative
“The minister did not answer my question. Canadian families are paying about $3,400 this year just toward the interest on the government's debt. How much more interest does he think a family can afford to pay?”
Official Hansard

Madam Chair, that is another non-answer. The per family debt charge is about $3,400 right now, this year. How much does he think a Canadian family can afford to spend on interest on the federal debt?

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François-Philippe Champagne

Liberal
“The cost to pay our debt is lower than it was in the 1990s and below the 40-year average. Canada's finances are in good shape.”

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Official Hansard

Madam Chair, again, it is going to be a very interesting evening. I look forward to the question because, in fact, what I was saying is that the debt charges, as a percentage of GDP, are not only lower than they were in the 1990s, but they are below the historical average of 40 years, which was 3.2%. I think the member should be happy to see that the country is on a very solid fiscal track.

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Pat Kelly

Conservative
“The government promised the debt would shrink compared to the size of the economy, but it is growing. I want a yes or no answer: is this debt ratio higher this year than last year?”
Official Hansard

Madam Chair, they have been claiming for years that there would be a declining debt-to-GDP ratio, but there is not. The debt-to-GDP ratio is rising. Is the debt-to-GDP ratio higher this year than last year, yes or no?

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François-Philippe Champagne

Liberal
“The International Monetary Fund says Canada's finances are the strongest in the G7, and our economy is growing second fastest. Canada is doing well financially.”

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  • A repeated line

    “We have the second-fastest growth in the G7.”

    Said 12 times by 5 members since April 24.

    Every time it was said
Official Hansard

Madam Chair, the member will be pleased to hear that the International Monetary Fund just stated that Canada has the strongest fiscal position in the G7. Actually, we have the second-fastest growth in the G7. I am sure that my colleague will be happy to report to his constituents that the country is on a good fiscal track.

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Pat Kelly

Conservative
“The government's debt grew faster than the economy, breaking its own promise. How much debt interest does the minister think Canadian families can afford to pay?”
Official Hansard

Madam Chair, the answer is that the debt-to-GDP ratio went up, even though that is the fiscal anchor that they have been claiming for most of the last 10 years. They have broken their fiscal anchor. How much interest per household does he think Canadian families can afford for his debt?

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François-Philippe Champagne

Liberal

Linked statement

“Our government has two financial goals. First, we want the deficit to get smaller compared to the size of the economy. Second, we want to balance the operating budget by 2028.”

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Official Hansard

Madam Chair, I will be happy to remind my colleague, who is a learned member of the House, that we have two fiscal anchors. One is a declining deficit-to-GDP ratio. The other is to balance the operating budget with revenues by 2028-29. Those are the two fiscal anchors of the Government of Canada.

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Pat Kelly

Conservative
“The government keeps breaking its own spending rules. What new rule will it invent next year after it breaks this one?”
Official Hansard

Madam Chair, those are new ones. He has discharged and cut loose every anchor that they have assigned for themselves. What is going to be their new fiscal anchor they make up next year when this fiscal anchor is cut loose like so many before it?

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François-Philippe Champagne

Liberal
“Expert Kevin Page says our target to balance the operating budget in 2028-29 will limit government spending more than rules tied to the size of the economy.”
Official Hansard

Madam Chair, in the spirit of teaching my colleague some of the facts, let me quote Kevin Page. He said, “The hard target of a balanced operating budget in 2028‑29 will put more constraints on the government than would fiscal rules tied to changes in the size of the economy”. This is coming from Kevin Page.

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Gérard Deltell

Conservative
“I am glad the minister finally settled a tax dispute with the City of Laval. Why did the minister refuse to testify about it to the committee for two and a half months?”
Official Hansard

Madam Chair, I am going to start with a positive question. We are very pleased to see that the minister was able to reach an agreement with the City of Laval concerning the scandal over the Canada Revenue Agency, which had demanded $1 million from Laval taxpayers in connection with the former corrupt mayor. Ten years later than Revenu Québec, the Canada Revenue Agency, or CRA, finally came to terms with the City of Laval. Why did the minister refuse to come testify before the committee for two and a half months?

