Mr. Speaker, it is with great honour that I rise on behalf of the constituents of Winnipeg South Centre to speak about the sound fiscal framework that our government has set out and continues to implement with economic action plan 2012. Our government is committed to ensuring prosperity for Canadians across the country both now and into the future. While economic action plan 2012 would create jobs and stimulate growth, it will also leave a foundation for long-term prosperity across Canada.
As a chartered accountant who values stable economic growth, this approach makes sense to me. As a mother who wants her children to grow up in a prosperous Canada, this approach means much to me.
Our government is focused on long-term financial security for Canadians. Economic action plan 2012 would deliver on this by providing new savings mechanisms while improving and strengthening the administration of existing programs.
I would like to take this opportunity to highlight what our government is doing to support families first, then financial industries and business.
With respect to families, following a review of the registered disability savings plans program in 2011, we have taken measures to improve its efficacy so that Canadians with disabilities and their families will also be able to save for the future. To this end, improvements to the disability tax credit would allow investment income to roll over from RESPs to RDSPs. It would maximize the savings potential of families where a member has a disability. All Canadians need to be sure that they and their loved ones are secure.
Consistent with our government's desire to help Canadians prepare for the future by creating savings mechanisms, we would amend the Income Tax Act to accommodate pooled registered pension plans. These plans would play a crucial role by giving Canadians without workplace pensions a plan to contribute to. This option would be particularly attractive to the self-employed and small businesses. Our changes to the Income Tax Act would allow Canadians to take full advantage of this low-cost highly accessible savings option.
Along with its provincial and territorial counterparts, the Department of Finance has just completed a triennial review of the Canada pension plan and has confirmed that the plan is sustainable for the next 75 years. This means that Canadians can be confident knowing that their public pension will be there for them without having to raise their contributions.
Economic action plan 2012 would make important changes that would boost the authority of the Pension Appeals Board, and the review and social security tribunals. Our government believes that a healthy CPP is a solid foundation for the retirement savings of Canadians.
Just as Canadians make retirement savings a priority, our government believes that members of Parliament should do the same. That is why it has introduced legislation that would make MP pensions more consistent with other pensions. These changes would include increasing the contribution percentage of MPs to 50% so that the costs are shared on a 50-50 basis and raising the without-penalty retirement age from 55 to 65. These changes would save hard-working Canadians $2.6 billion over the next five years.
As servants of the public, MP pensions should be consistent with that of other Canadians. Our government firmly believes this and the economic action plan delivers on that.
Our government is also committed to public sector accountability as it pertains to collective bargaining. At present, the Canada Revenue Agency has the authority to formulate its own collective bargaining mandates and enters into negotiations without approval of the Governor in Council, an exceptional circumstance given that the vast majority of separate agencies are required to do so under section 112 of the Public Service Labour Relations Act. It is our government's intention to ensure that the CRA is also governed by that section. Moreover, we would amend the Canada Revenue Agency Act to ensure that the CRA obtains its collective bargaining mandate from the President of the Treasury Board.
Our government is serious about proper oversight of collective bargaining as it relates to the public service.
The health of Canada's financial system is crucial. It is a crucial determinant of long-term prosperity. A sound financial system with firm regulation and supervision has allowed Canada to emerge from the 2008 global financial crisis as a leader among its G8 partners.
In order to maintain our international reputation as a leader in financial sector regulation, our government is continuing to be proactive about making changes so that Canadians can have continued confidence in their financial institutions, and we are on the right track. This Canadian economy has created over 820,000 net new jobs since July 2009. A healthy financial sector is central to our government's commitment to economic growth and long-term prosperity. The amendments I have outlined would help. However, the global economy remains fragile and we have to know that our major trading partners, the Canada-Europe trading connection and the Canada-U.S. trading connection, remain fragile.
I also have the pleasure of speaking about what we are doing for the business community because a hospitable business climate is a very important element for promoting economic growth and long-term prosperity. Our government is taking very seriously our responsibility to consult with businesses and stakeholders, and to see how government could assist them in growing and creating jobs for Canadians. As a chartered accountant, I know how important it is for our government to be responsive to the concerns of business.
We just celebrated Small Business Week in Canada and I will highlight what our government is doing to help small businesses. A 2010 report from the Canadian Federation of Independent Business suggested that red tape at all levels of government costs business about $30.5 billion extra every year. This burden is felt disproportionately by small business owners. The Canadian Institute of Chartered Accountants used the opportunity of Small Business Week to remind government that “[r]edundant and inefficient reporting and collection of information places a considerable burden on small businesses and other organizations”.
The CICA asked government to deliver on the goal of red tape reduction. Our government listened to the CICA and small businesses and is delivering on red tape reduction in economic action plan 2012. Our government believes that providing Canadians and businesses with the tools to grow and save is the best way to ensure future prosperity. Canadians want to be assured that their finances are secure, not just now but long into the future for the next generation of Canadians.
Our government is working very hard to support the economy with positive, pro-growth measures in economic action plan 2012. One example of this is the job-creating hiring credit for small business, which I am very proud to see in this document.
To create a prosperous Canada of tomorrow, our government is acting today. We are doing that by increasing the savings options available to Canadians, ensuring the health of our financial sector in order to maintain Canadians' confidence in it and creating an environment in which small businesses can and will thrive. We have demonstrated that with 820,000 net new jobs since July 2009.
I am grateful to have had the opportunity to highlight key aspects of economic action plan 2012 and what our government is doing to create jobs, ensure growth and provide long-term prosperity for Canadians.
It is very important for us to be able to create jobs now, not only to ensure and target economic growth, but also to ensure long-term prosperity for our generation and all future generations.
As a chartered accountant and as a mother, I am proud of our government's efforts to ensure long-term prosperity for all generations to come.