Finance

The House of Commons Standing Committee on Finance met to discuss the nomination of Annette Ryan for the position of Parliamentary Budget Officer (PBO). Annette Ryan, currently a deputy director at FINTRAC, was invited to speak about her qualifications and vision for the role. She emphasized her commitment to independence, transparency, and providing high-quality analysis to Parliament. Ryan also pledged to serve only one term as PBO to ensure impartiality. She highlighted her extensive experience in government and her dedication to fiscal sustainability. Committee members questioned Ryan about her past relationship with the Prime Minister, her commitment to impartiality, and her views on the government's fiscal policies. Some members expressed concerns about the government's track record of not reappointing officials who have been critical of its policies. Ryan reassured the committee that she would serve Parliament and provide independent analysis, regardless of potential pressure from the government. She also addressed questions about her views on the sustainability of Canada's public finances and the role of the PBO in advising Parliament on economic matters. Ryan committed to analyzing the sustainability of the government's fiscal framework and its ability to deliver on program commitments. She also expressed a willingness to work with parliamentarians to clarify the analyses they would like to receive from the PBO. Some committee members thanked Jason Jacques for his service as PBO. The committee agreed to provide updates on how budgets are spent.

The House of Commons Standing Committee on Finance met to discuss a proposed law to implement parts of the budget. Committee members went through the proposed law section by section, discussing and voting on changes. Karina Gould chaired the meeting, guiding the committee through the process of considering each clause and proposed amendment. Several members spoke about different parts of the proposed law. Jasraj Hallan suggested grouping clauses together to speed up the process. Peter Fragiskatos introduced government amendments related to income tax. Jean-Denis Garon proposed changes related to critical minerals, high-speed rail, and banking services, expressing concerns about protecting rights and ensuring fairness. Don Davies raised issues about digital services tax, housing tax, the luxury tax, and changes to Canada Post, advocating for consumers and vulnerable populations. Elizabeth May spoke against changes to the Red Tape Reduction Act and environmental protection laws, emphasizing the need for transparency and accountability. Several amendments were made to the proposed law. These included changes to income tax rules, the inclusion of phosphate as a critical mineral, and protections for library materials and services for the blind through Canada Post. Some proposed changes, especially those concerning the high-speed rail project and consumer protection in banking, were voted down. The committee agreed to send the revised proposed law back to the House of Commons for further consideration.

The House of Commons Standing Committee on Finance met to discuss proposed changes to laws related to the budget. Witnesses from various organizations gave their opinions on the proposed law. Carol Wilding from the Chartered Professional Accountants of Ontario talked about how the tax system needs to change to help businesses grow and attract investment. She suggested making some tax breaks permanent to give companies more certainty. Mathieu Lavigne from the Fédération des chambres de commerce du Québec highlighted some good things in the proposed law, like improvements to tax incentives for research and development. However, he also pointed out that there's no tax relief for companies in general and that more needs to be done to help businesses succeed. He also raised concerns about restrictions on temporary foreign workers. Adriana Vega from Fintechs Canada said the proposed law would help make the financial sector more competitive and affordable for Canadians. She specifically mentioned changes to open banking and the regulation of stablecoins (a type of cryptocurrency). Jessica Oliver from Wealthsimple talked about the need to ban exit fees on investment accounts, which can cost Canadians a lot of money when they switch platforms. The committee also heard from Ehren Cory of the Canada Infrastructure Bank, who discussed plans to increase the bank's capital and invest in infrastructure projects across the country. Finally, National Chief Cindy Woodhouse Nepinak from the Assembly of First Nations raised concerns about budget cuts to indigenous services and the lack of consultation with first nations on certain laws. David Chartrand from the Manitoba Métis Federation spoke about the need for Métis-specific health legislation and for the government to follow through on its treaty obligations.

