Thank you, Mr. Chair. I have a brief opening statement.
The plan will provide almost $40 billion of economic stimulus in support for the Canadian economy over the next two years. Including incremental funds from other levels of government, the total economic stimulus provided will be over $50 billion. This is equivalent to 1.9% of gross domestic product in 2009 and 1.4% in 2010.
Key federal government components of the plan include $12.8 billion for action to help Canadians and stimulate spending, including a Canadian skills and transition strategy and personal income tax relief; $7.8 billion for action to stimulate housing construction, including a home renovation tax credit, support for energy retrofits, and investments in social housing; almost $12 billion for immediate action to build infrastructure, including funding for roads, bridges, rail, small craft harbours, broadband Internet access, electronic health records, laboratories, and border crossings across the country; and $7.5 billion for action to support businesses and communities, including $1 billion for a community adjustment fund.
The plan also contains existing and new measures to provide up to $200 billion in support of the extension of financing for Canadians and Canadian businesses through the extraordinary financing framework. It takes measures to strengthen Canada's financial system, including moving forward with willing provinces on a Canadian securities regulator.
The plan is based on three major principles: the stimulus must be timely, targeted, and, where appropriate, temporary. With that in mind, the government is moving forward to quickly implement measures from the plan.
Last Friday the government tabled Bill C-10, which contained legislation to give effect to various measures proposed in budget 2009, including important income tax measures such as an increase to the basic personal amount, the upper limits for the two lowest tax brackets, and an increase to the age credit; important changes to employment insurance, such as the five-week increase for regular EI benefit entitlements for two years; and further safeguards for the stability of Canada's financial system, such as additional flexibility for the Canada Deposit Insurance Corporation.
Bill C-10 also would provide authority to make payments out of the consolidated revenue fund totalling nearly $6 billion for infrastructure, housing, and community adjustment. Together with the value of the tax and employment insurance changes, Bill C-10 provides legislative authority for approximately $11 billion of stimulus, or about half of the stimulus to be provided in 2009.
As well as moving forward without delay with the Economic Action Plan, the government recognizes the need to report on the progress made in the implementation of the Economic Action Plan. The first report will be tabled in Parliament at the beginning of March and further updates will be provided in June and December.
We welcome any questions you may have.