Is your pension paying off Canada's debt? Liberals confronted on CPP "creative accounting"

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[00:00:01]Thank you, Mr. Speaker. I'm rising to follow up on a question I asked in question period on the topic of the economy and in particular the spring economic update which we have of course been debating these last few weeks. In that spring economic update the government charts show that Canada has one of the lowest net debt to GDP ratios. In fact, it brags that Canada's net debt to GDP ratio is far below the G7 average of about 100% and is around 10%.

[00:00:34]But, Madam Speaker, with every financial statement I have learned you have to read the notes because in the notes is where you find the information you need to understand these numbers. And when you read the notes to these charts, that's chart 34, 35, and 36, I believe, in the spring economic update, you'll find the following and I'll quote it here. And this is the notes in these charts in relation to defining government net debt. It says, "The internationally comparable definition of quote all levels of government includes the central, state, and local levels of government and social security funds.

[00:01:10]For Canada, this includes the federal, provincial, territorial, and local and indigenous government sectors and the Canada Pension Plan and Quebec Pension Plan."

[00:01:22]And that's the key provision in the note, Madam Speaker, right at the end where it says, "And the Canada Pension Plan and the Quebec Pension Plan."

[00:01:31]So, what the government is saying is that they have included in their calculation of debt and assets Canada's pension plans.

[00:01:41]Of course, including Canada's pension plans in their assets will lower the net debt to GDP ratio.

[00:01:48]But, Madam Speaker, these assets have been earmarked for future pension obligations. They are not, or or should not be, available to satisfy general government debt.

[00:02:00]And of course, the CPP and QPP are independently managed as they should be.

[00:02:06]So, the government is suggesting in its spring economic update that the pension of Canadians be available to satisfy its debts.

[00:02:16]So, I'm not I'm not arguing about the the calculation of net debt to GDP right now, Madam Speaker. I'm simply focused on the idea that the government is suggesting that the assets of the CPP and QPP could be used to satisfy government debts. So, my question to the parliamentary secretary this evening is, is it the position of the Liberal government that the CPP and the QPP could be raided by the by foreign creditors to satisfy the government's debts?

[00:02:47]The parliamentary secretary. Thank you, Madam Speaker. Allow me to start off by emphasizing that the global landscape is rapidly changing, leaving businesses, workers, and families under a cloud of uncertainty. As a result of all of these geopolitical shifts, the cost of groceries and everyday essentials in Canada have been high for a way too long. We believe our economy is stronger when it serves everyone.

[00:03:18]That's why we took action to make groceries and other essentials more affordable in the near term. And in parallel, uh promote food security and support innovation in the agricultural and food sector.

[00:03:32]To support those most affected by the rising price of food in January 2026, we announced a new Canada groceries and essentials benefit to help more than 12 million Canadians afford day-to-day essentials. The Canada groceries and essentials benefit builds on the existing goods and services tax credit and will provide 11.7 billion in additional support over 6 years. This includes a one-time top-up payment to be issued June 5th equal to 50% increase in the annual 2025-26 value of the GST credit. This delivers, of course, a $3.1 billion in assistance to individuals and families who currently get the GST credit. Mr. Speaker, we know Canadian household budgets are are feeling the squeeze from higher costs. There's no doubt that this spike is causing financial difficulties for far too many individual Canadians. To help Canadians and businesses manage such pressures, our government introduced a temporary suspension of the federal fuel excise tax on gasoline, diesel, and aviation fuels. The suspension came into effect on April 20th and will stay in place until and including Labor Day on September 7th.

[00:04:55]This step is expected to lower Canadian bills at the gas station by up to 10 10 cents per liter in gasoline and 4 cents on diesel.

[00:05:07]Such temporary suspensions are expected to save Canadians up to an estimated $5.75 on gasoline when filling up a typical 50-liter tank of fuel.

[00:05:20]Overall, the suspension is estimated to provide relief of over 2.4 billion dollars in 2026-27.

[00:05:28]Madam Speaker, we've done even more to alleviate the pressure from the high cost of fuels on Canadian household budgets.

[00:05:36]Right after taking office, the Prime Minister canceled the federal consumer fuel charge effective April 1st, 2025 in a move that directly helped Canadians save money at the pump. Our government also removed the requirement for provinces and territories to have a consumer facing carbon price as of that very same date. These actions helped reduce gas prices in most provinces and territories by about 18 cents per liter in comparison to 2024-2025.

[00:06:10]There's more. Our government is also delivering major tax breaks to uh Canadians.

[00:06:16]Since July 1st, Canadians have been paying less tax after the government lowered the first marginal personal income tax rate from 15% to 14%.

[00:06:27]Thanks to this change, I would add, 22 million Canadians benefit from tax relief of up to $420 per person, saving two income families up to $840 this year. Our government has eliminated the GST for first-time buyers on new homes up to $1 million and reduced the GST for first-time home buyers on new homes between $1 million and $1.5 million. In addition, we've also made the national school food food program permanent, providing schools uh meals for up to 400,000 children each year. So, uh despite what the member is suggesting, there are a number of different affordability measures in there. We are working on that. We are working on investments and we will continue The honorable member for York Durham.

[00:07:21]Madam Speaker, I don't know what's going on here. I asked about the pension plan being considered as an asset. Maybe the Minister Maybe the Minister of Finance will get up and do the rebuttal.

[00:07:31]Minister of Finance, why are you including the Canada Pension Plan and the Quebec Pension Plan as an asset against the Government of Canada's debt?

[00:07:39]Are you saying that it is your government's policy that those assets will be available to satisfy foreign creditors. That's the question. Maybe the Minister of Finance will get up and answer it for me.

[00:07:51]The honorable Parliamentary Secretary.

[00:07:52]>> Madam Speaker, I can only go by the question that the member had provided us earlier. If the question is, are we the type of country that is welcoming investment from various sources to make sure that there is economic growth? Absolutely. He knows full well that there are a number of different Canadian institutions that are very interested in investing in infrastructure projects. And that, of course, creates jobs. In addition to that, as the member is fully aware, in September we will have an investment summit. So, we are doing everything within our power to make sure that we are building, that we are building bold, and we are building big. And that, of course, will include investments in various institutions. Thank you, Madam Speaker.