Bill C-45 (Historical)

Jobs and Growth Act, 2012

A second Act to implement certain provisions of the budget tabled in Parliament on March 29, 2012 and other measures

Part 1 implements certain income tax measures and related measures proposed in the March 29, 2012 budget. Most notably, it
(a) amends the rules relating to Registered Disability Savings Plans (RDSPs) by
(i) replacing the 10-year repayment rule applying to withdrawals with a proportional repayment rule,
(ii) allowing investment income earned in a Registered Education Savings Plan (RESP) to be transferred on a tax-free basis to the RESP beneficiary’s RDSP,
(iii) extending the period that RDSPs of beneficiaries who cease to qualify for the Disability Tax Credit may remain open in certain circumstances,
(iv) amending the rules relating to maximum and minimum withdrawals, and
(v) amending certain RDSP administrative rules;
(b) includes an employer’s contributions to a group sickness or accident insurance plan in an employee’s income in certain circumstances;
(c) amends the rules applicable to retirement compensation arrangements;
(d) amends the rules applicable to Employees Profit Sharing Plans;
(e) expands the eligibility for the accelerated capital cost allowance for clean energy generation equipment to include a broader range of bioenergy equipment;
(f) phases out the Corporate Mineral Exploration and Development Tax Credit;
(g) phases out the Atlantic Investment Tax Credit for activities related to the oil and gas and mining sectors;
(h) provides that qualified property for the purposes of the Atlantic Investment Tax Credit will include certain electricity generation equipment and clean energy generation equipment used primarily in an eligible activity;
(i) amends the Scientific Research and Experimental Development (SR&ED) investment tax credit by
(i) reducing the general SR&ED investment tax credit rate from 20% to 15%,
(ii) reducing the prescribed proxy amount, which taxpayers use to claim SR&ED overhead expenditures, from 65% to 55% of the salaries and wages of employees who are engaged in SR&ED activities,
(iii) removing the profit element from arm’s length third-party contracts for the purpose of the calculation of SR&ED tax credits, and
(iv) removing capital from the base of eligible expenditures for the purpose of the calculation of SR&ED tax incentives;
(j) introduces rules to prevent the avoidance of corporate income tax through the use of partnerships to convert income gains into capital gains;
(k) clarifies that transfer pricing secondary adjustments are treated as dividends for the purposes of withholding tax imposed under Part XIII of the Income Tax Act;
(l) amends the thin capitalization rules by
(i) reducing the debt-to-equity ratio from 2:1 to 1.5:1,
(ii) extending the scope of the thin capitalization rules to debts of partnerships of which a Canadian-resident corporation is a member,
(iii) treating disallowed interest expense under the thin capitalization rules as dividends for the purposes of withholding tax imposed under Part XIII of the Income Tax Act, and
(iv) preventing double taxation in certain circumstances when a Canadian resident corporation borrows money from its controlled foreign affiliate;
(m) imposes, in certain circumstances, withholding tax under Part XIII of the Income Tax Act when a foreign-based multinational corporation transfers a foreign affiliate to its Canadian subsidiary, while preserving the ability of the Canadian subsidiary to undertake expansion of its Canadian business; and
(n) phases out the Overseas Employment Tax Credit.
Part 1 also implements other selected income tax measures. Most notably, it introduces tax rules to accommodate Pooled Registered Pension Plans and provides that income received from a retirement compensation arrangement is eligible for pension income splitting in certain circumstances.
Part 2 amends the Excise Tax Act and the Jobs and Economic Growth Act to implement rules applicable to the financial services sector in respect of the goods and services tax and harmonized sales tax (GST/HST). They include rules that allow certain financial institutions to obtain pre-approval from the Minister of National Revenue of methods used to determine their liability in respect of the provincial component of the HST, that require certain financial institutions to have fiscal years that are calendar years, that require group registration of financial institutions in certain cases and that provide for changes to a rebate of the provincial component of the HST to certain financial institutions that render services to clients that are outside the HST provinces. This Part also confirms the authority under which certain GST/HST regulations relating to financial institutions are made.
Part 3 amends the Federal-Provincial Fiscal Arrangements Act to provide the legislative authority to share with provinces and territories taxes in respect of specified investment flow-through (SIFT) entities — trusts or partnerships — under section 122.1 and Part IX.1 of the Income Tax Act, consistent with the federal government’s proposal on the introduction of those taxes. It also provides the legislative authority to share with provinces and territories the tax on excess EPSP amounts imposed under Part XI.4 of the Income Tax Act, consistent with the measures proposed in the March 29, 2012 budget. It also allows the Minister of Finance to request from the Minister of National Revenue information that is necessary for the administration of the sharing of taxes with the provinces and territories.
