Mr. Speaker, economic action plan 2013 is 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. We remain focused on what matters to Canadians. This government knows that Canadians are concerned about the economic prosperity of this nation. They want to know that we have a solid plan of action to ensure that Canada continues to prosper. I am proud to say that our government continues to put Canadians first.
Ongoing economic turbulence in the United States and Europe, among our most important trading partners, continues to impact Canada. That is why our government introduced economic action plan 2013 to help protect and grow the Canadian economy with positive measures like the hiring credit for small businesses; the Canada job grant, the largest federal investment in job-creating infrastructure projects in Canadian history; and significant new investments to support manufacturing.
In order for Canada to grow, we need more businesses and more investment in our economy. We need more support for job-creating measures. We just posted the strongest quarter in two years, and with the over 900,000 net new jobs that have been created since the depth of the global recession, we have many encouraging signs that Canada's economy is back on track. Our government is ensuring that Canadians get first crack at available jobs by reforming the temporary foreign worker program. Canada's job growth record remains the best among all G7 countries. Our economic stewardship is second to none in the G7.
Small businesses are one of the economic engines of the Canadian economy, accounting for 98% of all employer businesses and supporting workers and communities from coast to coast to coast. My parents, new immigrants to Canada, saved their money and became small business owners. I pumped gas at their gas stations, managed the payroll and inventory orders at their restaurants, and negotiated their land development deals, as my parents' language skills were lacking. To this day, my mom still does not speak English very well, but her work as a small business owner meant that our payroll was always met and our success meant jobs for our neighbours. Small business owners are willing to invest their savings, work hard and take risks to create jobs. In order to maintain Canada's record of job growth, we need to continue to support our businesses, which are our job creators.
Economic action plan 2013 proposes a number of key measures to support small businesses, including extending the temporary hiring credit for small businesses for one year. Approximately 560,000 small business owners would benefit from this measure, allowing them to reinvest approximately $225 million in 2013, as long as they hire more people. We would also increase the lifetime capital gains exemption to $800,000 from $750,000 in 2014, and index it, going forward. The lifetime capital gains exemption increases the rewards of investing in small businesses, and makes it easier for owners to transfer their family businesses to the next generation of Canadian entrepreneurs.
Under our government's low tax plan for Canada, a typical small business owner with a taxable income of $500,000 has seen his or her tax bill drop by over 34%, or $28,000, since we were first elected in 2006. Our government clearly values the contribution of small businesses to the success of the Canadian economy. We will continue to support and encourage growth in this vitally important sector.
Economic action plan 2013 would provide $18 million to the Canadian Youth Business Foundation to help young entrepreneurs grow their firms. Our government has also lowered the small business tax rate from 12% to 11%, allowing small businesses to invest in growth, to hire new employees, our neighbours, and expand in new markets.
We are also extending the temporary accelerated capital cost allowance for new investments in machinery and equipment by Canadian manufacturers for two years.
Conservatives also understand the role of infrastructure in our country's economy. We have invested in an unprecedented number of projects that are improving the GTA's roads, highways and public transit. My neighbours in Mississauga and Brampton rely on public transit and highways on a daily basis. Whether it is commuting to and from work or simply driving our kids to hockey practice, road conditions matter. Improvements to infrastructure and public transit systems throughout Canada will not only preserve more jobs but will also allow for an improved quality of life for commuters.
During the depth of the recession, our government invested in important infrastructure projects. In Mississauga, those vital dollars allowed us to build Sheridan College, a new downtown centre and undertake the largest transit expansion in our city's history. Funding allowed us to fix up our parks and build new community pools. It put our neighbours to work.
Economic action plan 2013 builds on our investments in infrastructure and announces a new building Canada plan, the largest investment in job-creating infrastructure in Canadian history. The new building Canada plan outlines our investments in our nation.
The community improvement fund would provide $32.2 billion, consisting of an indexed gas tax fund and an increased GST rebate for municipalities to build roads, public transit, recreational facilities and other community infrastructure across Canada that would improve the quality of life of all Canadians.
In 2008, we made the gas tax fund permanent to help municipalities plan and fund improvements to essential infrastructure. Economic action plan 2013 commits that the gas tax fund be indexed at 2% per year starting in 2014-15.
The new building Canada fund would allocate $14 billion for major economic infrastructure projects that have both a national and regional significance, bringing back the focus to our communities.
Our government understands the needs of Canadian taxpayers. We understand that Canadians want to save their money and invest in their future. That is why we have introduced measures like the tax-free savings account, TFSA, which allows Canadians to earn tax-free investment income to more easily meet their lifetime savings needs. As of 2013, Canadians can contribute up to $5,500 annually to a TFSA. This is an increase from the annual contribution limit for 2009 and reflects indexation to inflation. This year the TFSA allows for contributions of up to $25,500, promoting savings.
We have removed one million low-income families from the tax rolls altogether.
We have targeted personal income tax rates and cut the lowest personal income tax rate to 15%.
Our government appreciates the ongoing contributions of seniors; now it is time for us to show our appreciation. Our government has provided seniors with the very much needed ability to split their pension income.
The average Canadian family of four meanwhile has seen savings totalling more than $3,200.
Our Conservative government continues to provide the 6% increase to provinces for health care funding all the while.
Since 2006, we have introduced more than 150 tax-cutting measures and provided over $160 million in tax relief for Canadian families and individuals over a six-year period.
I would like to speak briefly about our veterans, an issue very near and dear to me. Our veterans fought for the preservation of our nation and the safety and freedom of our country.
Our government is committed to ensuring that those who die without financial means receive the necessary financial support to provide for a dignified funeral and burial. The funeral and burial program, which is delivered by the Last Post Fund on behalf of Veterans Affairs Canada, offers financial assistance to veterans' estates where the veteran died as a result of a service-related disability or for cases where the veteran had insufficient assets. This budget commits over $65 million over two years to more than double the amount of money available for veterans' funerals.
Our government's plan to get back to a balanced budget is working and we have reduced the deficit by more than half over the past two years. Economic action plan 2013 builds on past efforts to reduce government spending by announcing an additional $1.7 billion of additional savings.