COLUMN: On Parliament Hill – Transparency owed to Canadians

Transparency is not an option—it is a responsibility owed to Canadians. In a healthy democracy, citizens have the right to know how their money is being spent.

That is why the concerns raised these past couple of weeks about the federal government’s finances require serious attention. According to a National Post report last week, economists, the Parliamentary Budget Officer (PBO), and Conservatives continue to raise serious concerns about Prime Minister Mark Carney’s lack of transparency around government spending. The article pointed to approximately $40 billion in taxpayer-funded spending that has yet to be fully accounted for. Former associate deputy minister of finance and former TD Bank Chief Economist Don Drummond summed up the concern bluntly: “I’ve been involved in budgets since 1977, and I’ve never seen such a lack of transparency.” He also warned that weaker-than-expected economic performance and employment figures raise further concerns about the government’s fiscal assumptions.

Unfortunately, this isn’t new to Mr. Carney. It seems to be a recurring pattern of recent Liberal governments.

Several years ago, while serving on the House of Commons Natural Resources Committee, I questioned officials about the escalating cost overruns for TMX. I asked how construction costs climbed from $9.7 billion to $12.8 billion to $21.4 billion to $34.2 billion. What was most alarming was the project’s cost skyrocketing by $8.8 billion in just three months, without any public warning.

I asked Mr. Yves Giroux who was the PBO at the time, about the likelihood of the Government of Canada recovering the cost increase if the pipeline were to be sold? His reply at the time was concerning: “Based on the assessment we did on the two scenarios, we don’t think it is the most likely outcome that the government will recover all the money it has spent acquiring and expanding the Trans Mountain pipeline.” When I pressed for a detailed construction breakdown, project costs, budgets and estimates from the initial costs compared to the actual costs, their reply revealed that the PBO office had not asked for that detail.

Whether managing a household budget, running a business or renovating a home, we begin with estimates, establish a budget, and monitor expenses throughout the project. That budget becomes our roadmap to stay on course because we understand that our monetary resources have limits. Government should be held to the same standard—especially when spending Canadian tax dollars.

Conservatives have been consistently advocating for more pipelines because we know that Canada possesses the energy and resources the world needs. Unlike the Liberal government, Conservatives believe government should get out of the way, so we don’t end up with a 278 percent cost overrun like we did with TMX. New projects need better stewardship.

Regarding the Liberal government’s new pipeline financing, according to Desjardins Deputy Chief Economist Randall Bartlett, it is unclear how much the federal government will be funding. Bartlett lists other projects such as the national AI strategy, national food security strategy, and the Canada-British Columbia Cooperative Prosperity Agreement that have not been fully reflected by the Liberal government’s fiscal plans.

As Mr. Bartlett further noted, PM Carney’s new spending measure announcements go beyond what was identified in the April fiscal update. Conservative Shadow Minister for Finance Michael Chong further explained, “For every dollar Mark Carney spends that has not been budgeted for, a dollar must be borrowed, adding to the federal debt.”

The impact of this Liberal governments’ generational spending is something that should concern all Canadians. It is simply wrong that this Liberal government are burdening our children, grandchildren and great-grandchildren with unsustainable debt, a stagnant economy and a cost-of-living crisis.

Under Prime Minister Carney’s leadership, Canada has gone from a forecasted $31 billion deficit to $65 billion in April’s Spring Economic Update. As Conservative MP Michael Chong explains, by the end of the decade, interest on the federal debt is expected to reach $80 billion a year or $1,901 per Canadian.

Consider what that means.

Before governments can invest in health care, infrastructure, national defence, tax relief, or new opportunities for economic growth, billions of dollars will first be consumed by paying interest on past borrowing. For many Canadian families, imagine what that extra $2,000 could do for a family who struggles to pay for their children’s activities, groceries, school supplies, or rising utilities. Instead, we are saddling our children with an enormous credit card debt where only minimal payments can be made without ever getting ahead. How is this responsible and fair?

Yet, there are additional reasons to be concerned. Since Mark Carney took office, the Liberal government has decided to move away from internationally recognized accounting standards. The International Monetary Fund is calling on the government to reverse course and provide a clear link between borrowing and the debt path.

Avoiding a Fitch rating downgrade, as we’ve been cautioned, will require clear reporting of Canada’s deficits and debt-to-GDP.

Transparency is non-partisan; it is fundamental to good governance.

I know what happens in Ottawa has real consequences for people in Provencher. Clear, transparent budgets and expenses matter.

Every dollar the government spends is a dollar entrusted by Canadians. Canadians deserve transparency—not only for today’s taxpayer, but for our generations who inherit the consequences of today’s decisions.