Part 4 enacts and amends several Acts in order to implement various measures.
Division 1 of Part 4 amends the Trust and Loan Companies Act, the Bank Act, the Insurance Companies Act and the Jobs and Economic Growth Act as a result of amendments introduced in the Jobs, Growth and Long-term Prosperity Act to allow certain public sector investment pools to directly invest in a federally regulated financial institution.
Division 2 of Part 4 amends the Canada Shipping Act, 2001 to permit the incorporation by reference into regulations of all Canadian modifications to an international convention or industry standard that are also incorporated by reference into the regulations, by means of a mechanism similar to that used by many other maritime nations. It also provides for third parties acting on the Minister of Transport’s behalf to set fees for certain services that they provide in accordance with an agreement with that Minister.
Division 3 of Part 4 amends the Canada Deposit Insurance Corporation Act to, among other things, provide for a limited, automatic stay in respect of certain eligible financial contracts when a bridge institution is established. It also amends the Payment Clearing and Settlement Act to facilitate central clearing of standardized over-the-counter derivatives.
Division 4 of Part 4 amends the Fisheries Act to amend the prohibition against obstructing the passage of fish and to provide that certain amounts are to be paid into the Environmental Damages Fund. It also amends the Jobs, Growth and Long-term Prosperity Act to amend the definition of Aboriginal fishery and another prohibition relating to the passage of fish. Finally, it provides transitional provisions relating to authorizations issued under the Fisheries Act before certain amendments to that Act come into force.
Division 5 of Part 4 enacts the Bridge To Strengthen Trade Act, which excludes the application of certain Acts to the construction of a bridge that spans the Detroit River and other works and to their initial operator. That Act also establishes ancillary measures. It also amends the International Bridges and Tunnels Act.
Division 6 of Part 4 amends Schedule I to the Bretton Woods and Related Agreements Act to reflect changes made to the Articles of Agreement of the International Monetary Fund as a result of the 2010 Quota and Governance Reforms. The amendments pertain to the rules and regulations of the Fund’s Executive Board and complete the updating of that Act to reflect those reforms.
Division 7 of Part 4 amends the Canada Pension Plan to implement the results of the 2010-12 triennial review, most notably, to clarify that contributions for certain benefits must be made during the contributory period, to clarify how certain deductions are to be determined for the purpose of calculating average monthly pensionable earnings, to determine the minimum qualifying period for certain late applicants for a disability pension and to enhance the authority of the Review Tribunal and the Pension Appeals Board. It also amends the Department of Human Resources and Skills Development Act to enhance the authority of the Social Security Tribunal.
Division 8 of Part 4 amends the Indian Act to modify the voting and approval procedures in relation to proposed land designations.
Division 9 of Part 4 amends the Judges Act to implement the Government of Canada’s response to the report of the fourth Judicial Compensation and Benefits Commission regarding salary and benefits for federally appointed judges. It also amends that Act to shorten the period in which the Government of Canada must respond to a report of the Commission.
Division 10 of Part 4 amends the Canada Labour Code to
(a) simplify the calculation of holiday pay;
(b) set out the timelines for making certain complaints under Part III of that Act and the circumstances in which an inspector may suspend or reject such complaints;
(c) set limits on the period that may be covered by payment orders; and
(d) provide for a review mechanism for payment orders and notices of unfounded complaint.
Division 11 of Part 4 amends the Merchant Seamen Compensation Act to transfer the powers and duties of the Merchant Seamen Compensation Board to the Minister of Labour and to repeal provisions that are related to the Board. It also makes consequential amendments to other Acts.
Division 12 of Part 4 amends the Customs Act to strengthen and streamline procedures related to arrivals in Canada, to clarify the obligations of owners or operators of international transport installations to maintain port of entry facilities and to allow the Minister of Public Safety and Emergency Preparedness to require prescribed information about any person who is or is expected to be on board a conveyance.
Division 13 of Part 4 amends the Hazardous Materials Information Review Act to transfer the powers and functions of the Hazardous Materials Information Review Commission to the Minister of Health and to repeal provisions of that Act that are related to the Commission. It also makes consequential amendments to other Acts.
