Mr. Speaker, I rise today to speak to the budget presented by the finance minister yesterday. I will be splitting my time with my hon. colleague from Laval—Les Îles.
I am very proud to be a Liberal and a Canadian. This year marks the eighth consecutive year that the Liberal government has brought in a balanced budget, a record unmatched in recent Canadian history. It was not that long ago, some 10 years or so, that the government, along with Canadians, made tough decisions that resulted in the elimination of the deficit, a $48 billion deficit left over from the previous administration. The decisions made then and in subsequent years made yesterday possible.
I want to sincerely congratulate the Minister of Finance. He went to great lengths to listen to members of our caucus, members of opposition parties and hundreds of stakeholders throughout Canada. He consulted and listened. He is a steady hand, and yesterday he delivered.
Today the people in my riding of Dartmouth—Cole Harbour are telling me that this budget is one that reaches out to all Canadians. They are saying that it is progressive and forward thinking. It is a budget that invests in people and one that provides tax relief for individual Canadians and businesses. In fact, by increasing to $10,000 the amount of income Canadians may earn without paying federal income tax, we will remove 860,000 of the lowest income tax taxpayers, including 240,000 seniors, from the tax rolls.
The budget reflects in real ways the values I think most Canadians share, values that speak about fairness and the understanding that we are all in this together. It is a budget that reflects our collective responsibility to level the playing field for those most in need, to provide opportunity for all Canadians to live with dignity knowing that government can and will play a role in helping them meet those objectives. In a country as wealthy as Canada, people should come first, and the budget is an investment in people and their future.
I can say with much pride that the budget also delivers for Atlantic Canada, particularly Dartmouth—Cole Harbour. I will take some time to highlight some of the areas of the budget that touch in a particular way the people in my home community.
First, the budget confirms the funding for the agreement with the province of Nova Scotia to protect it from reductions and equalization payments resulting from increased offshore oil and gas revenues. The federal government will make an immediate payment to Nova Scotia of $830 million. This agreement exceeds the Prime Minister's commitment of last June. Newfoundland and Labrador and Nova Scotia will be the beneficiaries of offshore revenues, as was intended some 20 years ago but came into being under this Prime Minister, this Minister of Finance and in our case our strong regional Minister of Fisheries and Oceans.
Building on a $47 million investment in budget 2003, this is a good budget for the Coast Guard. The budget allocates $275 million over the next five years to meet the needs of the Canadian Coast Guard. The funding will be used to procure, operate and maintain new large vessels, including offshore fishery research vessels and mid-shore patrol vessels to support conservation and protect fisheries. This is an issue that impacts directly on the people of Dartmouth—Cole Harbour. It is one that I have advocated for with the Minister of Finance and my caucus colleagues. I thank the Minister of Finance and the Minister of Fisheries and Oceans for this much needed investment.
Budget 2005 contains a new $708 million five year initiative to support economic development throughout the four Atlantic provinces, including a $41 million permanent increase in ACOA's annual budget, to a five year total of $205 million. I am particularly delighted that the Atlantic innovation fund will be renewed, with $300 million for university research, commercialization and innovation.
Two weeks ago I had the opportunity to speak at a conference hosted by the Association of Atlantic Universities. At this meeting I indicated my hope and support for renewed funding for the AIF, and the government has come through in a big way. This commitment is good for Atlantic Canada. It is excellent news for the university and the innovation community.
In my first speech in the House, I spoke about the importance of our military. Budget 2005 provides some $12.8 billion in additional expenditures for the Canadian Forces. This is the largest increase in recent history and will have a tremendous impact on the hardworking military men and women across the country. Overall, the budget provides nearly $13 billion in new defence funding, fulfilling our government's commitment, a commitment on which I ran this past June, to increase the size of our armed forced and to provide new equipment.
In the area of children, there is no more important commitment than those that we make to our children. Last summer, our government, under the leadership of our minister, made a commitment to work with the provinces and territories to build the foundations for a high quality, universally inclusive, accessible early learning and child care initiative.
With other important elements, like the Canada child tax benefit, the head start program and the 2003 multilateral framework already in place, the government will invest $5 billion over five years to introduce a national early learning and child care initiative, a truly national child care system that is based on quality and universality that has been talked about for many years. The budget delivers on our campaign commitment.
The next area is seniors. The guaranteed income supplement provides low income seniors a basic level of income through their retirement years. Our government will invest $2.7 billion into seniors, and this commitment will be fully in place in less than two years, not five. I, and many caucus colleagues, am delighted with that change. The maximum GIS will go up by more than $400 per year for a single senior and $700 for a couple.
The next area is caregivers and people with disabilities. Many families across Canada today are struggling to care for elderly parents or for children with disabilities. I know what it is like to provide care for loved ones who are ill. Investing in caregivers recognizes the tremendous burden that caregivers take off our health care system and take on themselves. Support for caregivers recognizes their contribution and the value they provide to everyone.
For caregivers, the demands on caring for a loved one can be overwhelming and difficult and the costs significant. In budget 2004 our government provided those who provide such care to claim up to $5,000 of medical and disability related expenses. With this budget the government will double that amount to $10,000 starting this tax year.
The amount of the child disability benefits starting this year will be raised from $1,700 to $2,000. With this, support for families with children with disabilities will be five times higher than it was at the beginning of this decade.
The finance minister mentioned yesterday that we are a country that looks after each other, but we are also a country that understands the challenges of chronic poverty throughout the world. We have a duty to reach out to help others who suffer unimaginable challenges, not just in the present moment in Asia, but throughout the developing world.
I am proud of the work of our Minister of International Cooperation, a visible example to the world of our country's compassion and commitment to help the developing world.
Canada's commitment to international aid will increase by $3.4 billion over the next five years and will ensure that Canada continues to meet its global responsibilities, including aid to Africa, debt relief initiatives for the world's poorest countries and support for immediate humanitarian responses.
I think all new members come to this place with the same intent, and that is to make their communities better, to make a difference and, in doing so, to make our country stronger. The budget does make things better, better for Canada and better for the people in my riding of Dartmouth—Cole Harbour.
I, along with my Liberal colleagues, campaigned last year on the need to improve health care; to reinvest in the military; to build a national, high quality, accessible child care system; and to support seniors and family caregivers.
I have spoken to these needs in the House and to my caucus colleagues, including the finance minister. I have spoken to and advanced the cause of our Coast Guard. I have spoken to the need to increase international development and investments in technology and innovation. Those needs have been met. We have been able to meet these commitments because the government put the finances of this country back on a solid footing and our fiscal record is unequalled in the G-8.
I am convinced that the measures and investments taken in the budget will have a tremendous impact for years to come. This is why I wanted to come to this place, why I wanted to serve, why I am here and why I am proud of the budget and proud to be a member of this government.