The fall economic statement details our plan to protect Canadian lives, Canadian jobs and Canadian businesses, and we are moving quickly to deliver on our commitments.
The legislation I tabled last week, Bill C-14, proposes to move forward with several urgent COVID-19 related measures in the fall economic statement that will help Canadians get through this pandemic and strengthen our health response.
For example, the legislation would provide low- and middle-income families who are entitled to the Canada child benefit with additional support of up to $1,200 for each child under the age of six in 2021.
It would also help young Canadians by eliminating, for one year, the interest on their repayment of the federal portion of the Canada student loans and Canada apprentice loans.
Bill C-14 also sets out up to $505.7 million in 2021 to help long-term care facilities prevent the spread of COVID-19. Under the bill, $400 million in additional funding will also go to various measures including support for mental health, substance abuse, COVID-19 testing and telemedicine.
I hope all members will consider this legislation with the urgency it deserves. I know that we all know that Canadians are counting on us.
Mr. Chair, last week's fall economic statement also outlined a growth plan to jump-start Canada's economy once the coronavirus is under control.
The government will invest between 3% and 4% of Canada's gross domestic product, or GDP, over three years. The government will provide further details on its recovery plan in the months ahead leading up to budget 2021. The plan will be based on creating good jobs for the middle class.
This, Mr. Chair, is needed economic policy and this is smart economic policy. One of the lessons of the 2008-09 global financial crisis is that withdrawing fiscal support too soon after a deep downturn can hamper growth for years afterwards. Our government will not repeat that mistake.
That said, our stimulus, our growth plan, will be time limited and carefully targeted. Fiscal guardrails will help us establish when the stimulus will be wound down. When the economy has recovered, time-limited measures will be withdrawn and Canada will resume its prudent and responsible fiscal path.
Uncertainties about the timing of the pandemic and global economic developments mean that the timeline for recovery should not be locked into a rigid, predetermined calendar. Instead, the government will track progress against several related indicators, recognizing that no one data point is a perfect representation of the health of the economy. These indicators include the employment rate, total hours worked and the level of unemployment in the economy.
Mr. Chair, I'm very glad the committee is beginning its consultations. The federal government will launch our own pre-budget consultations in the new year. We all very much look forward to hearing from Canadians about their priorities as we design our growth plan.
I look forward to hearing Canadians' ideas on what we can do to support families and businesses, kick-start the economy and keep Canada's strong fiscal position.
We Canadians have faced adversity in the past. We've faced tough winters, and we have always emerged stronger than before. I know that we will this time too.
I would be pleased now to answer your questions.
