Budget Implementation Act, 2023, No. 1
Date: 2023_04_25
Chamber: HOUSE OF COMMONS
Mr. Taleeb Noormohamed: it is an honour to rise in this House to speak on behalf of my riding of Vancouver Granville. I want to talk a bit about the measures in budget 2023 that would improve the lives of my constituents in Vancouver Granville and indeed individuals across Canada. A lot of issues have been discussed over the course of the last little while. My friend and colleague just gave an important speech that reflected some of the challenges we have in terms of the need for good debate in this House. I want to start with things that hopefully we can all agree on. First is the fight against money laundering. Money laundering has been a central issue in Vancouver and across B.C. These criminal acts threaten the integrity of the Canadian economy and put Canadians at risk. Just last year, the Government of British Columbia released the final report of the Cullen commission on money laundering. The Cullen commission highlighted major gaps in the current anti-money laundering and anti-terrorist financing regime, as well as areas for deepening federal and provincial collaboration. That is why I am so happy and so pleased to see that budget 2023 introduces a new focus on combatting money laundering and terrorist financing and closes these gaps. The budget announces the government's intention to introduce legislative amendments to the Criminal Code to make it easier to investigate money laundering, strengthen enforcement capabilities and improve information sharing between government agencies. In particular, law enforcement would have the ability to freeze and seize virtual assets with suspected links to crime. Under these proposals, the CRA, law enforcement and FINTRAC would be able to share financial intelligence. We are introducing an offence for those who structure financial transactions to avoid FINTRAC reporting. We are also extending whistle-blower protections to employees who report financial information to FINTRAC. These are just a few of the many ways we are working to end money laundering and ensure that no terrorists are hiding their money here in Canada. I hope everyone in this House can support those measures. Budget 2023 also announced measures to protect Canadians from the risks of crypto-assets. We know that Canadians have invested in crypto. There is nothing wrong with that. I have invested in crypto. However, there is a big difference between investing in crypto and telling Canadians they should put their life savings in crypto to avoid inflation. The crypto-asset market is extremely turbulent and is prone to high-profile failures such as those of FTX, BlockFi and Signature Bank. We are all aware that crypto-assets are not a credible way to opt out of inflation. We have heard this time and again, and it is important for Canadians to know that. If anything, unregulated and risky crypto-assets can threaten the financial well-being of Canadians. Budget 2023 proposes new measures to protect Canadians, including ensuring that the Office of the Superintendent of Financial Institutions, or OSFI, would consult federally regulated financial institutions on guidelines for publicly disclosing their exposure to crypto-assets. These types of measures would ensure financial security for Canadians. Speaking of the economy, following the impressive rebound the Canadian economy has made coming out of the pandemic, Canadians need assurances that the economy will remain strong. Inflation is steadily coming down and interest rates are steady. To see how stable the economy is, let us look at the key indicators that most people are concerned about. First, the federal debt-to-GDP ratio continues on a declining path from 2024-25 onward. Second, the deficit continues to project a decline in every year of the forecast. Third, our public debt charges, as a share of the economy, are projected to remain at historically low levels, and our credit ratings in this country remain strong. However, we cannot stop there. Our government intends to invest in key areas that are strategically targeted to help everyday Canadians. These are investments that would not risk increasing inflation. It is vital that economic policy focus on helping middle-class Canadians and those working hard to join it. That is why a major focal point for the budget is affordability. During a time of heightened inflation around the world, the budget proposes new, targeted support to those who need it most. When times are tough, we have to remember to take care of the people who are struggling the most. That is why in this budget, we will find a grocery rebate aimed at helping people afford essential goods. Over 11 million Canadians and families would benefit. Eligible couples with two children could receive up to an extra $467, and seniors would receive up to an extra $255. When people can worry a little less about providing basic necessities for their families, it gives them further room to thrive, including almost 30% of modest-income individuals and families in my province of B.C. We are not stopping at grocery costs. Unexpected hidden and additional fees can quickly eat up a budget. They are frustrating and are a sneaky way to hit the pocketbooks of everyday Canadians. This is why budget 2023 takes action to crack down on what we call "junk fees", whether it is Internet overage charges, roaming fees, extra charges on a concert ticket that one has saved up for or things like excess baggage fees. We are going to work with regulatory agencies, provinces and territories to reduce these junk fees for everyone. We are going to strengthen existing legislative tools and create new regulations to ensure that we curb the escalation of and remove junk fees wherever possible. Another area my constituents in Vancouver Granville are deeply concerned about is the fight against climate change and moving emissions to net-zero. Canada is a major energy producer, and we have a unique opportunity to build a cutting-edge clean economy. With the help of our highly skilled workforce and partners in the private sector, we will be net-zero by 2050. However, the federal government cannot do this alone. With the help of provincial, territorial, municipal and indigenous governments, we will help realize this goal. How we do that is going to be important. We have announced an investment tax credit for clean technology manufacturing, and it will provide support to Canadian companies that are manufacturing or processing clean tech and their precursors. This is going to assist companies across sectors and will apply to those extracting, processing or recycling critical minerals that are essential for clean tech and those manufacturing zero-emission vehicles. The tax credit will also apply to the manufacturing of grid-scale electrical energy storage equipment. By investing in clean, safe technology, we can ensure a prosperous country for generations to come. It is important to recognize that this budget is a study of contrast. On this side of the House, we have solutions. We have ideas that are going to help make life more affordable for everyday Canadians. We have a plan to build the economy of the future. We are taking care of the most vulnerable in our society, but we are seeing it as an investment into the future of this country rather than as a handout. We know that tax cuts are not the solution. We know investing in Canadians is. On this side of the House, our commitment is to Canadians and to working with Canadians to ensure that they can support their families, that they have access to affordable child care, that they have access to affordable and high-quality dental care and that the most vulnerable in our communities do not need to worry about where their next meal is going to come from. Most importantly, we will work to give Canadians a sense of hope for the future of this country. That hope comes from their ability to work and live in an environment that is clean, where we take care of our natural resources and, above all else, respect one another in the debates we have and in the way we build a better future.