Mr. Speaker, Canada's economic action plan is working and is helping to keep all Canadians working. Our plan is expected to create or maintain 220,000 jobs by the end of 2010 with an estimated 130,000 created or maintained to date already. This does not include the 225,000 jobs that were saved through our expanded work sharing program, a program that has been used by companies and manufacturers in my riding to ensure that they kept their employee base in place.
We are in the middle of the largest federal investment of infrastructure over the past 60 years. We are putting Canadians to work in some 16,000 projects across Canada and are building better roads, bridges, public transit, colleges, universities, recreational infrastructure and much more. We are providing the sector help by training Canadians who are out of work and helping businesses avoid layoffs to keep Canadians working.
Statistics Canada recently announced that Canada's economy for the second straight quarter grew by 5% on an annualized basis in the fourth quarter of 2009. This represents the strongest quarterly rate of economic growth in almost a decade.
Household spending is increasing thanks to our tax cuts for Canadian families. Spending on homes continued to rebound with help from our temporary home renovation tax credit last year. Infrastructure spending increased, supported by stimulus projects underway right across the country.
Our plan is ensuring that we will lead the global recovery. Not only was Canada at the head of the pack of the G7 countries for quarterly economic growth, we also had the strongest growth in domestic demand. What is more, in the coming year the International Monetary Fund predicts Canada's economic growth will continue to be at the head of the G7 pack.
There is a lot of great stuff that is in budget 2010 and I want to highlight a few of these areas. In the budget we are injecting another $19 billion of new stimulus to create and protect jobs. We are securing our economic recovery and sustaining our economic advantage through a number of measures.
Personal income tax relief will save Canadians $3.2 billion in personal income tax. This is happening through adjustments in the federal tax brackets. We are enhancing the working income tax benefit. There are going to be higher child benefits for parents, and lower taxes for low and middle income seniors.
There is also a lowering of the corporate tax rate to 15% in 2012 that is planned through this budget. That is moving toward our goal of having the lowest tax rate on new investment in the G7 at a 25% combined federal-provincial corporate tax rate making us one of the most competitive countries in the world to have business.
More importantly, that lower corporate tax rate also helps all of our small businesses that are up and down our main streets in our small communities. Those are all family operations, whether they are restaurants, convenience stores or maybe the local hardware stores. All those businesses rely on making sure that they continue to have a lower tax burden. That is going to help them to create more jobs and make them more profitable in the long-term.
We are also improving the taxation on the universal child care benefit by allowing single parents to choose to include it in their own income or a dependent, thereby providing treatment similar to single earner two-parent families. We are going to continue to support families.
We are going to continue support for the housing market through the first time homebuyers tax credit and additional access to registered retirement savings plan savings to purchase a building or a home.
We are also going to enhance the working income tax benefit which will reduce the welfare rolls by making work pay better for many low income Canadians. There is also $340 million in targeted tax relief in this budget for our seniors.
I want to jump into what this actually means in the province of Manitoba. In Manitoba we do have a thriving agriculture industry. I am a farmer myself. I was a cattle producer. One of the main investments we are making through budget 2010-11 is an investment in cattle processing facilities.
One thing that has happened over the last number of years is that we have been dealing with the BSE situation. Because of that we have had to have increased SRM removals that go beyond and above what other competitors do in the international market so that we can have access to more trade opportunities and more beneficial market opportunities for our cattle producers across this country.
Through the AgriFlexibility fund we are going to give $75 million to help our processors look at new technology to deal with things like the enhanced feed ban, like SRM removal, trying to develop some way to generate some income from these buy value credits that right now are just being thrown away as garbage.
Essentially we want to ensure that if they can make a little more money off those buy value credits that will be returned to the producers, especially for those who are selling a lot of cows because the animal is over 30 months of age and dealing with this major fall down in the marketplace.
We have already seen some government dollars being used in facilities like the new Keystone plant in Winnipeg. We are also looking at supporting other regional processors throughout the province.
The funding under this new slaughter program includes a slaughter improvement program that will increase by $10 million to support the introduction of new cost effective technologies. There is an additional $25 million targeted at processing plants that only handle animals over 30 months of age. There is also $40 million to support the development and commercialization of innovative technologies related to the removal and use of SRMs, specified risk materials, to reduce those handling costs and create potential revenue sources for these materials.
With my involvement in the environment committee and, of course, having both Lake Manitoba and Lake Winnipeg in my riding of Selkirk—Interlake, I was encouraged to see that we will be investing $190 million to support a cleaner and more sustainable environment to help meet our climate change objectives.
Some other things in the budget include $100 million over four years to support clean energy generation in Canada's forestry sector through the new generation and renewable power initiative. I know that many of our old forestry plants are looking at perhaps moving to a more sustainable energy production. This will help them to become more competitive. This funding will help reduce their overall greenhouse gas emissions as well by supporting their development, commercialization and implementation of new emerging clean energy technologies which could include everything from biofuels and renewable electricity and biomass which we seem to need to look at more as being in the area of biomass and using that to replace some of our other dirtier energy sources.
There is also the expansion of the accelerated capital cost allowance for clean energy generation equipment for additional applications involving heat recovery and district energies. The more we can become efficient the better we will be as an overall industry.
There is $60 million over two years to continue to implement the government's action plan to protect the Great Lakes by cleaning up areas identified as being the most degraded. Of course we already have a strategy for Lake Winnipeg and the entire Lake Winnipeg basin to identify those problems as well.
There is $38 million over two years for Canada's invasive alien species strategy to reduce the risk of invasive animal and plant species being introduced to Canada. With the movement of fishing equipment back and forth between our boundaries and the introduction of new species that are coming into our basin, it is even more important today that we protect the ecosystem that we have in our freshwater systems.
There is also up to $11.4 million over two years to deliver meteorological services and navigational services in the north to meet our commitment to the International Maritime Organization.
There is $8 million for two years to support community based environmental monitoring, reporting and baseline data collection in the north. Another $18.4 million over two years to support the government's annual report on clean environmental indicators, such as clean air, clean water and greenhouse gas emissions.
This keeps building upon what we are doing in resources under our Canada economic action plan, like the $1 billion for five years for the clean energy fund and supporting clean energy research, development and demonstration projects, including carbon capture and storage.
There is $1 billion over five years for the green infrastructure fund for priorities such as a green energy generation and transmission infrastructure, carbon transmission and storage infrastructure.
There is $380 million in dedicated new resources for the ecoENERGY for homes retrofit program to support Canadians making their homes more energy efficient.
Manitoba wins big time through the new budget because we continue to increase equalization and transfers to the provinces. Manitoba gets another $924 million in this budget compared to where we were in 2004-05 under the previous Liberal government. That is $3.8 billion that Manitoba will receive this year: $1.8 billion through equalization; $953 million through the Canada health transfer, an increase of $50 million from last year; and $405 million through the Canada social transfer. Therefore, Manitoba continues to get more money.
If we look back at the previous government when it was facing its fiscal challenges, it cut equalization, health transfers and social transfers and provinces like Manitoba suffered under that government. Under this government, we are ensuring that we continue to deliver those services to Manitoba. We know that will be great for all Manitobans.