Mr. Speaker, I rise today to speak in favour of Bill C-4, a second act to implement certain provisions of the budget tabled in Parliament on March 21, 2013 and other measures.
The bill cannot be considered in isolation. Bill C-4 implements parts of this year's budget, and this year's budget is just another phase in Canada's economic action plan, an approach to governance that has allowed Canada's economy to lead the world through unstable times. Since the global financial crisis that triggered this uncertainty, each year I hear members opposite claim that the government's policies would end up hurting Canadians. Each year statistics prove their worries are totally unfounded. While members opposite continue to attack our Minister of Finance, impartial experts continue to honour him as the world's best.
While I expect the hyperbole to continue in discussing Bill C-4, I would remind Canadians to consider the following when they hear the opposition parties attacking our record. Our debt to GDP ratio is by far the lowest in the G7. Since the depth of the global recession, Canada has created almost a million net new jobs, the strongest record in the G7. These facts are praiseworthy on their own, but please also remember that we are on track to return to surplus. When the budget returns to surplus, we will not only enjoy the strongest record of job creation and fiscal discipline in the industrialized world, but we will also enjoy the benefits of investments made during the stimulus phase.
In Waterloo region, we have seen much needed expansion to our local post-secondary institutions to develop the talent and innovation that we need to remain prosperous. Conestoga College is better positioned than ever before to help business innovate their processes, and now operates a school of food processing technologies. Food and food processing is Ontario's second largest industry, but this school is the first of its kind in Ontario. We have seen community centres built or refurbished, and critical infrastructure such as waste water and roads renewed. We have witnessed the explosive growth of high technology startups, coalescing around the federally supported Communitech hub.
We have seen the impact of programs designed for southwestern Ontario delivered by way of the Federal Economic Development Agency for Southern Ontario, or FedDev, helping businesses such as Miovision Technologies capture new markets, and non-profits such as the Southern Ontario Locomotive Restoration Society build a station for the Waterloo Central Railway, a tourist link between the city of Waterloo and St. Jacobs in the township of Woolwich. The agricultural adaptation program has supported businesses such as Martin's Family Fruit Farm, bringing apple chips to market, a healthy snack food that opens new markets for Canadian orchards. I could devote an entire speech to the investments our government has made in the Region of Waterloo Airport in Breslau that resulted in a safer facility, capable of handling a more diverse set of aircraft, which is critical for our area's continued growth.
All of this was accomplished during the most severe downturn since the Great Depression, while remaining on track for our return to surplus and without raising taxes on Canadians; all of this without raising punitive taxes on Canadians, as both opposition parties are calling for; all of this without gutting transfers to the provinces, as the previous Liberal government did. How is it possible, Canadians may wonder, for a government to maintain the world's best financial position, while also maintaining low taxes, maintaining transfers to provinces and individuals, and renewing Canada's infrastructure on top of all of that.
In my opening comments I noted that Bill C-4 implements budget 2013, which is the latest phase of Canada's economic action plan. However, even Canada's economic action plan is itself an implementation of our Conservative government's long-term financial plan for Canada, released in 2006, called Advantage Canada. Advantage Canada outlined the five priority themes our government would focus on through good times and bad. Our belief was that if Canada could focus on lowering taxes, keeping our books in order, unleashing our entrepreneurial culture, building world-class talent and maintaining world-class infrastructure, Canada could reach new levels of prosperity to pass on to our children and to our children's children.
Budget 2013 continued our focus on these priorities, and Bill C-4 implements measures that will enhance Canada's advantage in these key areas. Bill C-4, among other things, expands the eligibility for the accelerated capital cost allowance to include a broader range of equipment used in clean energy generation and biogas production. Budget 2013 renewed the accelerated capital cost allowance, and Bill C-4 expands on that application.
The accelerated capital cost allowance has been praised by businesses of all sizes in my riding. From Riverside Brass in New Hamburg to Chemtura in Elmira, businesses are investing in new equipment to keep themselves on top of a competitive global economy, thanks to our initiative. Depreciation is used by businesses to write off the value of their equipment according to government-set schedules. By accelerating the depreciation schedule to a more realistic rate, we are allowing the tax system to recognize the speed of business rather than slowing business to the speed of government. By making more of the equipment that is used in clean energy and biogas production eligible for the accelerated capital cost allowance, we are removing obstacles to growth.
Bill C-4 would also implement budget 2013's commitment to extend the hiring credit. This measure incents small businesses, Canada's largest source of job creation, to expand and grow by providing up to $1,000 to offset the increase in EI premiums as an employer takes on employment with new growth. Over a half a million small businesses would take advantages of this opportunity, creating jobs for Canadians.
However, the legislation would do more than help small businesses grow and create jobs. Bill C-4 would make it more attractive for Canadians to pursue entrepreneurship and to pass their businesses on to the next generation. Small-business owners were happy to hear that Bill C-4 would increase their lifetime capital gains exemption by $50,000 to a total of $800,000, but they were ecstatic to learn that going forward this would be indexed. Many of them remember when the lifetime capital gains exemption went unadjusted for almost two decades, until this government assumed office. That is one more example of 13 years of inaction. It was wrong. It was unfair to small-business owners, who often put over 60 hours each week into their business, to blame inflation for making their retirement less and less viable. Never again.
If I could be permitted to diverge for a quick moment, many of my colleagues have asked what the mood is like in Waterloo Region, given the uncertainty around BlackBerry's future intentions. Despite recent challenges at BlackBerry, our mood remains positive and confident. Our community is headquarters to close to 1,000 technology companies that generate $30 billion in annual revenue. The collaborative sensibilities, scientific excellence and entrepreneurial culture that fostered BlackBerry's growth remain strong. Our government's initiatives will certainly provide encouragement. Our investments supporting the creation of the successful Communitech hub, investing in talent at local universities and at Conestoga College, reducing red tape and incenting venture capital into the system have all been well received and are already making tangible results.
However, in government there is always a cost. On this side of the House, we feel these costs are justified as investments that will pay dividends for years to come, but that does not mean our ability to spend is limitless. Especially in these uncertain times, with so many priorities competing for federal dollars, it is more important than ever that all levels of government collect every dollar they are legitimately owed. Individuals and businesses who evade their taxes are not just pulling a fast one, they are denying money to our hospitals, first nations, student aid programs and other critical needs. Every tax dollar owed that remains uncollected is an extra dollar that someone else's tax bill assumes. Tax evasion has become much more sophisticated and our enforcement measures must keep pace.
As a member of Parliament who has encouraged action against the underground economy, I was pleased to see that Bill C-4 would introduce sanctions including monetary and criminal penalties to deter the use of software designed to falsify sales records for the purpose of tax evasion. This is not a revolution in approach; it is a natural evolution of our laws in response to the evolution of technologies, which is continually accelerating. It is much like the action called for in my Motion No. 388 targeting Internet predators, which received the unanimous support of the House several Parliaments ago. These types of improvements can be supported by all parliamentarians regardless of partisan stripe.
Bill C-4 would be the final step in implementing budget 2013. I ask all members of the House, especially those who claim to make decisions based on evidence, to accept the opinion of impartial experts from around the world that the Conservative government's approach has brought Canada to lead the world, to accept this latest phase of Canada's economic action plan, which would be just as beneficial to Canadians, and to get on board.