Mr. Speaker, I am pleased to explain the government's initiatives in the area of post-secondary education.
As far as academic research is concerned, we have increased the university research councils' budgets to the highest levels ever.
Also we have created the Canada Foundation for Innovation by investing $1.9 billion to help meet the demand for research infrastructure. We have created the Canadian Institutes for Health Research with an annual budget this year totalling $402 million. We have made the networks of centres of excellence a permanent program, and the Canada research chairs program will establish and maintain 2,000 chairs with investment of $900 million.
When it concerns students individually and their education, as a government we have invested $2.5 billion in the Canadian millennium scholarships program, which the Prime Minister was proud to announce on our behalf. We have invested a further $2.5 billion in the Canada health and social transfer, direct payments made to provincial governments for them to reinvest in the areas of post-secondary education and health. Further, we have provided new Canada study grants of up to $3,000 for over 25,000 students and that is over and above the present $45 million in grants that are available.
On the tax side, we have lessened the tax burden on students through a number of measures including a federal tax credit of 17% on payments of the interest portion of federal and provincial student loans. We have increased the amount of scholarship and fellowship income that is exempt from $500 to $3,000. For the first time, part time students with dependents can now deduct child care expenses from their income tax.
The government is acting. I appreciate the opportunity—