Mr. Speaker, among other things, Bill C-51 implements the home renovation tax credit. This measure was inspired by the proposals made in both the Bloc Québécois recovery plans, presented last fall and the previous April. This bill also introduces a first time homebuyers' tax credit. This measure was also inspired by the Bloc's last platform. Bill C-51 will also implement Canada's international commitments to the International Monetary Fund, which were signed in 2008. It will also amend the Canada Pension Plan, from which Quebec is excluded. The amendments are based on an agreement with the provinces involved. Quebec is not involved, but if there is an agreement, we respect that.
Bill C-51 will implement the findings of a joint expert panel including representatives of Nova Scotia, the federal government and others to resolve a dispute. Once again, Quebec is not involved in that litigation, but if there is an agreement, I do not see why we would not support it.
For all of these reasons, and especially for the home renovation tax credit and the first time homebuyers' tax credit, the Bloc Québécois is in favour of this bill.
Coming back to the home renovation tax credit, in April 2008, when the Bloc Québécois was presenting the initial phase of its economic recovery plan, we proposed introducing a home renovation tax credit with a very specific objective: to encourage people to convert their old oil furnaces to more energy efficient models. At that time, we argued that such a measure would help reduce our dependence on oil. This would have the added and equally important effect of rapidly injecting money into the economy.
This measure has been introduced by the Conservatives and we know that their primary focus was not necessarily on reducing greenhouse gases nor on energy efficient retrofits. Nonetheless, we maintain that this would be a way to stimulate the economy and we are in favour of this measure. We proposed it, we had a debate on it and we made our arguments. Today, our proposal is before us. It has been accepted by the government and we are indeed in favour of it; we would be hard pressed not to be. Even though it is not exactly what we had in mind, many people will benefit from the energy efficient retrofits. What is more, in the past few weeks, since the Bloc Québécois announced it was in favour of this measure, people have realized that we were the ones who proposed this measure and we are the ones who got it. Many people are congratulating us for convincing the government to introduce such a measure in its budget.
Even though this is not only or specifically about energy efficient retrofit measures, several areas are eligible for this tax credit, window products in particular. We know that one way to improve energy efficiency is to replace windows, doors and skylights. In a number of different ridings in Quebec, most MPs have heard many people and many window and door companies say that the tax credit associated with this measure has helped stimulate the home renovation sector.
Many people decided to do it because their heating oil costs were so high. As everyone knows, neither the Conservatives nor the Liberals have ever been particularly eager to clamp down on the oil companies, so big oil raises the prices whenever it feels like it. If people have a chance to reduce their oil heating costs by replacing their windows and get a tax credit to boot, they will do home renovations. That makes this measure a very attractive one.
We know that it will also reduce household energy consumption, which will directly reduce greenhouse gas emissions. These emissions make a significant contribution to undesirable climate change.
Buying better-quality windows and doors will make up for some of the negative effects of oil heating. When people use good products in renovations, they can reduce their heating oil consumption by between 7% and 12%. Renovations also minimize drafts, cut down on interior condensation and so on. They also reduce noise transference. We hear so much about air pollution, but there is also noise pollution. People living in urban centres and near highways experience significant stress due to noise and they will also benefit from this measure, which can cut down on noise pollution.
We also know that Quebec is a very large part of Canada and has an abundance of fresh water. When you have an abundance of a given resource, including water in the case of Quebec, you tend to take it for granted. In most homes in Quebec, you just have to open the tap and water flows freely in every room where it is needed, in the laundry room or in the washroom. Water is not free, especially hot water. Improving the insulation in a house with new doors and windows and other renovations can often cut the cost of heating water by 15%. These are significant measures and important to most Quebec households.
This tax credit also makes it possible to renovate the plumbing in a home. Shower heads can be changed to save water. It is a renewable resource but there are limits. We must conserve the hot water used for a normal family's household needs.
We are very supportive of such measures because they contribute globally to energy conservation and the reduction of pollution. It is a very interesting measure that has been put forward.
I would also like to talk about the first time homebuyers' tax credit. In its 2008 election platform, the Bloc Québécois proposed putting in place a homebuyers' program. Many Quebec families find it difficult to buy their first house. It is extremely important for the government to help families, including middle-income families, to purchase their first home. Buying a home is often the most important investment of one's life. Families often need a helping hand at the start.
Because there is a similar measure in this bill, we will support it once again.
We had some mixed feelings, because the Conservatives' measure is much less generous than what we proposed. But it is a step in the right direction, and it shows some understanding of the very solid arguments made by the various Bloc Québécois members. We think this is a step in the right direction, and that the government seems to have understood that it is necessary to support first time homebuyers.
This is a major investment for many families, and buying a home is an important step for many households in Quebec and Canada. They are able to build equity. As I said, this is the primary investment for many families, and it is very often the biggest investment a family will make in their lifetime. It is very necessary and important to support families in this step and to help them benefit from capital gains.
In recent years, the capital appreciation of real estate and the increase in home values has made home ownership appealing. Quebec is a little behind Canada in regards to home ownership and the desire of some families to purchase a home. So this is a very appealing measure for Quebec.
It is often very difficult for these families to build capital. The government is proposing an interest-free loan up to $10,000. This makes it much more appealing for new and young families to purchase a first home.
This, in essence, is why the Bloc Québécois supports Bill C-51, and why we will vote in favour of it.