The House of Commons Standing Committee on Finance met to discuss proposed changes to the law, specifically focusing on justice-related aspects within Bill C-15. Minister of Justice Sean Fraser explained key points, including changes to judicial appointments in Ontario, where some judges would be moved to unified family courts in Brampton and the Court of Appeal. He emphasized the goal of making family court processes easier for families, especially those with limited resources. He also touched on administrative changes to support services for federal tribunals in the Yukon. Minister Fraser also spoke about the government's broader public safety strategy, which includes stronger criminal laws, investments in frontline services, and violence prevention measures.

The House of Commons Standing Committee on Finance met to discuss proposed changes to laws about the budget and broadcasting. Minister of Canadian Identity and Culture, Marc Miller, spoke about the 2025 budget, which includes money for arts, culture, media, and preserving Canadian identity. He also talked about fixing a mistake in the Broadcasting Act related to privacy. Committee members questioned Miller on topics like censorship and algorithms related to Bill C-11, the Online Streaming Act. Rachael Thomas, a Conservative member, worried about the CRTC's power to control what Canadians see online and the impact on free speech. Miller defended the CRTC's role in regulating broadcasting and ensuring Canadian content is promoted. Other committee members asked about funding for CBC/Radio-Canada, support for private media, and the role of government in promoting Canadian culture. Vicky Eatrides, the head of the CRTC, and her team explained the CRTC's work in regulating communications and broadcasting. They discussed efforts to improve internet and cellphone services, protect consumers from scams, and modernize the broadcasting system. Committee members asked about the impact of online streaming laws on prices and choices for consumers, as well as the CRTC's role in promoting Canadian content and dealing with issues like artificial intelligence and online harms. The committee explored the balance between regulation, consumer choice, and promoting Canadian culture in the digital age. No votes were held.

The House of Commons Standing Committee on Finance met to discuss proposed law C-15, which is related to implementing parts of the 2025 budget. The Minister of Finance, François-Philippe Champagne, presented the budget as a generational investment in Canada's future, emphasizing the need for collaboration in a changing global economy. He highlighted key measures including investments in research and development, tax incentives for businesses, and strategies for climate competitiveness. The minister urged committee members to pass the proposed law quickly. Nick Leswick, the Deputy Minister of Finance, also attended. During the meeting, committee members questioned the Minister on various aspects of the proposed law. Jasraj Hallan, a Conservative member, raised concerns about a provision that could allow ministers to exempt entities from certain laws, including the Conflict of Interest Act. He pressed the Minister for a direct answer on whether this could apply to companies like Brookfield, but the Minister did not provide a clear response. Other members, like Carlos Leitão, a Liberal member, defended the proposed law and praised the Minister's efforts to attract private investment. Other topics discussed included Canada's commitment to NATO, infrastructure spending, and support for personal support workers. Gabriel Ste-Marie, a Bloc Québécois member, questioned the fiscal implications of increased NATO spending and sought clarification on infrastructure funding. Eric Lefebvre, a Conservative member, inquired about public service job cuts and the rising costs of government programs. The committee also discussed measures to support small and medium-sized businesses and address affordability concerns. The meeting concluded with members agreeing to meet again on Monday to discuss other aspects of the proposed law.

The House of Commons Standing Committee on Finance met to discuss proposed law C-15, which deals with implementing parts of the 2025 budget. Minister of Veterans Affairs Jill McKnight explained the proposed law includes investments in veterans' disability benefits and changes to how medical cannabis reimbursements are handled. The proposed law also clarifies how certain benefits are calculated, like those related to pensions and long-term care. McKnight emphasized the changes aim to provide more clarity and transparency for veterans, and that the government is committed to supporting veterans. McKnight faced questions about potential budget cuts and the quality of services for veterans. Conservative committee members questioned the Minister about potential cuts to veteran services, a contract with PCVRS, and whether veterans are actually receiving better service. They expressed concern that the proposed law would negatively impact veterans, especially regarding long-term care benefits. Bloc Québécois committee members focused on whether Veterans Affairs Canada provides enough services in French and whether the proposed law would lead to job losses within the department. They also questioned whether Quebec veteran organizations receive a fair share of funding. The committee also heard from Veterans Ombud Nishika Jardine, who expressed disappointment that the proposed law did not include mental health treatment benefits for families. Jardine raised concerns about clauses in the proposed law that would retroactively change how long-term care subsidies are calculated, potentially denying compensation to some veterans. Jardine recommended that the committee remove the retroactive part of the proposed law to maintain trust with the veteran community. The committee will continue its review of the proposed law.