Division 14 of Part 4 amends the Agreement on Internal Trade Implementation Act to reflect changes made to Chapter 17 of the Agreement on Internal Trade. It provides primarily for the enforceability of orders to pay tariff costs and monetary penalties made under Chapter 17. It also repeals subsection 28(3) of the Crown Liability and Proceedings Act.
Division 15 of Part 4 amends the Employment Insurance Act to provide a temporary measure to refund a portion of employer premiums for small businesses. An employer whose premiums were $10,000 or less in 2011 will be refunded the increase in 2012 premiums over those paid in 2011, to a maximum of $1,000.
Division 16 of Part 4 amends the Immigration and Refugee Protection Act to provide for an electronic travel authorization and to provide that the User Fees Act does not apply to a fee for the provision of services in relation to an application for an electronic travel authorization.
Division 17 of Part 4 amends the Canada Mortgage and Housing Corporation Act to remove the age limit for persons from outside the federal public administration being appointed or continuing as President or as a director of the Corporation.
Division 18 of Part 4 amends the Navigable Waters Protection Act to limit that Act’s application to works in certain navigable waters that are set out in its schedule. It also amends that Act so that it can be deemed to apply to certain works in other navigable waters, with the approval of the Minister of Transport. In particular, it amends that Act to provide for an assessment process for certain works and to provide that works that are assessed as likely to substantially interfere with navigation require the Minister’s approval. It also amends that Act to provide for administrative monetary penalties and additional offences. Finally, it makes consequential and related amendments to other Acts.
Division 19 of Part 4 amends the Canada Grain Act to
(a) combine terminal elevators and transfer elevators into a single class of elevators called terminal elevators;
(b) replace the requirement that the operator of a licensed terminal elevator receiving grain cause that grain to be officially weighed and officially inspected by a requirement that the operator either weigh and inspect that grain or cause that grain to be weighed and inspected by a third party;
(c) provide for recourse if an operator does not weigh or inspect the grain, or cause it to be weighed or inspected;
(d) repeal the grain appeal tribunals;
(e) repeal the requirement for weigh-overs; and
(f) provide the Canadian Grain Commission with the power to make regulations or orders with respect to weighing and inspecting grain and the security that is to be obtained and maintained by licensees.
It also amends An Act to amend the Canada Grain Act and the Agriculture and Agri-Food Administrative Monetary Penalties Act and to Repeal the Grain Futures Act as well as other Acts, and includes transitional provisions.
Division 20 of Part 4 amends the International Interests in Mobile Equipment (aircraft equipment) Act and other Acts to modify the manner in which certain international obligations are implemented.
Division 21 of Part 4 makes technical amendments to the Canadian Environmental Assessment Act, 2012 and amends one of its transitional provisions to make that Act applicable to designated projects, as defined in that Act, for which an environmental assessment would have been required under the former Act.
Division 22 of Part 4 provides for the temporary suspension of the Canada Employment Insurance Financing Board Act and the dissolution of the Canada Employment Insurance Financing Board. Consequently, it enacts an interim Employment Insurance premium rate-setting regime under the Employment Insurance Act and makes amendments to the Canada Employment Insurance Financing Board Act, the Department of Human Resources and Skills Development Act, the Jobs, Growth and Long-term Prosperity Act and Schedule III to the Financial Administration Act.
Division 23 of Part 4 amends the Canadian Forces Superannuation Act, the Public Service Superannuation Act and the Royal Canadian Mounted Police Superannuation Act and makes consequential amendments to other Acts.
The Canadian Forces Superannuation Act is amended to change the limitations that apply in respect of the contribution rates at which contributors are required to pay as a result of amendments to the Public Service Superannuation Act.
The Public Service Superannuation Act is amended to provide that contributors pay no more than 50% of the current service cost of the pension plan. In addition, the pensionable age is raised from 60 to 65 in relation to persons who become contributors on or after January 1, 2013.
The Royal Canadian Mounted Police Superannuation Act is amended to change the limitations that apply in respect of the contribution rates at which contributors are required to pay as a result of amendments to the Public Service Superannuation Act.
Division 24 of Part 4 amends the Canada Revenue Agency Act to make section 112 of the Public Service Labour Relations Act applicable to the Canada Revenue Agency. That section makes entering into a collective agreement subject to the Governor in Council’s approval. The Division also amends the Canada Revenue Agency Act to require that the Agency have its negotiating mandate approved by the President of the Treasury Board and to require that it consult the President of the Treasury Board before determining certain other terms and conditions of employment for its employees.

