[{"label":"Home","url":"https:\/\/www.pbo-dpb.ca\/en"},{"label":"Resources","url":"https:\/\/www.pbo-dpb.ca\/en\/resources--ressources"},{"label":"Committee Appearances","url":"https:\/\/www.pbo-dpb.ca\/en\/committee-appearances--comparutions-devant-comites"},{"label":"OGGO","url":"https:\/\/www.pbo-dpb.ca\/en\/committee-appearances--comparutions-devant-comites\/OGGO"},{"label":"2025-09-16","url":"https:\/\/www.pbo-dpb.ca\/en\/committee-appearances--comparutions-devant-comites\/OGGO\/70"}]

OGGO - 2025-09-16

{"id":70,"time":"2025-09-16T11:00:00-04:00","timezone":"America\/Toronto","meeting_url_en":"https:\/\/www.ourcommons.ca\/DocumentViewer\/en\/45-1\/OGGO\/meeting-2\/notice","meeting_url_fr":"https:\/\/www.noscommunes.ca\/documentviewer\/fr\/45-1\/OGGO\/reunion-2\/avis-convocation","recording_url_en":"https:\/\/parlvu.parl.gc.ca\/Harmony\/en\/PowerBrowser\/PowerBrowserV2?fk=13114215","recording_url_fr":"https:\/\/parlvu.parl.gc.ca\/Harmony\/fr\/PowerBrowser\/PowerBrowserV2?fk=13114215","opening_remarks_en":"Good morning Mr. Chair and distinguished members of the Committee.\n\nThank you for the invitation to appear before you today.\n\nMy name is Jason Jacques, and I am honoured to serve Parliament as the Interim Parliamentary Budget Officer.\n\nAs I begin my tenure, I want to take a moment to recognize my predecessor, Mr. Yves Giroux. He set a high standard of excellence, which was recognized by the Organization for Economic Co-operation and Development (OECD), who ranked Canada as the top independent fiscal institution in the world. I along with the entire team at the Office of the Parliamentary Budget Officer, are dedicated to upholding the quality and integrity of the work he championed.\n\nMy primary message to this Committee today is one of stability and continuity. Our office remains steadfastly committed to its core mandate: providing independent, non-partisan analysis of the nation\u2019s finances, the Government\u2019s estimates, and the Canadian economy.\n\nParliamentarians and the public can be confident that our work will continue without interruption. We will continue to provide the clear, accessible, and transparent analysis that you expect from our office. Our work will always be guided by evidence and a firm commitment to supporting informed debate within these walls and across the country.\n\nTo that end, last week we released an analysis of family wealth distribution and later this week we will publish updated analysis of federal infrastructure spending.\n\nWe recognize that this Committee and all of Parliament face key budgetary issues in the months ahead, and that your decisions will impact all Canadians. To that end, I want to extend a clear and open invitation. Our door is open. We are here to support your work. We encourage you and your staff to reach out for briefings or with any questions you may have. We promise to be responsive, clear, and impartial.\n\nAs members of this Committee are aware, I have already reached out to your offices to offer briefings regarding our plans for the coming months.\n\nThank you for your time. I would be pleased to answer any questions you may have.\n","opening_remarks_fr":"Monsieur le Pr\u00e9sident, distingu\u00e9s membres du Comit\u00e9, bonjour.\n\nJe vous remercie de m\u2019avoir invit\u00e9 \u00e0 t\u00e9moigner devant vous aujourd\u2019hui. \n\nJe m\u2019appelle Jason Jacques et je suis honor\u00e9 de servir le Parlement en ma qualit\u00e9 de directeur parlementaire du budget par int\u00e9rim.\n\nAu moment o\u00f9 j\u2019entame mon mandat, je tiens \u00e0 prendre un moment pour souligner le travail de mon pr\u00e9d\u00e9cesseur, M. Yves Giroux. M. Giroux a fix\u00e9 des normes d\u2019excellence \u00e9lev\u00e9es, qui ont \u00e9t\u00e9 reconnues par l\u0027Organisation de coop\u00e9ration et de d\u00e9veloppement \u00e9conomiques (OCDE), laquelle a class\u00e9 le Canada au premier rang mondial des institutions fiscales ind\u00e9pendantes. Toute l\u2019\u00e9quipe du Bureau du directeur parlementaire du budget ainsi que moi-m\u00eame sommes d\u00e9termin\u00e9s \u00e0 maintenir la qualit\u00e9 et l\u2019int\u00e9grit\u00e9 du travail qu\u2019il a accompli.\n\nLe principal message que je souhaite transmettre au Comit\u00e9 aujourd\u2019hui en est un de stabilit\u00e9 et de continuit\u00e9. Notre bureau demeure fermement r\u00e9solu \u00e0 remplir son mandat de base, qui est de fournir une analyse ind\u00e9pendante et non partisane des finances du pays, des budgets de d\u00e9penses du gouvernement et de l\u2019\u00e9conomie canadienne.\n\nLes parlementaires et le public peuvent avoir l\u2019assurance que notre travail se poursuivra sans interruption. Nous continuerons de fournir les analyses pr\u00e9cises, accessibles et transparentes que vous attendez de notre bureau. Notre travail s\u2019appuiera toujours sur les donn\u00e9es probantes et une ferme volont\u00e9 de susciter un d\u00e9bat \u00e9clair\u00e9 entre ces murs et d\u2019un bout \u00e0 l\u2019autre du pays.