The House of Commons Standing Committee on Finance met to discuss a proposed law called the Canada groceries and essentials benefit act. This law aims to help Canadians struggling with the high cost of groceries and everyday items. The proposed law would increase the GST credit and provide a one-time payment to over 12 million Canadians. The Minister of Finance, François-Philippe Champagne, explained that the proposed law is a response to rising food prices caused by global issues like supply chain problems and climate change. He said the benefit would put hundreds of dollars back into the pockets of Canadians. However, some committee members questioned whether the proposed law would actually solve the problem of high food prices. Melissa Lantsman, a Conservative member, pointed out that food prices have actually increased since the government promised to stabilize them. She asked the Minister what specific food items have become cheaper. Other committee members questioned the cost of the program and how it would affect the federal budget. Carlos Leitão, a Liberal member, defended the proposed law, saying it was needed to help Canadians struggling with the high cost of living. He also corrected the record, stating that Canada's food inflation is not the worst in the G7. Jean-Denis Garon, a Bloc Québécois member, suggested that the government should provide the GST credit on a monthly basis instead of quarterly. The committee approved the budget request regarding the study and will meet again on Thursday to continue discussing the budget.

The House of Commons Standing Committee on Finance met to discuss the proposed law related to the new high-speed rail network. Minister of Transport Steven MacKinnon explained that the proposed law aims to speed up the construction of the rail network, connecting major cities in Ontario and Quebec. He argued it would boost the economy, create jobs, and reduce emissions. He compared it to other major nation-building projects like the St. Lawrence Seaway. The proposed law aligns with existing infrastructure legislation in Quebec and Ontario to cut red tape and avoid delays. The first segment of the rail network is planned to run between Ottawa and Montreal, with construction potentially starting in four years if the proposed law passes. During the meeting, committee members raised concerns about the impact of the proposed law on landowners. Conservative MP Dan Albas questioned why the proposed law eliminates an independent review process that could protect the interests of affected communities. He also worried about landowners receiving little notice before their land is affected. Minister MacKinnon responded that the proposed law is for the general benefit of Canada and that landowners will be approached with common sense and offered fair market value for their land. Bloc Québécois MP Jean-Denis Garon expressed concern about the government's power to expropriate land, referencing the history of land seizures for the Mirabel airport. Alto representatives, including President and CEO Martin Imbleau, also attended the meeting. Mr. Imbleau emphasized the importance of the proposed law for delivering the project efficiently and predictably. He acknowledged concerns about expropriation and assured committee members that voluntary agreements with landowners would be preferred. He also stated that Alto is committed to maximizing the use of Canadian steel in the project. Committee members questioned Alto about the project's costs, environmental impact, and potential benefits for communities along the route. Ultimately, the committee is still considering the proposed law and its potential impacts. Further discussions and amendments may be needed to address the concerns raised by committee members and ensure the project benefits all Canadians.

