Mr. Speaker, today I wish to speak to Bill C-43 and about families.
The week after the events of October 22, my wife Judy and my daughter Megan and our then 10-month-old grandson came to Ottawa to be with Dad. Like many of us, I underestimated the effect that day had on our friends and our loved ones. Touring this building together, watching my grandson sit where you are sitting, Mr. Speaker, brought home how important our families really are.
Our new family friendly tax measures would make it easier for all kids to get involved in the many exciting opportunities that exist in their communities. For that, as community representatives, we should all be proud. This is the reason that economic action plan 2014 has my backing. It is a tremendous support for Canadian families. This bill would put more money back into the pockets of Canadian families, and work on improving the fairness and integrity of our tax system by closing loopholes and strengthening tax enforcement to ensure that all Canadians, not just a select few, have lower and fairer taxes. Under this plan, every family with children would have money put back into their pockets so they can spend their money on their priorities.
These latest tax cuts and benefits would see an average Canadian family save close to $1,140 in 2015. All in all, these savings represent close to $27 billion returned to the pockets of Canadian families over the next five years. These latest tax cuts and benefits include the introduction of a family tax cut, an increase and expansion of the universal childcare benefit, an increase in the childcare expense deduction limits, and a doubling of the children's fitness tax credit, as well as making it refundable.
The new family tax cut is a federal tax credit that would allow a higher-income spouse to transfer up to $50,000 of taxable income to a spouse in a lower tax bracket. This credit would provide tax—
I remember when my kids were young and we took them to everything. People would say that I must put in thousands of miles just driving my own and neighbouring kids to sports and community events. At the time, it never really dawned on me. After all, there was the excitement of watching my son Devin score the first touchdown for our new football team on the same field where my youngest brother had scored the last touchdown 20 years earlier before that team had folded; or the excitement of watching our daughter, after being fouled at the buzzer during the very first game for the Elnora junior high basketball team, then sink both foul shots to first tie and then win the game. I have seen NBA players who cannot do that. The coaching, watching my kids and their teammates competing at regional and provincial levels in all types of sports, performing in plays and pageants, and even working on the farm together are memories of a family that worked, played, and laughed together. What about all those miles? I have always said I would much sooner drive my kids around than drive around looking for my kids.