\n\nDans cette optique, nous avons publi\u00e9 la semaine derni\u00e8re une analyse de la distribution du patrimoine familial et publierons plus tard cette semaine une analyse \u00e0 jour des d\u00e9penses f\u00e9d\u00e9rales en infrastructures.\n\nNous sommes conscients que le Comit\u00e9 et le Parlement dans son ensemble seront confront\u00e9s \u00e0 des questions budg\u00e9taires d\u00e9terminantes au cours des prochains mois et que vos d\u00e9cisions auront des r\u00e9percussions sur tous les Canadiens. C\u2019est pourquoi je vous transmets une invitation claire et ouverte. Notre porte est ouverte. Nous sommes \u00e0 votre disposition pour vous aider \u00e0 accomplir votre travail. Nous vous encourageons, vous et votre personnel, \u00e0 communiquer avec nous pour obtenir de l\u2019information ou poser toutes les questions que vous pourriez avoir. Nous promettons d\u2019\u00eatre r\u00e9actifs, clairs et impartiaux.\n\nComme les membres du Comit\u00e9 le savent, j\u2019ai d\u00e9j\u00e0 communiqu\u00e9 avec vos bureaux pour vous donner de l\u2019information concernant nos projets dans les mois \u00e0 venir.\n\nJe vous remercie de votre temps. Je r\u00e9pondrai avec plaisir \u00e0 toutes vos questions.\n","byline_en":"Jason Jacques, Interim Parliamentary Budget Officer","byline_fr":"Jason Jacques, Directeur parlementaire du budget par int\u00e9rim","committee":{"id":7,"acronym":"OGGO","name_en":"Standing Committee on Government Operations and Estimates","name_fr":"Comit\u00e9 permanent des op\u00e9rations gouvernementales et des pr\u00e9visions budg\u00e9taires","chamber":"lower"},"publications":[{"id":"RP-2526-009-S","is_published":"2025-09-11T12:57:07.000000Z","release_date":"2025-09-11T13:00:00.000000Z","last_revised_date":null,"title_en":"Estimating the top tail of the family wealth distribution in Canada \u2013 2025 update","title_fr":"Estimation de l\u2019extr\u00e9mit\u00e9 sup\u00e9rieure de la distribution du patrimoine familial au Canada \u2013 Mises \u00e0 jour de 2025","internal_id":"RP-2526-009-S","metadata":{"abstract_en":"This report updates the Parliamentary Budget Officer\u2019s High-net-worth Family Database (HFD) and highlights the recent evolution of the wealth distribution in Canada.","abstract_fr":"Ce rapport met \u00e0 jour la Base de donn\u00e9es sur les familles \u00e0 valeur nette \u00e9lev\u00e9e (BDFE) du Directeur parlementaire du budget et met en \u00e9vidence l\u2019\u00e9volution r\u00e9cente de la r\u00e9partition de la richesse au Canada.","highlights":[{"content":{"en":"The PBO 2023 High-net-worth Families Database (HFD) shows that the top one per cent of economic families in Canada hold 24 per cent of the country\u2019s total net wealth, the top 10 per cent hold 53 per cent of total net wealth, and the top 20 per cent hold 69 per cent of total net wealth. The middle 40 per cent own around 27.6 per cent of net wealth and the bottom 40 per cent own around 3.3 per cent of net wealth.","fr":"La Base de donn\u00e9es sur les familles \u00e0 valeur nette \u00e9lev\u00e9e (BDFE) du DPB de 2023 montre que le 1 % des familles \u00e9conomiques les plus riches au Canada d\u00e9tiennent 24 % du patrimoine net total du pays, les 10 % les plus riches en d\u00e9tiennent 53 %, et les 20 % les plus riches, 69 % du patrimoine net total. Les 40 % moyens poss\u00e8dent environ 27,6 % du patrimoine net total et les 40 % inf\u00e9rieurs en poss\u00e8dent environ 3,3 %."}},{"content":{"en":"The updated HFD estimates similar or slightly lower wealth concentration among high-net-worth families over time since 2019. There are significant sources of uncertainty in the data.","fr":"La BDFE mise \u00e0 jour estime que la concentration de la richesse \u00e9tait similaire d\u2019une ann\u00e9e \u00e0 l\u2019autre ou qu\u2019elle a l\u00e9g\u00e8rement diminu\u00e9 au cours des ann\u00e9es depuis 2019. Toutefois, les donn\u00e9es comportent d\u2019importantes sources d\u2019incertitude."}},{"content":{"en":"PBO finds that there were approximately 169,400 families in the top one per cent in 2023, and they each had a net wealth of at least $7.4 million. PBO projects these numbers to have grown to 176,800 families with a minimum net wealth of $7.5 million in the last quarter of 2024.","fr":"Le DPB a relev\u00e9 qu\u2019il y avait environ 169 400 familles du 1 % le plus riche en 2023, et qu\u2019elles d\u00e9tenaient chacune un patrimoine net d\u2019au moins 7,4 millions de dollars. Le DPB pr\u00e9voit que ces chiffres sont pass\u00e9s \u00e0 176 800 familles d\u00e9tenant au moins 7,5 millions de dollars au dernier trimestre de 2024."