Mr. Chair, I thank the member for Cypress Hills—Grasslands for his excellent question, his penetrating remarks and his very interesting introduction.
Supporting mining, forestry and agriculture in Canada helps create jobs and economic development right across the country.
Economic action plan 2014 is proposing measures to support these important sectors, including extending the mineral tax credit for investors in flow-through shares an additional year until March 31, 2015; $18 million over four years, starting in 2014-15 for early intervention to prevent the spread of spruce budworm in Atlantic Canada and Quebec; and expanding the types of farming livestock that qualifies for tax deferral on sale by farmers during a drought or excessive moisture conditions.
First, let me expand on the first point, the extension of the mineral exploration tax credit.
According to the Mining Association of Canada, over 90,000 Canadians are employed in mineral extraction and mining support activity in communities right across the country. Promoting the exploration of Canada's mineral resources by junior exploration companies helps create jobs and economic development. By extending the mineral exploration tax credit, it will help junior exploration companies raise capital by providing an incentive to individuals who invest in flow-through shares issued to finance mineral exploration.
Since 2006, the mineral exploration tax credit has helped junior mining companies raise over $5 billion for exploration. In 2012, over 350 companies issued flow-through shares with a benefit of the credit to more than 30,000 individual investors.
Second, as the 2013 Speech from the Throne highlighted, Canada's forestry sector remains essential to Canada's rural economy. The government will continue to support innovation and pursue new export opportunities for the sector.
Economic action plan 2014 will provide $18 million over four years, starting in 2014-15 to support early intervention measures to stop the spread of the spruce budworm in Atlantic Canada and Quebec, including $2 million through Natural Resources Canada.
The spruce budworm is one of the most damaging insects to spruce trees in Canada, causing defoliation and tree mortality. Early intervention to prevent the spread of spruce budworm in Atlantic Canada and Quebec will protect the region from losing valuable forest resources to the severe defoliation that would be caused by a major outbreak.
Finally, our government will help ensure the agriculture and agri-food sector plays a significant role in the Canadian economy, accounting for over $100 billion in economic activity and providing employment for over 2.1 million Canadians in 2011.
Economic action plan 2014 highlights measures that will expand the types of farming livestock that qualify for tax deferral on sale by farmers dealing with drought or excess moisture conditions.