Jobs and Growth Act, 2012

[The Acting Speaker, Bruce Stanton]

There is no consent.

The hon. member for Winnipeg North.

[Kevin Lamoureux, Liberal, Winnipeg North, MB]

Mr. Speaker, I do find it somewhat interesting that New Democratic members are standing up, speaking and then moving a motion for some sort of an amendment. However, when we were in committee, what we saw was a different New Democratic Party. We saw a New Democratic Party that voted over 1,000 times with the Conservatives. We saw a New Democratic Party that voted to limit debate in committee.

My question to the member, now that the New Democratic Party has decided to once again join the Liberal Party in opposition to Bill C-45, is why did he not want to have this sort of debate in committee?

[Matthew Dubé, NDP, Chambly—Borduas, QC]

Mr. Speaker, I will start by saying that we have absolutely no intention of joining the Liberal Party. I want to inform my constituents of that fact, because otherwise, I would never be re-elected. If there is one party that supported the government on several occasions and used the same tactics while it was in power, it is the Liberal Party, which introduced omnibus bills and dipped into the employment insurance fund, among other things.

I would also like to say that we opposed Bill C-45 as soon as we knew about its content, for the reasons mentioned by my colleagues. Moreover, I know very well that my colleges at the Standing Committee on Finance have done an incredible job, and I have a lot of respect for them. I have no doubt about the work that they have done, and I am sure that we will continue to oppose any budget of this kind.

[Ron Cannan, Conservative, Kelowna—Lake Country, BC]

Mr. Speaker, colleagues across the way say they want to create jobs, but they are against trade agreements and foreign investments that create jobs, opportunities and growth for Canadians.

I spent nine years on city council in Kelowna. One of the things with the Navigable Waters Protection Act was that it created a very difficult time for our community development. There was bureaucratic duplication.

I would like to quickly read this into the record. The Federation of Canadian Municipalities sent out a news release that said the following:

The Federation of Canadian Municipalities welcomes the federal government's commitment to make the Navigable Waters Protection Act work better for our communities and make it more affordable to build basic infrastructure.

Why does the NDP oppose local governments across Canada? Why does it not support our communities in creating jobs and growth?

[Matthew Dubé, NDP, Chambly—Borduas, QC]

Mr. Speaker, I would not dare to speak for the ridings of other colleagues, but I will certainly speak for mine. I am a member of the chambers of commerce in my riding. Regarding investment, I can say that those chambers of commerce are quite happy about what the NDP is proposing in terms of investment and economic policy.

As for navigable waters, I mentioned some rivers in my riding and talked about their environmental value, but they also have an economic value. The government provided no help to deal with floods. Help came from the community, and we saw how important it is to have a framework in place for our bodies of water in order to ensure the well-being of our community. That is why the community wants to keep those protections, and why I wish to oppose Bill C-45.

[Pierre Dionne Labelle, NDP, Rivière-du-Nord, QC]

Mr. Speaker, I would like to congratulate my colleague. Earlier today, I, too, tried in vain to ask the House for unanimous consent to add the rivers in my riding to the list of protected rivers. The Conservatives refused. I would like to ask my colleague why the Conservatives are refusing to protect my riding's rivers?

[Matthew Dubé, NDP, Chambly—Borduas, QC]

Mr. Speaker, I unfortunately do not have the answer. Just like my colleague, I tried to ask this question and to figure it out. If the constituents of my colleague from Rivière-du-Nord had the answers, they would not have voted for a member who has better proposals with respect to environmental protection and the economy. That is the important thing. There is nothing that says we cannot protect the environment and have good economic conditions at the same time. That is what we are proposing, but it is not in the budget.

[Jack Harris, NDP, St. John's East, NL]

Mr. Speaker, would the member like to comment on the recent statement of the Parliamentary Budget Officer that the government's projection of revenues is in fact $4.7 billion lower than his projection, that the budget will be balanced by 2014-15 and that the $5.2 billion cutbacks in services and employment, with 19,000 employees, built into the budget are not necessary at all?

[Matthew Dubé, NDP, Chambly—Borduas, QC]

Mr. Speaker, I would like to thank my colleague for his question.

Not only do we have figures from the Parliamentary Budget Officer, but it seems that even the Prime Minister and the Minister of Finance cannot get their stories straight. How far does this lack of consistency reach when it comes to the budget and the cuts? Perhaps the cuts are not needed. On this side of the House, we have never believed that such sweeping cuts were necessary.