}},{"content":{"en":"Ancillary analysis indicates that, while the full Survey of Financial Security (SFS) provides slightly more precision in its estimate of the wealth distribution compared to the Public Use Microdata SFS, the difference is small. Most of the improvement in capturing wealth at the top tail of the distribution comes from using the billionaire lists to supplement the SFS data.","fr":"L\u2019analyse accessoire indique que, bien que l\u2019ensemble des donn\u00e9es de l\u2019Enqu\u00eate sur la s\u00e9curit\u00e9 financi\u00e8re (ESF) offre une estimation l\u00e9g\u00e8rement plus pr\u00e9cise de la r\u00e9partition du patrimoine comparativement aux microdonn\u00e9es \u00e0 grande diffusion de l\u2019ESF, la diff\u00e9rence demeure relativement faible. La plupart des am\u00e9liorations apport\u00e9es \u00e0 la mesure de la richesse au sommet de la distribution proviennent de l\u2019utilisation des listes de milliardaires pour compl\u00e9ter les donn\u00e9es de l\u2019ESF."}}]},"updated_at":"2025-09-11T14:48:36.000000Z","type":"RP","slug":"RP-2526-009-S--estimating-top-tail-family-wealth-distribution-in-canada-2025-update--estimation-extremite-superieure-distribution-patrimoine-familial-canada-mises-jour-2025","permalinks":{"en":{"website":"https:\/\/www.pbo-dpb.ca\/en\/publications\/RP-2526-009-S--estimating-top-tail-family-wealth-distribution-in-canada-2025-update--estimation-extremite-superieure-distribution-patrimoine-familial-canada-mises-jour-2025","preview":"https:\/\/www.pbo-dpb.ca\/en\/publications\/RP-2526-009-S--estimating-top-tail-family-wealth-distribution-in-canada-2025-update--estimation-extremite-superieure-distribution-patrimoine-familial-canada-mises-jour-2025"},"fr":{"website":"https:\/\/www.pbo-dpb.ca\/fr\/publications\/RP-2526-009-S--estimating-top-tail-family-wealth-distribution-in-canada-2025-update--estimation-extremite-superieure-distribution-patrimoine-familial-canada-mises-jour-2025","preview":"https:\/\/www.pbo-dpb.ca\/fr\/publications\/RP-2526-009-S--estimating-top-tail-family-wealth-distribution-in-canada-2025-update--estimation-extremite-superieure-distribution-patrimoine-familial-canada-mises-jour-2025"}},"artifacts":{"main":{"en":{"public":"https:\/\/distribution-a617274656661637473.pbo-dpb.ca\/94e59eedd1df221279b80e2f1378103b3d8f81a9388b667f54db173d1d5321a8"},"fr":{"public":"https:\/\/distribution-a617274656661637473.pbo-dpb.ca\/3deb8d8bf39cefe6b19f5cced56104ff51261fb565c4139e62f182dfd23470b1"}}},"coverpages":{"distribution":{"fr":{"small":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/55c6692d10f407cdda6d3977f6df32a61b5ff7cab441f120dcbfe97d9eed6442","large":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/7f79bd466d52fb3d257279f04499537b3285217b7ab5edf69495b0a11d8cebac","h150_png_optimized":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/0e84e75ef4446919faff833e1bdd1843603a9d4e2d06b201f34408640864cf94","h150_webp":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/3847c2df2f4cbe701b09cdfa5ccdc865e26cf9d24939f2511cb977a29bacb7dc","h300_png_optimized":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/aebc0a599bfeaf216005f1162df91ed57d2341df174364610a1c2f2cf4feb220","h300_webp":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/d4544de15392072644f6d4faa2c25673cfde3fc471c813fed02f19560ba001ae","h600_png_optimized":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/edcd56bea32a84f255fbfa182b2712860b26c7e31e0aeaebe53f949bcdd9aa3f","h600_webp":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/2fa83863f3390406e1c053c0def028b8731334af105ea11b668f5191a7c1d69a"},"en":{"small":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/e43631c0f6f1c86441192752e2617b20dbcbc0893d359e6666575f34f062d5fe","large":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/fa85cdb4ecec730605e6debed6dbb7eef9ae21b7e45c5fccae320d44165a2433","h150_png_optimized":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/ee6584df3b8654c848433a5aa9c2129b998ca64f976c4611380542597543f352","h150_webp":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/2ba0ff24879f000b5a9fbeb962acfb6b2ecb50b71baafd9d6fec7d7bcc70ce44","h300_png_optimized":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/d455e0dbca31a6237ec11997f2eece68a71774366e6ee75fcd8a44d9e797789e","h300_webp":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/9e64d1bae06372dc660808465c78c544b86f91d401339c2c210c28d424b259b8","h600_png_optimized":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/1b13c46afb97e1829b825933ecf32da186db5fe9f93960d361abdc255ac60a55","h600_webp":"https:\/\/distribution-i696d61676573.pbo-dpb.ca\/f97bb12d2a73a5548d428d9703afe53a050c3fd2c0ad6b2c1d38fc280ac1cfb5"}}},"bills":[],"labels":[],"bibtex":{"en":"@techreport{PBO-RP2526009S,\n author={Dong, Matt},\n title={Estimating the top tail of the family wealth distribution in Canada - 2025 update},\n institution={The Office of the Parliamentary Budget Officer},\n year=2025,\n \n address = \u0022Ottawa, ON\u0022\n}","fr":"@techreport{DPB-RP2526009S,\n author={Dong, Matt},\n title={Estimation de l\u2019extr\\\u0027{e}mit\\\u0027{e} sup\\\u0027{e}rieure de la distribution du patrimoine familial au Canada - Mises \\`{a} jour de 2025},\n institution={Bureau du directeur parlementaire du budget},\n year=2025,\n \n address = \u0022Ottawa, ON\u0022\n}"}}],"files":[]}