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François-Philippe Champagne

Liberal
“I am happy to testify at the committee. I promised to find a solution for the people of Laval, and I did. The mayor of Laval thanked me for our work together on this.”

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Official Hansard

Madam Chair, I would be pleased to come testify in committee. However, as my colleague said, I made a commitment to find a solution in the interest of the people of Laval. That is exactly what we did, to the satisfaction of the mayor of Laval, Mr. Boyer, who personally expressed his appreciation for the work we accomplished together to resolve this situation.

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Gérard Deltell

Conservative
“The minister has been in cabinet for ten years while Canada's debt grew past one trillion dollars. I want him to tell us how much interest Canada pays on that debt each year.”
Official Hansard

Madam Chair, it took the Liberal government’s CRA a decade to do the right thing, which was a decade longer than it took Revenu Québec. The minister was elected at the same time as me, in 2015. The Prime Minister put him in cabinet almost immediately, which means that he has been one of the senior ministers in the Liberal administration for the past decade. That makes him one of the top architects of the debt that grew to over $1 trillion over that decade. Can the minister tell us what the interest on the debt costs Canada every year?

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François-Philippe Champagne

Liberal
“I have always worked for Canadians. Our government has made big investments to grow the economy, and I am continuing that work as finance minister.”

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Official Hansard

Madam Chair, I would like to thank my colleague for saying such kind things about me. It is true that we were both elected at the same time, in 2015. He is right. I have always worked to advance the interests of Canadian citizens. It is true that, during those years, we presented a generational investment plan to grow the economy and have the strongest economy in the G7. That work continues now that I am the Minister of Finance.

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Gérard Deltell

Conservative
“The minister broke his promise to balance the budget by 2019. He borrowed too much money instead of saving it, and our children and grandchildren will have to pay off this huge debt.”
Official Hansard

Madam Chair, the minister seems to forget that he was elected in 2015 on a promise to run three small deficits and achieve a zero deficit in 2019. He did none of that. On the contrary, even when the global economy was doing well, the government did not set any money aside. That would have been the right thing to do. However, the man with a trillion-dollar debt, that is one thousand billion dollars in debt, cannot tell us how much the interest on that debt costs. He talks about intergenerational investments. Does he realize that our children, grandchildren and great-grandchildren will be paying for this government’s debt and reckless deficits?

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François-Philippe Champagne

Liberal
“Our planned deficit is $11 billion lower than we predicted last year. Global experts can see that we are managing Canada's money carefully and responsibly.”

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Official Hansard

Madam Chair, my colleague will be pleased to see that, in fact, the projected deficit is $11 billion lower than what was projected in budget 2025. Under my leadership, we have presented a deficit that is $11 billion lower. Agencies around the world have seen that Canada has taken a serious position on taxation, that we are fiscally responsible and that we are acting with the rigour that the current situation demands.

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  2. Government Orders Business of Supply 45 statements
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  5. Oral Questions The Economy 4 statements
  6. Oral Questions Justice 6 statements
  7. Oral Questions The Economy 16 statements
  8. Oral Questions The Environment 4 statements
  9. Oral Questions Finance 6 statements
  10. Oral Questions Immigration, Refugees and Citizenship 10 statements
  11. Oral Questions Public Safety 8 statements
  12. Oral Questions Women and Gender Equality 2 statements
  13. Oral Questions Indigenous Affairs 6 statements
  14. Oral Questions Natural Resources 2 statements
  15. Oral Questions Fisheries and Oceans 2 statements
  16. Oral Questions Labour 2 statements
  17. Oral Questions The Environment 2 statements
  18. Oral Questions Business of the House 2 statements
  19. Government Orders Government Orders 2 statements
  20. Oral Questions Taxation 4 statements
  21. Oral Questions Emergency Management 3 statements
  22. Government Orders Business of Supply 15 statements
  23. Government Orders Business of Supply 15 statements
  24. Government Orders Business of Supply 27 statements
  25. Private Members' Business An Act to repeal certain restrictions on shipping 12 statements
  26. Adjournment Proceedings Adjournment Proceedings 4 statements
  27. Government Orders Business of Supply 366 statements
  28. Adjournment Proceedings Adjournment Proceedings 4 statements