Mr. Speaker, I appreciate the chance to speak to Bill C-38, the jobs, growth and long-term prosperity act, and against the opposition amendments to defeat it.
Before I continue, as a member of the finance committee, let me acknowledge the detailed examination at committee stage. The finance committee and a special subcommittee studied the bill for nearly 70 hours, the longest consideration of budget legislation in committee in decades. We heard from literally hundreds of individuals and organizations, from government officials, business leaders, academics, labour groups, industry associations and many more.
As we all know, the bill proposes to legislate key measures of economic action plan 2012, measures vital to ensuring Canada's continued and ongoing economic recovery.
As its very title makes clear, it is a plan that focuses on jobs, growth and long-term prosperity. In doing so, it looks ahead not only over the next few years, but over the next generation. It will help further unleash the potential of Canadian businesses and entrepreneurs to innovate and thrive in the modern economy.
Of course, in reaching this goal, Canada starts from an enviable place. For some time now our country has had one of the strongest records among the advanced economies. The World Economic Forum says our banks are the soundest in the world. Forbes magazine ranks Canada as the best country in the world to do business. The OECD and the IMF predict our economy will be among the leaders of the industrialized world over the next few years.
Our debt to GDP ratio remains the lowest in the G7 by far. Since July 2009, Canada has seen employment increase by nearly 760,000 jobs, the best job growth record in the entire G7.
However, we cannot be complacent. There are many global challenges and uncertainties still confronting the economy, especially from Europe. The recovery is not complete, and across this country too many Canadians are still looking for work. The global economy remains fragile, and any potential setback would have an impact on Canada.
It is for these very reasons we introduced Canada's economic action plan 2012. I will now describe why its passage into law is so important to our country and why these opposition amendments to defeat it and delay it are so troubling.
Let me start by highlighting one of the plan's key initiatives. All across the country throughout our consultations with Canadians, one major issue kept repeating itself: the future health of Canada's retirement system. Old age security, the single largest program of the federal government, was designed for a much different demographic future than Canada faces today. Canada has changed and OAS must change with it.
Accordingly, economic action plan 2012 and Bill C-38 will make gradual adjustments to the old age security program to ensure that the next generation can count on it. These adjustments will not affect current recipients or those close to retirement. Starting in 2023 and ending in 2029, we will gradually increase the age of eligibility from 65 to 67. This phased approach will enable younger Canadians to plan ahead with confidence.
We will also make the program more flexible for those approaching retirement. As of July 1, 2013, Canadians will be given the option to defer the start of OAS. This volunteer option will enable them to receive a higher annual old age security pension as a result.
Our government has always acted responsibly to ensure that the social programs Canadians count on will be there when they need them. With these changes, the OAS program will be on a sustainable path.
Indeed, we certainly heard plenty of support and need for these changes at finance committee from a range of independent third party witnesses. For instance, here is what the Macdonald Laurier Institute told the committee:
I think the changes to OAS are a step in the right direction.... [U]sing the traditional definition of sustainability, [OAS] was not sustainable because it either would require more resources or crowding out of other spending.
Along with retirement security, the bill also recognizes that a critical responsibility of any government, and certainly our own, is to support, encourage and protect our most vulnerable citizens. That is why it has been the number one priority in our government's budgets.
In budget 2007, we announced the introduction of the registered disability savings plan, RDSP, to help parents and others save to ensure the long-term financial security of a child with a severe disability.
In budget 2011, we introduced the new family caregiver tax credit for those who care for family members with infirmities. In the same budget the government announced that it would undertake a review of the RDSP program in 2011.
As part of the review, a consultation paper was released which included a number of questions on which Canadians were invited to provide feedback. In response, the government received more than 280 submissions from individuals and organizations. Based on the input received during the review, economic action plan 2012 proposes measures to improve the RDSP. Together they will: allow spouses, common-law partners and parents to establish RDSPs for adult individuals who might not be able to enter into a contract; provide greater access to RDSP savings by reducing the penalty associated with small withdrawals; provide greater flexibility to make withdrawals from certain RDSPs and ensure that RDSP assets are used to support the beneficiary during his or her lifetime; provide greater flexibility for parents who save in RESPs for children with disabilities; provide a better transition as well as increased potential for maintaining an RDSP without disruption for beneficiaries who cease to qualify for the DTC in certain circumstances; and improve the administration of the RDSP for financial institutions and beneficiaries.
Bill C-38 takes the first step toward implementing these changes.
Again, we heard strong support for these amendments from the Council of Canadians with Disabilities at committee, which stated:
--important and positive were the revisions to the Registered Disability Saving Plan (RDSP) that removed a significant barrier for persons with intellectual disabilities and their families to opening an RDSP [account]. The RDSP continues to be a program of significant benefit to Canadians with disabilities and their families.
I would be remiss if I ended my speech without quickly reviewing other important initiatives in Bill C-38 that we cannot have delayed by the opposition amendments.
They include: enhancing the government's oversight framework for Canada Mortgage and Housing Corporation to ensure the corporation's commercial activities are managed in a manner that promotes the stability of the financial system; expanding the health-related tax relief to better meet the health care needs of Canadians; legislating the government's commitment to sustainable and growing transfers to provinces and territories in support of health care, education and other programs and services; and modernizing Canada's currency by gradually eliminating the penny from Canada's coinage system.
In conclusion, as I have noted today, economic action plan 2012 contains a host of benefits for every part of the country. Through this comprehensive and ambitious plan, we will maintain and strengthen our advantages by continuing to pursue our strategies that made us so resilient in the first place: responsibility, discipline and determination.
This bill marks an important milestone, the next major step in creating a brighter future for our country. I urge all members to help us pass Bill C-38.