Mr. Speaker, I am proud to rise in the House today to speak to Canada's economic action plan 2013, our Conservative government's plan for jobs, growth and long-term prosperity.
Our economic action plan is centred on the priorities of hard-working Canadians and their families. Our economic action plan is focused on building an enduring prosperity for all Canadians. We are taking clear and decisive action to further strengthen our economy, create quality jobs and a better quality of life for generations to come, for our children and our grandchildren.
Today, I am proud to highlight some of the many benefits that our economic action plan 2013 would provide for Canadians and their families. For example, our economic action plan would provide the right kind of support to Canadian job creators. As promised, we are keeping taxes low to continue to help hard-working families and the employers who create prosperity and jobs for Canadians.
Since 2006, our government has consistently reduced taxes for hard-working Canadians, for the moms, dads, seniors and students. Simply put, we have reduced taxes for all Canadians.
Unlike the high-tax NDP and Liberals, our Conservative government believes in low taxes and leaving more money where it belongs, in the pockets of hard-working Canadians so they can spend their money on their own priorities and money can circulate in the economy.
As Conservatives, we believe keeping taxes low is critically important to the well-being of our economy. We will continue to encourage job creators to invest in and create jobs in Canada.
Our plan is working. In fact, Canada is leading the G7. This is no small feat. Since the depth of the recession in 2009, we have created over 950,000 net new jobs, the strongest job creation record in the entire G7. Canada's unemployment rate is at its lowest level in four years and significantly lower than the unemployment rate in the United States. This is quite a phenomenon.
Our banks are considered the most stable in the world, but the global economy continues to be fragile. That is why we are focused on job creation and not spending beyond what we can afford.
We are focused on eliminating tax loopholes that benefit only a select few. We are on track to balance the budget by 2015-16, as promised.
I mentioned Canadian businesses earlier. These businesses are our job creators. One of the measures I am very proud of is our continued support for small businesses and bright, industrious young people. Since 2006, our Conservative government has supported the Canadian Youth Business Foundation. Economic action plan 2013 continues that support by providing $18 million to the foundation, which provide mentorship, advice and start-up financing for young entrepreneurs between the ages of 18 and 34.
Our Conservative government has also lowered the small business tax rate from 12% to 11%, which allows small businesses to invest in growth, to hire our neighbours and to expand in new markets.
Our government is also providing a temporary credit of up to $1,000 against the small business increase in 2013 employment insurance premiums over those paid in 2012. This temporary credit will help approximately 560,000 employers if they hire more people. We have also increased the lifetime capital gains exemption to $800,000 in 2014 for small business owners.
Manufacturing jobs in southern Ontario are critical. That is why our Conservative government is helping businesses succeed and grow in the global economy. This economic action plan includes $1.4 billion in tax relief through a two-year extension of the temporary accelerated capital cost allowance for new machinery and equipment for manufacturers. Our message to manufacturers is clear: please invest.
These are just a few examples of how our government stands strongly behind our job creators. In order for Canada to grow, we need more businesses to create jobs for Canadians, for our neighbours and more investment in our economy.
Canadian job seekers also need adequate skills and training to fill available jobs. Nothing is more disheartening than to hear my neighbours in Mississauga and Brampton say that they are searching for work and have been for months, only to then hear businesses say that they cannot find enough skilled employees to fill available jobs. There is a serious disconnect here. People are struggling to find jobs, while some businesses cannot grow as quickly as they should in order to compete.
Our government is taking decisive action to fix this growing problem, to ensure that Canada is on the right track for long-term economic prosperity. The new Canada job grant will provide $15,000 or more per person in combined federal, provincial and employer funding to help Canadians get the skills they need for in-demand jobs. By asking employers to equally share in the cost of training their new employees, we know job creator will ensure that the training is targeted and results focused. The new employee is also reassured that he or she is training for a job that exists and needs to be filled.
We also believe in supporting our families and our communities. Economic action plan 2013 introduces several key measures to help Canadian families. We offer new tax relief for families adopting a child. We propose to enhance the adoption expense tax credit to better recognize the unique costs associated with adopting a child, and we wish these young families every happiness.
Let me also remind the opposition that since 2006, we have made the well-being of our children, our future, a priority. We introduced the children's fitness tax credit, promoting physical fitness among children through a credit of up to $500 for programs from hockey to ballet. In addition, we also offer the children's art tax credit, which encourages moms and dads to sign their children up for piano or guitar lessons, also with a credit of up to $500 for arts programs. As a mom, I know how very popular these programs are in the GTA among parents.
Our economic action plan also provides continued enhanced support for our veterans, for our nation's heroes. Canada's veterans deserve the very best. Under the leadership of our Prime Minister, economic action plan 2013 is a budget that invests in our veterans. In fact, the economic action plan proposes to more than double the financial support for funerals for families, while also cutting cumbersome red tape.
Our government understands the needs of Canadians. We have removed over one million low income families, individuals and seniors from tax rolls altogether. We are cutting taxes in every possible way we can. We have targeted personal income taxes by cutting them to the lowest tax rate, to 15%. We are increasing the amount that Canadians can earn tax free. The government has provided seniors with the very much needed ability to split their pension income. We have reduced the GST from 7% to 6% to 5%, which has put nearly $1,000 back in the pockets of the average Canadian family. With this plan, the typical Canadian family has seen savings totalling more than $3,200.
Like all Canadians, we cherish our health care. My aging mother relies on hospitals, just as most Canadians sometimes need our health care. Even during these challenging economic times, our government will continue to provide a 6% increase to provinces for health care funding over last year's payments.
Our government's plan to return to a balanced budget is working. We have reduced the deficit by more than half over the last two years. Economic action plan 2013 builds on past efforts to reduce government spending by announcing an additional $1.7 billion in ongoing savings. While the NDP and Liberals want to engage in reckless spending, we have a plan for Canada and our plan is working.