Madam Speaker, this is my first speech in the House and I am proud to represent the great riding of Etobicoke Centre. I am grateful to the good people of Etobicoke Centre, my friends, family and supporters for electing me, and I commit to always serve to the best of my ability. I am also the first Conservative in Etobicoke Centre since the hon. Michael Wilson, a great finance minister in his day, and I am singularly honoured to speak today to the keeping Canada's economy and jobs growing act.
As I said, it is with pride that I rise in the chamber to discuss the next phase of Canada's economic action plan. With $60 billion in targeted stimulus, Canada's economic action plan has worked in protecting Canada from the worst of the global recession. Under the leadership of our Conservative government, Canada is weathering the global recession better than nearly all other industrialized countries. As a result, Canada has emerged as one of the world's top performing advanced economies.
Here are the facts. First, Canada has had seven straight quarters of economic growth, with nearly 600,000 net new jobs created since July 2009. Second, Canada's unemployment rate is significantly lower than that of the United States, a phenomenon that has not been seen in nearly three decades. Unlike my colleagues across the aisle who continually criticize our government for sound economic policies, I would point out that both the independent International Monetary Fund and the Organisation for Economic Co-operation and Development, the OECD, forecast that Canada will be at the head of the pack for economic growth in the G7 for the years ahead.
However, the global economic recovery remains fragile, as Prime Minister Cameron himself spoke about in the House not so long ago, and we must continually work to secure Canada's economic recovery. That is why the next phase of Canada's economic action plan will focus on jobs, economic growth, supporting Canadian families, and ensuring Canada's economic advantage remains strong.
Our Conservative government believes that Canada's economic success depends on a competitive tax regime working to keep taxes low for hard-working Canadians and the businesses that employ them, like many businesses in Etobicoke Centre. The opposition's high tax agenda would increase taxes on job creating businesses to pay for billions and billions in reckless spending on bloated government programs in Ottawa.
Our Conservative government believes in a different approach, an approach that recognizes that Canadian workers and businesses should have more freedom to be innovative and creative with their hard-earned dollars. This is the right approach for economic growth and job creation in Canada.
Small businesses are one of the reasons why our government declared 2011 the Year of the Entrepreneur and it is committed to helping them grow, succeed and create jobs. For example, there is a new hiring credit for small businesses, a temporary one-time credit of up to $1,000 against a small firm's increase in its 2011 employment insurance premiums over those paid in 2010. This new credit would help up to 525,000 employers defray the costs of additional hiring.
With regard to reducing red tape, we are upgrading the BizPaL online service to make it easier for businesses to obtain the appropriate licences and permits they need to be successful and further consulting Canadians through the Red Tape Reduction Commission.
As for supporting youth entrepreneurs, there are $20 million to support the Canadian Youth Business Foundation's activities. The foundation works with young entrepreneurs to help them become the business leaders of tomorrow through mentorship, learning resources and startup financing.
We are extending work-sharing arrangements to help businesses keep their workers. There will be $10 million in additional support to assist those employers that continue to face challenges by making available an extension of up to 16 weeks for active or recently terminated work-sharing agreements. As was mentioned earlier, we are extending the accelerated capital cost allowance to help manufacturers and processors make new investments in manufacturing, and processing machinery and equipment.
The foundation of our country is families and keeping taxes low for Canadian families. Our Conservative government has also recognized and responded to Canadians by providing specific measures in Canada's economic action plan to ease the cost of raising families, keeping children healthy and ensuring money remains in the pockets of the mothers and fathers who work every day to support their children and loved ones.
That is why the next phase of Canada's economic action plan has included the following key measures. There is a new children's arts tax credit, a 15% non-refundable tax credit, on up to $500 in eligible fees for programs associated with children's artistic, cultural, recreational and developmental activities.
Canada's economic action plan also includes the new family caregiver tax credit, which is a 15% non-refundable tax credit on an amount of $2,000 for caregivers of all types of infirm dependent relatives, including for the first time, spouses, common law partners and minor children.
It also includes the enhanced medical tax credit, which will remove the $10,000 limit on the amount of eligible medical expenses that can be claimed on behalf of a financially dependent relative.
Of interest to many, the extension of the eco-energy retrofit program is included to help families lower their heating and electricity bills by making their house more energy efficient with grants of up to $5,000.
Our action plan includes help to students, which will allow full-time students to earn more money without affecting their loans, doubling in-study exemption to $100 per week, and giving them a tax break on certification fees.
The Conservative low tax plan has resulted in a total savings for a typical family of over $3,000. This is because our government recognizes that keeping taxes low for Canadian families will allow them to save and reinvest their money. I firmly believe that this is best for Canadians and best for the Canadian economy. Investing in our families is the right thing to do.
Canada's economic action plan includes support for seniors. These are the people who laid the foundations that we all walk upon today. Our government recognizes the valuable contributions seniors have made to the health and well-being of Canada. This is evident in my own riding of Etobicoke Centre where seniors contribute so much through volunteering and community engagement. That is why Canada's economic action plan is taking measures to improve the quality of life and expand opportunities for these very people.
Our plan includes enhancing the guaranteed income supplement. Eligible low income seniors will receive additional annual benefits of up to $600 for single seniors and $840 for couples, helping more than 680,000 seniors across Canada.
With respect to seniors again, our plan will enhance the new horizons for seniors program with an additional $10 million to promote volunteerism, mentorship and the social participation of seniors, which is so critical to their well-being. These funds will contribute to enhancing community life through active and social living. The program will also provide funds to target and reduce elder abuse as well.
Canada's action plan includes extending the targeted initiative for older workers with an additional $50 million to extend the initiative, which provides a range of employment activities for unemployed older workers in vulnerable communities of a population of 250,000 or less to keep them employed and to support their reintegration into the workforce.
Our plan will eliminate the mandatory retirement age for federally regulated employees. We are giving seniors who want to remain active in the workforce the freedom to make that choice by eliminating the mandatory retirement age for federally regulated employees, unless there is an occupational requirement.
The budget is responsive to the needs of Canadians and takes the appropriate measures to ensure that our economy continues to grow while offering Canadian business an operating environment needed to be competitive and responsive to the demands of the global economy.
