Mr. Speaker, I am very pleased to stand in the House today to speak to Bill C-45, the second implementation bill relating to the jobs and growth act 2012.
I would like to first preface my remarks by reminding my colleagues on the opposition benches that Bill C-45 provides the mechanisms to implement the provisions outlined in budget 2012. That legislation was tabled a full seven months ago, on March 29, 2012.
Budget 2012 has received more debate than any other budget bill in this House. I also remind my colleagues that Bill C-45 will be sent to 45 different standing committees for further scrutiny and debate, so I think there are adequate opportunities for discussion and debate.
I would like to comment on a few of the enabling legislative items in Bill C-45 that are especially appreciated by the residents in my riding of Newmarket—Aurora.
Both Newmarket and Aurora are situated at the top of the GTA, in York region. It is one of the fastest growing areas in Ontario, and residents there have clearly articulated to me that they want their government to remain focused on jobs and economic growth.
That is why, for example, they are very pleased with the implementation measures in Bill C-45 that enable pooled registered pension plans to become a reality.
Bill C-45 amends the Income Tax Act to accommodate pooled registered pension plans, or PRPPs. It sets out the tax treatment for contributions to and distributions from PRPPs. It also deals with a number of related issues, such as the registration of pooled pension plans and transfers on the death of a PRPP member.
I cannot say enough about how important PRPPs are to entrepreneurs and working Canadians in my riding of Newmarket—Aurora.
In York region, home to over one million people, 83% of all businesses have fewer than 20 employees. This will be a very valuable tool for employers. It will help them, first, to retain good staff, and second, to provide pension options to those who currently may not--