Mr. Speaker, Canada's economic action plan has assisted Canada to have the strongest job growth record in the G7 with nearly 600,000 net new jobs having been created since July 2009. The IMF projects that Canada will continue to have the strongest economic growth among the G7 over the next two years. We are not immune from the global economic turbulence and that is why we have to stay the course and implement the next phase of Canada's economic action plan.
In the keeping Canada's economy and jobs growing bill, our government is focused on what matters to Canadians: creating jobs and promoting economic growth. The incredible investments our government has made in my community of Mississauga East—Cooksville have enabled us to weather the economic turbulence with major investments that have enhanced the lives of those living in our community.
Mississauga, Ontario is one of Canada's most diverse and quickly growing cities. Canada's economic action plan invested in the city specifically in Celebration Square. This square will do what Mississauga has struggled to do for years: develop a city-wide spirit. The public square of the 1950s where people could go to meet and enjoy their community is back and thriving in Mississauga. Thanks to Canada's economic action plan, this dream was realized and the square is now fully functional and is being used by tens of thousands of people, bringing the population of one of Canada's largest cities together.
Canada's economic action plan investments have redeveloped the Lorne Park, Lakeview and Burnhamthorpe libraries. We have rehabilitated more than 20 roads and invested in transit priorities and garage repairs. We have added additional lighting in 73 parks and neighbourhoods, resulting in safer play spaces and communities for all our citizens.
Mississauga has had its old water mains replaced, reservoirs rehabilitated and its Meadowvale north pumping station expanded. Community centres have been resurrected. Entire communities have been raised from the ground up because our government's economic action plan was in place to help those who needed it the most.
There were 60,000 net new jobs created in September. Over 90% of those are full time and over 80% are in the private sector. Many people who were struggling before the economic action plan are now enjoying a better life because they are working at jobs they love and participating in Canadian life.
Canada's economic action plan has produced the results that Canadians needed, but the global economic turbulence means we must stay the course. We must continue on the road we are currently travelling in order to maintain the strength and stability that we are building. The second phase of Canada's economic action plan is a much needed continuation.
We will invest in job creation and economic growth by providing a temporary hiring credit for small businesses. We will expand tax support for clean energy generation to encourage green investments. We will extend the mineral exploration tax credit for flow-through share investors by one year to support Canada's mining sector. We will simplify customs tariffs in order to facilitate trade and lower the administrative burden for businesses. We will eliminate the accelerated capital cost allowance treatment for investments in manufacturing and processing machinery to support the manufacturing and processing sector. We will eliminate the mandatory retirement age for federally regulated employees in order to give older workers who wish to remain in the workplace the opportunity to choose the option that works best for them.
The second phase of Canada's economic action plan will help families by introducing a new family caregiver tax credit to assist caregivers of all types to participate and make memories with their loved ones who fall terminally ill. We will also remove the limit on the amount of eligible expenses caregivers can claim under the medical expense tax credit in respect of financially dependent relatives. We will continue to help families by introducing a new children's arts tax credit for programs associated with children's cultural, recreational and developmental activities.
We will invest in education and training by forgiving loans for new doctors and nurses in underserved rural and remote areas. We all want Canada's students to succeed in the global economy with the help of the best education possible. We will invest in our students by improving federal financial assistance for students so they can continue to gain the education they need to continue toward their dreams. We will make it easier to allocate registered education savings plan assets among siblings without incurring tax penalties or forfeiting Canada's education savings grants. We are doubling the in-study income exemption from $50 per week to $100 per week, benefiting over 100,000 students by allowing them to work more without negatively affecting their loans.
We are going to support communities by legislating a permanent annual investment of $2 billion in the gas tax fund to provide predictable long-term infrastructure funding for municipalities. We are going to enhance the wage earner protection program to cover more workers affected by employer bankruptcy or receivership. This government will support the tireless hard work of volunteer firefighters by introducing a volunteer firefighters tax credit.
This government will respect the taxpayers by phasing out the direct subsidies of political parties and closing numerous tax loopholes that allow a few businesses and individuals to avoid paying their fair share of taxes.
The government will support seniors by enhancing the GIS, enhancing the new horizons program, and extending the eco-energy retrofit program.
We recognize the vital role that small businesses play in the economy and job creation. That is why we declared 2011 the year of the entrepreneur. We are committed to helping entrepreneurs grow their business and succeed.
The next phase of Canada's economic action plan includes a number of measures to further enable small businesses and entrepreneurs to grow and create jobs. This includes a new hiring credit for small businesses. This is a temporary one-time credit. This credit will help up to 520,000 employers defray the costs of additional hiring. We will reduce the red tape and support youth entrepreneurs by investing $20 million in them. This builds on the government's significant action to reduce taxation for small businesses. We will reduce the small business tax rate from 12% to 11%. These reductions will help create jobs and economic growth for Canadian families and communities by making Canada the greatest country in which to develop a business.
Canada has seven straight quarters of economic growth. We will remain on track to balance the budget by 2015. This builds on top of the action the government has taken since 2006 to support Canadians. We have cut taxes over 120 times since forming government. We have cut the lowest personal income tax rate to 15%. We have removed over one million Canadians from the tax rolls. We have increased the amount Canadians can earn tax free. We have reduced the GST from 7% to 5%.
We have also introduced enhancements to the universal child care benefit, the child tax credit. We have introduced a fitness tax credit. We have brought in the landmark tax-free savings account, the most important personal savings vehicle since RRSPs.
We introduced the registered disability savings plan to help families who have children with disabilities. Families are benefiting from other new targeted measures, like the first-time home buyers' tax credit and the public transit tax credit.
This government's strong record—
