This House of Commons Standing Committee on Finance meeting studied Bill C-15, an act to implement certain provisions of the budget tabled in November 2025. Appearing were Carol Wilding from the Chartered Professional Accountants of Ontario; Mathieu Lavigne and Hubert Rioux from the Fédération des chambres de commerce du Québec; Adriana Vega from Fintechs Canada; Jessica Oliver from Wealthsimple; Ehren Cory and Frédéric Duguay from the Canada Infrastructure Bank; National Chief Cindy Woodhouse Nepinak, Josh Gladstone, and Bram Lerat from the Assembly of First Nations; and David Chartrand from the Manitoba Métis Federation.
Carol Wilding welcomed the productivity superdeduction and the expansion of the SR&ED tax credit but argued these measures would be more impactful if made permanent. She called for a broad expert review of Canada's tax system, which she said is too complex and a barrier to investment, and noted that the tax system must evolve to reflect the growing importance of intangible assets like intellectual property.
Mathieu Lavigne and Hubert Rioux praised several budget measures, including enhanced SR&ED incentives, the productivity superdeduction, the elimination of the luxury tax on aircraft, and the increase in the lifetime capital gains exemption, but expressed disappointment over the cancellation of the Canadian entrepreneurs' incentive. They called for making the accelerated investment incentive permanent, extending it to all sectors, and for a complete moratorium on restrictions to the temporary foreign worker program, warning that businesses are losing contracts and abandoning projects due to labour shortages. They also advocated for a balanced budget law, tax incentives to double exports outside the U.S., and more specific criteria for the proposed regulatory sandboxes.
Adriana Vega stated that the financial sector reforms in Bill C-15, particularly the consumer-driven banking act and the stablecoin act, are long overdue and will boost competition and make life more affordable for Canadians. She stressed that the details of the stablecoin regulation must strike the right balance to preserve the pro-competition spirit of the law and that delaying implementation is not an option.
Jessica Oliver emphasized that the open banking framework and stablecoin legislation are critical for a more competitive financial sector, but argued the most immediately impactful change would be the promised prohibition of exit fees on investment accounts, which she said cost Canadians hundreds of millions annually and disproportionately harm younger and less wealthy clients. She provided examples of clients being charged fees far exceeding the actual cost of processing a transfer and noted that delays in transfers benefit the sending institution at the client's expense.
Ehren Cory explained that the Canada Infrastructure Bank (CIB) has nearly exhausted its current $35-billion allocation and needs the proposed $10-billion increase to continue financing major infrastructure projects, including those related to AI, data centres, and indigenous communities. He defended the CIB's performance, stating it has made 108 loans supporting over $55 billion in total project value, is now self-sustaining, and is on track to meet its leverage targets over the long term. He disputed suggestions that investments in electric bus fleets have been failures, clarifying that the CIB lends to fleet operators, not manufacturers, and that its loans remain viable.
National Chief Cindy Woodhouse Nepinak stated that the 2025 budget represents a significant setback for first nations, with key programs sunsetting and cuts of $2 billion to $3 billion to Indigenous Services. She raised concerns that the Red Tape Reduction Act in Bill C-15 could be an end run around statutory safeguards and lacks references to free, prior and informed consent, warning it will likely face legal challenges. She called for a distinctions-based funding approach for initiatives like Build Canada Homes, with a minimum 10% set-aside for first nations, and for the extension of expiring programs such as the Indian residential schools resolution health support program.
David Chartrand highlighted the Manitoba Métis Federation's proven success in housing and early learning but stressed that long-term agreements with Canada are essential for strategic planning. He noted that Métis people have the worst health outcomes and are dying younger, partly because they cannot afford medicine, and called for Métis-specific health legislation. He supported the budget's focus on major projects but urged that investments be tied to opportunities for Métis youth in education and skills training, and warned that if ministers use new powers in Bill C-15 to circumvent consultation with section 35 rights holders, there will be problems.
The committee also heard a brief exchange on the CIB's compensation and conflict-of-interest policies, with Mr. Cory stating his pay is set by the board and publicly disclosed, and Mr. Duguay outlining the bank's rigorous conflict-of-interest procedures.
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