People who work in the public service are worried because of the uncertainty, as are the people who use these services. They are having to use food banks and ask for help from local organizations, which are doing the work the government should be doing because it receives people's tax dollars. Why are local organizations being saddled with more work when the government is quite capable of providing this assistance?

The House resumed from December 3 consideration of Bill C-45, A second Act to implement certain provisions of the budget tabled in Parliament on March 29, 2012 and other measures, as reported (without amendment) from the committee, and of the motions in Group No. 1.

[Chungsen Leung, Conservative, Parliamentary Secretary for Multiculturalism]

Mr. Speaker, today I am honoured to speak to Bill C-45, the jobs and growth act, 2012.

As Canadians know, our government's top priority is creating jobs, growth and long-term prosperity. We have ensured that we have provided initiatives that will build a strong economy and foster job growth. We are dedicated to supporting Canadian families and communities, protecting our environment and supporting business and development.

We invested over $63 billion in targeted stimulus and investment that helped to protect Canada from the worst global recession. It is no wonder that Canada has been envied by countries around the world, as we have weathered the economic slowdown.

[Some hon. members]

Oh, oh!

[Elizabeth May, Green, Saanich—Gulf Islands, BC]

Mr. Speaker, I rise on a point of order. I am sorry but I am having a terrible time hearing the hon. parliamentary secretary's remarks. I know that we are just finishing one vote and going on to another but I cannot follow what he is saying and I would like to be prepared to ask questions.

[The Acting Speaker, Bruce Stanton]

Order, please. There are a lot of conversations going on. The hon. Parliamentary Secretary for Multiculturalism has the floor and I would ask members who wish to carry on other conversations to perhaps depart to their respective lobbies.

The hon. parliamentary secretary.

[Chungsen Leung, Conservative, Willowdale, ON]

Mr. Speaker, I will begin again then. I am honoured to speak today to Bill C-45, the jobs and growth act.

As Canadians know, our government's top priority is creating jobs, growth and long-term prosperity. We have ensured that we have provided initiatives that will build a strong economy and foster job growth. We are dedicated to supporting Canadian families and communities, protecting our environment and supporting business and development.

We invested over $63 billion in targeted stimulus, an investment that helped to protect Canada from the worst global recession. It is no wonder that Canada has been envied by countries around the world as we have weathered the economic slowdown much better than other countries.

Our government understands that the global recovery remains fragile. There are still a lot of Canadians looking for work and that is why economic action plan 2012 moves ahead to secure jobs, growth and long-term prosperity for Canada.

We are supporting entrepreneurs, innovators and world-class research. We are acting on the Jenkins report, announcing $1.1 billion to directly support research and development, and $500 million for venture capital.

Prior to becoming the member of Parliament for Willowdale, I was an entrepreneur. I started five businesses and had staff in these businesses ranging from 5 people to 400. These measures are important to Canadian entrepreneurs.

Innovation in science and technology is important to our government and that is why we will invest $37 million annually to Canada's granting councils.

We know that it is important to improve conditions for business investment and that is why we believe in responsible resource development. We are ensuring that major resource projects are not bogged down by the regulatory system that one project receives only one review in a clearly defined timeframe.

In undertaking the most ambitious trade expansion plan in Canadian history, we know it is important to growing our trade relations with countries that offer markets in which we need to expand.

As a former entrepreneur, I know all too well the importance of having good business conditions. In extending the hiring credit for small business, we want to encourage additional hiring and lower total business payroll taxes by $205 million.

This government knows that it is important to keep Canadian families strong, and that is why economic action plan 2012 introduced several key measures to help Canadian families. They include: first, improving the registered disability savings plan to help ensure the long-term financial security of children with severe disabilities; second, improving first nations water infrastructure with over $330.8 million to ensure safe and clean drinking water on first nations reserves; third, investing in small public infrastructure with $150 million to support repairs and improvements to existing community facilities; fourth, promoting more active lifestyles with continued support for participation and its community-based physical activity and fitness programs; and fifth, enhancing the victims fund to ensure victims of crime have an effective voice in the federal justice and corrections system.

Those build on top of the strong action our Conservative government has taken to support families since 2006.

I will give the House other examples of what we have done to help Canadians. We have cut taxes over 140 times since forming government. We cut the lowest personal income tax rate to 15%. We removed over one million Canadians from the tax rolls. We increased the amount Canadians can earn tax free. We reduced the GST from 7% to 5%, putting nearly $1,000 back in the pocket of an average family. We introduced the universal child care benefit, offering families more choice in child care by providing $1,200 a year for each child under the age of 6. We introduced the family caregiver tax credit, a credit of up to $2,000 for caregivers of all types of infirm dependent relatives, including spouses, common-law partners and minor children. We introduced the child tax credit, providing personal income tax relief of up to $320 in 2011 for each child under the age of 18.