Opening Remarks

Check against delivery

By: Jason Jacques, Interim Parliamentary Budget Officer

Good morning Mr. Chair and distinguished members of the Committee.

Thank you for the invitation to appear before you today.

My name is Jason Jacques, and I am honoured to serve Parliament as the Interim Parliamentary Budget Officer.

As I begin my tenure, I want to take a moment to recognize my predecessor, Mr. Yves Giroux. He set a high standard of excellence, which was recognized by the Organization for Economic Co-operation and Development (OECD), who ranked Canada as the top independent fiscal institution in the world. I along with the entire team at the Office of the Parliamentary Budget Officer, are dedicated to upholding the quality and integrity of the work he championed.

My primary message to this Committee today is one of stability and continuity. Our office remains steadfastly committed to its core mandate: providing independent, non-partisan analysis of the nation’s finances, the Government’s estimates, and the Canadian economy.

Parliamentarians and the public can be confident that our work will continue without interruption. We will continue to provide the clear, accessible, and transparent analysis that you expect from our office. Our work will always be guided by evidence and a firm commitment to supporting informed debate within these walls and across the country.

To that end, last week we released an analysis of family wealth distribution and later this week we will publish updated analysis of federal infrastructure spending.

We recognize that this Committee and all of Parliament face key budgetary issues in the months ahead, and that your decisions will impact all Canadians. To that end, I want to extend a clear and open invitation. Our door is open. We are here to support your work. We encourage you and your staff to reach out for briefings or with any questions you may have. We promise to be responsive, clear, and impartial.

As members of this Committee are aware, I have already reached out to your offices to offer briefings regarding our plans for the coming months.

Thank you for your time. I would be pleased to answer any questions you may have.