The House of Commons Standing Committee on Finance met to discuss Bill C-15, which puts into action parts of the budget from November 2025. The first part of the meeting focused on tax-related items, while the second part covered other areas like banking and housing. Committee members questioned government officials on various aspects of the proposed law, including tax changes, support for media, and regulations for new financial products like stablecoins. During the tax discussion, Pat Kelly (Conservative) questioned the impact of tax eliminations on Canada's productivity and investment. Maximilian Baylor from the Department of Finance explained how tax measures aim to encourage investment and growth. Carlos Leitão (Liberal) emphasized the economic context behind the budget, including trade issues and slow productivity growth. Jean-Denis Garon (Bloc Québécois) raised concerns about fossil fuel subsidies and the digital services tax. Later, the committee shifted to non-tax measures. Pat Kelly inquired about consumer-driven banking and changes to equity thresholds for financial services companies. Jean-Denis Garon voiced concerns about land expropriation for the Alto high-speed train project and the potential impact on Quebec libraries. Matt Strauss (Conservative) questioned the practicality of regulating stablecoins, while Carlos Leitão explored their potential benefits for international money transfers. The committee agreed to follow up with the department to get answers to the questions that were not addressed during the meeting.

The House of Commons Standing Committee on Finance met to discuss committee business, but the discussion quickly turned to a proposed law related to the 2025 budget. Liberal MP Ryan Turnbull introduced a motion to study the "Productivity Super-Deduction" measures in the budget, which aim to boost business investment through tax incentives. Turnbull argued these measures would make Canada more competitive and address productivity challenges, citing support from various organizations and economists. He criticized Conservative committee members for allegedly blocking the study for political reasons. Turnbull spoke at length, presenting numerous quotes and arguments in favor of the proposed law.

The House of Commons Standing Committee on Finance met to discuss the use of offshore tax havens and financial crime. The RCMP, represented by Chief Superintendent Michael Saghbini and Staff Sergeant Chad Babin, explained their role in supporting the Canada Revenue Agency (CRA) by investigating crimes like money laundering, fraud, and corruption that are connected to tax evasion. They noted that tax evasion is a high money-laundering threat in Canada, with criminals using complex networks and digital currencies to hide assets. They also mentioned that new laws about who really owns companies (beneficial ownership) will help investigations. Committee members were concerned about how quickly criminals adapt and the challenges of keeping up with them. Committee members asked about the biggest risks and how to keep up with sophisticated criminals. The RCMP representatives highlighted the difficulty of tracing money through cryptocurrencies and complex company structures, sometimes involving lawyers. They emphasized the importance of knowing who really owns companies and trusts, as well as working with international partners. They also discussed the need for better access to banking and cryptocurrency transaction information. Members also discussed the Canada financial crimes agency. The RCMP sees the new agency as a potential way to share expertise and collaborate on investigations. They also talked about the rise in fraud, especially scams targeting seniors, and the need for education and cooperation with telecommunications companies to stop these scams. The RCMP representatives committed to providing the committee with statistics on investigations and charges related to financial crimes. No specific decisions were made during the meeting, but committee members expressed interest in legislative improvements to help the RCMP's investigations.

The House of Commons Standing Committee on Finance met to discuss the government's 2025 budget. The main focus was on the government's new approach to fiscal management, including changes to how it defines and measures capital investments and its decision to shift away from using a declining debt-to-GDP ratio as a key fiscal anchor. The committee heard from Jason Jacques, the Interim Parliamentary Budget Officer (PBO), and his team, who presented their analysis of the budget. Jacques highlighted concerns about transparency and the potential for political influence in how the government is defining capital investments. He suggested an independent body should oversee these definitions. Committee members questioned the PBO about the credibility of the government's new fiscal targets and the likelihood of meeting them. Conservative committee members expressed concerns about the government's transparency and credibility, questioning why the government changed its fiscal anchor and broadened the definition of capital investment. They also raised concerns about the government's ability to meet its deficit reduction targets, citing the PBO's analysis that there is only a small chance of success. Liberal committee members defended the government's approach, arguing that the new framework is more modern and allows for strategic investments in areas like infrastructure and clean energy. They also pointed out that Canada's debt levels are still low compared to other G7 countries. Bloc Québécois members focused on the impact of federal budget decisions on provincial finances, particularly in areas like healthcare. They questioned whether the government's spending plans would lead to cuts in provincial services or increased provincial debt. The PBO confirmed that some federal health transfers to the provinces would decrease in the coming years. Ultimately, the committee did not make any decisions during the meeting. A Liberal member introduced a motion to begin a study of the budget implementation act, but debate on the motion was adjourned. The committee agreed to hold a future meeting to discuss the committee's work plan.

