Mr. Speaker, it is my pleasure today to stand to speak on Bill C-45, the second implementation bill of our jobs and growth act. This is an activity we are embarking upon as a government to make sure that Canadians have a job and that our economy is growing.
As part of the system that we have in this country, we present a budget in the spring, which is a policy document, and then we have two implementation acts every year. We had one in the spring and now we are having one in the fall. This bill is to implement the budget that was passed by this House in the spring.
It is important to understand that the bill would implement what has already been debated and discussed. It is nice to talk about things, but it is important for this government to make it happen on the ground and that we implement what we say we are going to do.
The process is not a new one, as it has been in the House for many decades. When there is a budget, an implementation bill comes afterwards, which is what we are doing here today.
There are three or four things that I would like to highlight from the bill.
First, extending the hiring credit for small- and medium-sized employers would enable them to hire new employees and create jobs for people in my riding and ridings across this country.
This is a $1,000 hiring credit, and last year it affected over 530,000 employers. We have seen the benefits from this tax credit in helping small businesses attract new people to develop their products and services. It has provided jobs to those in great need of employment, particularly youth. This is an opportunity for youth to find employment here in Canada.
Nobody is kidding anybody around here; it is a difficult environment for small business. As government, we need to help small business move forward, and this tax credit is one way to do that.
Also, Bill C-45 contains the tax framework for pooled registered savings plans. This is a tool that I have debated numerous times in the House, both at second and third reading in the spring. We talked about the need for an additional tool for small business to attract and retain employees, and for employees in this country to have an opportunity to have a pooled registered savings plan for their retirement. The bill would implement the tax changes that are required to make that happen.
It is important for us to have this debate, but we must move on and pass the bill. The legislation has passed for the pooled registered retirement savings plan, but we now need to take action and implement the changes that are needed to make it happen.
Another piece in Bill C-45 is the expanded accelerated capital cost allowance, ACCA. This would allow businesses to invest in clean green energy generation products, which would include machinery that had not been eligible for an accelerated capital cost allowance. However, the machinery would have to be in the clean energy generation business and meet the environmental criteria.
The bill would allow businesses to invest early on and to write-off the cost of the new investment in a speedier, more accelerated way. It would encourage companies to make those investments and make a difference.
The benefits of the expanded accelerated capital cost allowance are twofold. It would help small business get the equipment they need and it would also support the clean energy agenda that we have as a party. It would ensure that the Canadian government is doing what it can to support industry in providing cleaner energy for the people of this country.
One area that I am very proud and excited about is the registered disability savings plan, RDSP. There are a number of changes to that.
I remember when I was on the finance committee and heard about this idea of a registered disability savings plan, a program that would allow parents and grandparents, particularly parents, to invest in the future of a child with a disability. It is a plan that would provide financial security for young Canadians with disabilities. When their parents are no longer able to support them, a plan will be available for them to call on.
What is very important is that this bill would allow the registered education saving plans to be rolled over into a registered disability savings plans. I am very fortunate to have two healthy children. That does not happen in every family. As a past employee of Easter Seals Ontario, and my wife being a current employee, we know of the difficulties, the struggles and efforts of parents with disabled children.
Of course, not every child is born disabled, and sometimes things happen, whether it is an accident or health issue, which unfortunately causes a child to become disabled. Families may have invested in an RESP with the hope that some day a child would be able to use that capital to obtain a post-secondary education. That does not always happen. Instead of losing those investments that parents have made, they would be able to roll that investment into an RDSP for a child's future needs.
There are also a few other smaller changes. I have been the chair of the Conservative marine caucus for a number of years, which is making some changes to improve the certification of ships that are over 24 metres. Those practices are being improved to make sure we have clean safe ships floating on our Great Lakes and off both coasts. We want to make sure they are safe, that they have the right environmental responsibility and that they harmonize with other international inspection certification programs, which I am very happy with.
One thing that has been a bit of a controversy is the change to the SR and ED program, which is the scientific research and experimental development program. It is a tax credit that companies have been able to attract. It was at the 20% mark, but it is down to 15% in this bill. The enhanced SR and ED program is still at 35%.
However, this was not done in a vacuum. There was a study done by Mr. Jenkins. The Jenkins report talked about the difference between the tax credit and direct support. As all of us know in the House, there have been no complaints. In fact, there has been lots of uptake on IRAP, the industrial research assistance program. IRAP is a direct funding mechanism. The Jenkins report said that we need balance; we are not sure whether we are getting the bang for the buck on the $9 billion we are spending on research. We know that IRAP is producing. We know that it is a very attractive program to individuals. With regard to SR and ED, it depends on the company.
There was a very good presentation at the industry committee last week. A gentleman was there from a company in Burlington, which has used SR and ED extensively over the years. His point was that SR and ED was a bonus because companies are not sure whether they qualify for it every year or not. We are trying to rebalance the issue with the IRAP program. People get the money in advance, and it is a direct support of research and development. SR and ED will still exist and is an opportunity for people to use the tax system to support the development of their research.
Hopefully this new balance will provide more results, because that is really what we want as a government. We want results. We want R and D to turn into product that is commercialized and that we can sell, not just to Canadians, but around the world. We are a trading country, and we need to make sure we have the ability to do that.