We introduced the children's fitness tax credit, promoting physical fitness among children through a tax credit of up to $500 in eligible fees for programs associated with physical activity. We introduced the children's arts tax credit of up to $500 in eligible fees for programs associated with children's artistic, cultural, recreational and developmental activities.

We brought in the landmark tax free savings account, the most important personal savings vehicle since the RRSP.

We doubled the in-study income exemption to $100 a week, allowing full-time students to earn more money without affecting their loans.

We eliminated the marriage penalty for one-earner families by increasing the spousal amount to the same level as the basic personal amount.

We introduced the registered disability savings plan to help families with children with disabilities.

In addition, families are benefiting from other new targeted measures, like the first-time homebuyers tax credit, the expanded homebuyers plan and the public transit tax credit.

I know that my constituents of Willowdale work hard for their paycheques and they believe in lower taxes. I am proud to be part of a government that supports low taxes and leaving more money where it belongs: in the pockets of hard-working Canadians and job-creating businesses. That is why we have cut taxes over 140 times since 2006, reducing the overall tax burden to its lowest level in nearly 50 years. We have removed over one million low-income families, individuals and seniors from the tax rolls altogether.

We have cut taxes in every way government collects them: personal taxes, consumption taxes, business taxes, excise taxes and much more. This includes cutting the lowest personal income tax to 15%; increasing the amount Canadians can earn tax free; providing seniors with pension income splitting; reducing the GST from 7% to 5%, putting nearly another $1,000 back in the pockets of an average family; introducing the child fitness tax credit and child art tax credit; bringing in the landmark tax free savings account, the most important personal savings vehicle since the RRSP; reducing the small business tax from 12% to 11%; and lowering business taxes to 15%, as passed in Parliament in 2007.

Indeed, our Conservative government low tax record has provided tax savings for typical Canadian families totalling over $3,100.

Due in part to the government's low tax plan, Forbes Magazine ranked Canada number one in the world for business to grow and create jobs.

Our economic action plan 2012 builds on our Conservative government's low tax record, including extending the hiring credit for small business for an additional year and providing business with a credit of up to $1,000 against a small firm's increase in its 2012 employment insurance premiums over those paid in 2011. This new tax credit will help up to half a million employers with additional hiring, reducing small business' 2012 payroll costs by about $205 million.

Supporting Canadian students is also a priority for this government. Seneca College is located in my riding of Willowdale. I was honoured recently to join the Minister of State for Science and Technology in the announcement of a grant to bridge innovation and commercialization. We know that Canada's students need to succeed in the global economy with the help of the best education possible. That is why, since 2006, our Conservative government has provided much needed support for our students.

I will now share with the House some of the measures we are taking to prepare our youth for the challenges of the 21st century. We are investing more than $10 billion annually in students and education, including more than $3 billion in transfers to the provinces for post-secondary education and over $7 billion in direct support for students and their families.

We are investing $2.5 billion per year to help students to deal with the cost of education through grants, scholarships and basic programs.

We have established the Canada student grant program, which is providing up to $250 per month of study to low-income students and up to $100 per month to middle-income students.

We are providing $140 million per year to encourage more young Canadians to pursue apprenticeships, including the new apprenticeship incentive grant and apprenticeship completion grants. We created the new apprenticeship job creation tax credit to encourage employers to hire new apprentices.

We have lowered the in-study interest rate for part-time Canadian student loan recipients from prime plus 2.5% to zero, bringing them in line with full-time students.

We have increased the family income threshold for part-time Canada student loan and Canada student grant recipients, bringing the eligibility thresholds in line with thresholds used for the full-time students.

We have invested $9 million in the north to expanded territorial colleges' literacy and numeracy programs, including in remote communities.

However, in the economic action plan 2012, we are doing more to ensure Canadians students are even better equipped and better integrated into the workforce. We are increasing support for youth employment opportunities. We are doubling graduate internship to innovative firms. We are clarifying eligibility for federal loan forgiveness.

I am proud of the measure that this government has taken. I know that these initiatives will be good for my constituents in Willowdale and for all Canadians. I am proud to stand in support of the economic action plan. I ask members of the House to support this plan today.