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View Bill Morneau Profile
Lib. (ON)
View Bill Morneau Profile
2018-11-21 16:12 [p.23680]
Mr. Speaker, the fact is that when the members opposite push for an aggressive elimination of the deficit, what they really mean is aggressive cuts in services, cuts that would make life harder for people and for families. That is not what we want for Canada, and it is not what Canadians want for themselves.
We choose a different path: one that is a targeted, measured and fiscally responsible; one that encourages businesses to invest in growth, and create more good, well-paying jobs for middle-class Canadians; one that makes it clear to businesses that if they have a choice to invest on either side of the border, Canada is the smart and sensible choice. This path ensures that our federal debt-to-GDP ratio continues on a steady downward track.
It is worth remembering that we already have the best balance sheet among our key allies, and that our government has made an absolute commitment to maintaining that competitive advantage in a volatile world.
I will tell you why it is important to get the fundamentals right. As much as we are taking positive actions today to help grow the economy and invest in middle-class jobs, the reality is that there are challenges all around us.
The challenges range from the uncertainty about the global economy to concerns about lingering trade disputes to the challenges facing the oil and gas sector in Alberta, which is contending today with very low crude oil prices. The market prices are so low compared with international benchmarks. That is why we are matching our words with actions, to ensure that we can achieve greater market access for our resources in the right way.
Let there be no mistake. We could have ignored the concerns of business leaders, decided not to make the investments and the changes that are part of the fall economic statement, and we would have had a lower deficit as a result. To have done so would have been neither a rational response nor a responsible one.
We are choosing, once again, to trust Canadians—the people who put their trust in us. We know that if we give Canadian businesses more opportunities to succeed and grow, they will do just that. One of the greatest opportunities for Canada's economy is connected to the global shift toward clean growth.
In 2016, our government worked with provinces and territories, in consultation with indigenous peoples, to reach Canada's first ever national clean growth and climate action plan. It is a comprehensive plan that invests in public transit, phases out coal power, invests in clean energy, prices pollution and supports energy efficiency across Canada.
Conservative politicians here in the House and in some provincial capitals want to bury their heads in the sand and ignore what is happening to the climate and to the economy. They want to make pollution free again and let our kids and grandkids deal with the consequences. We are not going to let that happen. Pollution was free, so we had too much of it. This is the root of the problem, and we are going to fix it.
After three years of strong action, Canada is now poised to lead and succeed in the global clean growth economy, an opportunity that is estimated to be worth $26 trillion in the next dozen years. To help get us there, we are announcing our intention to create an advisory council on climate action that would give our government expert advice on how we can further reduce pollution and encourage economic growth in two crucial areas: the transportation sector and the building sector.
We intend to name two Canadian clean growth leaders, Steven Guilbeault and Tamara Vrooman, to help lead that work.
It is not enough to simply clean up the economy. We need to make a cleaner economy more affordable to middle-class Canadians. That is why our government will not keep any of the revenues from pricing pollution. We will return every single penny to provinces and territories where we collect it, and 80% of Canadian families will be better off as a result.
Our government is confident that if we give Canadian businesses more opportunities to succeed and grow they will meet and exceed all expectations.
To encourage businesses to invest in their own growth and create more good, well-paying jobs, our government proposes to allow businesses to immediately write-off for tax purposes the full cost of machinery and equipment used in the manufacturing and processing of goods.
We will also allow specified clean energy equipment to be eligible for an immediate write-off of the full cost. This will help achieve climate goals and boost Canada's global competitiveness.
In response to requests from the business community, we are also introducing a new accelerated investment incentive, an accelerated capital cost allowance for businesses of all sizes and across all sectors of the economy. This incentive will encourage more businesses to invest in assets that will drive business growth over the long term, setting the stage for more good middle-class jobs across our country.
Our government is also setting an ambitious agenda to make Canada the most globally connected economy in the world. We are already well on our way. With the successful conclusion of the new NAFTA, as well as the Canada-European Union Comprehensive Economic and Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, we now have comprehensive free trade agreements with countries representing two-thirds of the world's GDP.
Canada is now the only G7 country to have free trade agreements with all other G7 countries.
We want to give Canadian businesses more opportunities to grow, succeed and create good, well-paying jobs. That is why we are launching an export diversification strategy, to directly support Canadian businesses to grow their overseas sales by 50% by 2025.
Here at home we are going to work with our provincial and territorial partners to remove barriers to internal trade within Canada. Specifically, we will work to find ways to ensure that businesses can transport goods more easily, to harmonize food regulations and inspections, to align regulations in the construction sector and to facilitate greater trade in alcohol.
We will also take steps to modernize regulations so that it is easier for Canadian businesses to grow, and we will do that in ways that continue to protect Canadians' health and safety as well as that of the environment.
We intend to move forward with additional investments that will help Canadian innovators add value, succeed and grow.
Because our economy is doing well, we also have the fiscal room to continue to follow through on the commitments we made to Canadians.
We know that the best solutions for Canada's big challenges come from Canadians themselves. When charities, non-profit and social enterprises have access to capital and investment, they can innovate and go further than government can do alone. That is exactly what we are doing today by launching a new social finance fund.
We have also been working with local residents to reform the Nutrition North Canada program so that this program ensures better access to affordable, nutritious traditional food and is transparent, effective and accountable to northerners and other Canadians.
A key part of Canada's digital and creative advantage is our francophone culture. The protection and promotion of that culture unlocks enormous economic opportunity, not just in Canada but around the world. That is why we are helping to create a new francophone digital platform, in partnership with TV5MONDE public broadcasters.
To protect the vital role that independent news media play in our democracy and in our communities, we will be introducing measures to help support journalism in Canada.
To help sustain Canada's wild fish stocks and the communities that rely on them, we will invest in efforts to rebuild fish stocks. We will also introduce two new funds: a British Columbia salmon restoration and innovation fund and a Quebec fisheries fund to support the fish and seafood sectors in those two provinces.
What these and the other measures in the fall economic statement all have in common is this. They are all part of our government's plan to follow through on the commitments we made to Canadians to strengthen and grow the middle class and to offer real help to people working hard to join it; to grow the economy and invest in the middle class; and to give Canadians the help they need to succeed, by making smart investments to grow our economy for the long term, while we bring the books back toward balance.
That is what Canadians expect of us. That is what we promised, and that is exactly what we are doing.
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