The House of Commons Standing Committee on Finance met to discuss offshore tax havens and their impact on Canada. Witnesses Alain Deneault, a professor of ethics, and Jason Ward, a principal analyst, shared their expertise on the issue. Deneault highlighted the social costs of tax havens, including lost revenue, debt servicing, and the disappearance of public services. He suggested political and diplomatic solutions are needed, not just technical ones. Ward focused on solutions, urging Canada to implement public country-by-country reporting for multinational corporations, similar to Australia's legislation. He argued that greater transparency is crucial to identify and address tax avoidance. Both witnesses agreed that tax havens undermine trust in the tax system and create an uneven playing field for small businesses and individuals. Committee members questioned the witnesses on various aspects of tax avoidance, including the role of specific companies like Brookfield and the effectiveness of government measures. The committee also discussed the need for greater transparency and international cooperation to combat tax havens. The committee agreed to invite the Parliamentary Budget Officer to examine the current budgetary situation before the study of the budget implementation law begins, and that this testimony be considered part of the budget implementation act study.

The House of Commons Standing Committee on Finance met to discuss the use of offshore tax havens. The committee heard from three experts: Geoffrey Loomer, a law professor; Julien Martin, an economics professor; and Markus Meinzer, director of policy at the Tax Justice Network. Geoffrey Loomer discussed how tax havens relate to tax avoidance, tax evasion, tax competition, and tax co-operation. He noted that while progress has been made in dealing with offshore tax evasion, tax avoidance by multinational companies remains a significant issue. He pointed out that Canadian tax policy sometimes encourages the use of tax havens to enhance the competitiveness of Canadian companies. Julien Martin highlighted that a significant portion of corporate tax revenue in Canada disappears into tax havens each year. He emphasized that tax avoidance is often concentrated among a small number of large corporations and that it can distort competition in the real economy. He suggested that Canada should make more data publicly available to better understand and address tax avoidance. Markus Meinzer noted that there isn't a universal definition of tax havens and that many developed economies enable offshore tax abuse. He criticized the OECD's efforts to counter these problems and suggested that the United Nations is a better place for progress. He also recommended that Canada take steps to reduce illicit financial flows, such as extending public beneficial ownership registers and enacting public country-by-country reporting. The committee members questioned the witnesses on topics such as the effectiveness of current tax laws, the impact of tax avoidance on competition, and potential solutions to address the issue.

The House of Commons Standing Committee on Finance met to discuss the Bank of Canada's monetary policy report. Bank of Canada Governor Tiff Macklem and Senior Deputy Governor Carolyn Rogers presented the report and answered questions from committee members. The main topics discussed were the Canadian economy's performance, the impact of U.S. trade policies, and the need to improve productivity to raise Canadians' standard of living. Governor Macklem explained that the Canadian economy is experiencing modest growth due to U.S. tariffs and trade uncertainty. He noted that while inflation is close to the Bank's 2% target, the trade conflict is adding costs. Deputy Governor Rogers emphasized the urgency of fixing Canada's productivity issues, which would help buffer the economy from shocks. Both agreed that improving productivity is essential to increasing incomes and making life more affordable for Canadians. Committee members questioned the witnesses on various issues, including the government's budget, housing affordability, and the Bank of Canada's balance sheet. They also discussed the impact of climate change on production costs and the challenges faced by young Canadians. The Governor and Deputy Governor stressed the importance of keeping inflation stable and encouraging investment to improve productivity and raise the standard of living. No specific decisions were made during the meeting. The committee members will continue to study the Bank of Canada's report and consider policy options to address the challenges facing the Canadian economy. The Bank of Canada will incorporate the new federal budget into its next forecast, due in January.