Mr. Speaker, I appreciate the opportunity to speak to Bill C-40 at third reading. The bill contains a number of amendments to Canada's sales tax system. It also reflects the goal of our government to improve fairness in our tax system and ensure that it functions smoothly for individuals and businesses alike
However, before getting into the specifics of Bill C-40, I would like to remind hon. members of the key elements of advantage Canada, a plan put into action in budget 2007. The plan has five key advantages.
The first advantage is a tax advantage. We wanted to create new opportunities and choices for people and when we lower taxes we help do that. It helps keep our best and brightest here at home and it attracts the best and brightest from across the world. We always say that Canadians pay too much tax relative to competition so we did something about it.
Since budget 2006, we have reduced taxes. We have decreased the GST. We have increased the basic personal amount of exemption. We have reduced the lowest personal rate of tax. We implemented Canada's employment credit of $1,000 for every employee in the country who pays taxes. We also have other targeted tax relief measures.
Our tax fairness plan went even further for Canada's seniors. We implemented a $1,000 increase in the age credit amount and, most important, we finally, after successive governments, introduced pension splitting for seniors.
Those were significant steps but we needed to go further, and we did in budget 2007.
In budget 2007, Canadians again come out ahead through real tax relief that benefits working families.