Mr. Speaker, as this is my first time rising in this House in this capacity, I want to briefly highlight my riding of Aurora—Oak Ridges—Richmond Hill, a new riding made up three existing ones. It is a vibrant, energetic, and growing region. I would also like to thank my constituents who placed their trust in me to represent them, and I would like to thank my family members for their unfailing support: my husband and best friend, Ted; and my two children, Christopher whose birthday is tomorrow and Hillary whose birthday is next week.
I am honoured to rise in this House to speak to this important topic, and I will be splitting my time with the hon. member for Kanata—Carleton.
I rise today to underline the decisive steps that our government has taken to address the challenges facing our economy; steps we took immediately after the Canadian people handed us a majority mandate for a new approach that prioritizes long-term economic growth. Since last fall, we have continued to see headlines about the weaknesses in the global economy. Despite volatility in the economy, what Canadians can always count on is the tireless professionalism of many public servants working on their behalf. This is why I am disappointed by the opposition's efforts to drag in the civil servants of the Department of Finance to score a passive-aggressive partisan point.
The numbers up to November 2015 are clear. They are in line with a projected small deficit for 2015-2016. Let us take a closer look at the numbers. Revenues for April to November increased by $14.2 billion, or 8.2%, from the same period last year. These numbers are a result of unique circumstances that are no longer congruent with current fiscal realities and that do not reflect the previous government's stewardship of the economy. These circumstances were in part due to the $2.1 billion gain realized on the sale of General Motors common shares and on higher corporate income tax revenues.
The opposition cannot bank on one-off situations and claim sound economic management. The reality is that revenue growth is expected to slow over the remainder of the fiscal year, reflecting economic trends of collapsing commodity prices that have not yet recovered and look likely to remain low over the medium term. The only people who believe that the previous Conservative government left behind a surplus are the Conservatives themselves. Canadians know better.
Make no mistake, the Government of Canada will post a deficit for the 2015-2016 fiscal year, and that deficit rests squarely on the shoulders of the actions and inactions taken by the previous government. That is a fact. The previous Liberal government left behind a $13 billion surplus in 2006, and the Conservative government squandered that surplus and accumulated an additional $150 billion in new debt while still delivering the worst growth record since the Great Depression.
We have been, and will continue to be, proactive managers of the economy. Since our earliest days in office, we have had a plan to grow the economy, create jobs, and invest in communities. It began with the government tabling, as its first order of business on December 7, a notice of ways and means motion to provide a much-needed tax cut for the middle class. This is the first of three major economic planks that we are moving forward on, and they reflect what we feel is the lifeblood of Canadian society, the middle class.
I want to remind the opposition that it is our government that has brought tax relief to the middle class during these troubled times, a tax cut that would put money in the pockets of about nine million Canadians a year. This was the right thing to do, and the smart thing to do for our economy. The proposed middle-class tax cut and accompanying proposals would help make the tax system fairer, so that all Canadians have the opportunity to succeed and prosper.
Canada is in a strong position to face the future. Our debt-to-GDP ratio is well below the G7 average, and keeping our debt-to-GDP ratio on a downward path throughout our mandate remains a central plank of our economic agenda. We have a well-educated population, we have abundant natural resources, we are fortunate to have the world's largest economy as a neighbour, and diplomatically, Canada is back on the world stage in a big way.
We are actively pursuing our long-term vision. Many leading economists agree that strategic planning and investments in bridges, roads, and other building projects are essential ingredients needed for creating long-term growth. This type of investment requires forethought, planning, and most importantly, working with others. The government is working with provinces, municipalities, and indigenous communities to ensure that the funding decisions we make are sensible for the present and future needs of those communities.
Going forward, the government will introduce proposals in the budget to create a new Canada child benefit. Payments under the new Canada child benefit would begin in July 2016. In addition to replacing the universal child care benefit, which is not tied to income, the proposed Canada child benefit would simplify and consolidate existing child benefits while ensuring that help is better targeted to those who need it the most.
All of these initiatives demonstrate that our sights are clearly set on the future. These actions would help strengthen the middle class and those who are working hard to join it, by putting more in the pockets of Canadians, to save, invest, and grow the economy. More broadly, they would help grow our economy in the context of a difficult global economic climate, so that all Canadians can benefit. We have also brought an open and collaborative approach to how we are going to solve the problems facing us.
To ensure that our plans align with Canadians' needs, the government is continuing its pre-budget consultations online and through submissions. We are open to hearing what Canadians have to say and have been encouraged by the record number of people engaged in sharing ideas. So far, Canadians have identified economic growth as their top priority. Canadians know that economic growth means bettering their own circumstances but also bettering those of their communities. Canadians identify economic growth with opportunities not only for themselves but for others in their communities and those across the country.
The government will continue to develop measures and pursue a fiscal plan that is responsible, transparent, and suited to challenging economic times. These plans will be most effective when all of us seize the opportunities to grow our economy together and for the benefit of all.
The economic and fiscal update presented in November gave Canadians a transparent picture of our economic and fiscal situation. It makes clear that the previous government put the country on track for a $3 billion deficit. It takes into account such factors as low and volatile crude oil prices and weak global environment, risk factors that have become more pronounced in recent months. After 10 years of weak growth, this government has a plan to grow the economy and create jobs by focusing on the middle class, investing in infrastructure, and helping those who need it most.
My colleagues have spoken about the support our plan has already received. We will continue our focus, and we aim to grow the economy in a responsible way, with a long-term vision.
