My apologies, Mr. Speaker.
Jobs, the economy, and helping families remain the priorities of our government.
We met the challenge of the global economic crisis head on with our economic action plan. We paid down debt, we cut taxes to stimulate job growth, and we rejected opposition demands for job-killing higher taxes.
Canada continues to enjoy a stellar economic record and to receive international recognition for our economic leadership. This is why I stand in this House today in full support of the measures contained in the 2014 budget implementation act.
This government, through our economic action plan, has created the economic environment that allows Canadians businesses to prosper and Canadian citizens to benefit from a high standard of living. That is the sentiment shared by many. Globally recognized authorities, from the OECD to the International Monetary Fund, have ranked Canada as one of the best countries in the world to do business. In fact, they expect Canada to be among the strongest-growing economies in the G7 over not just this year but the next.
International business press, including Forbes Magazine and Bloomberg News, is equally large in its praise for Canada's success in creating a climate conducive to job creation. Indeed, the facts speak for themselves. There are over one million more Canadians working today than during the worst part of the recession. That is the best job creation record of any G7 country during this period.
Of course, there is ongoing uncertainty in the global economic environment. That is why we must continue to encourage job creation and foster economic growth, the twin pillars of the economic action plan since its inception in 2009, while remaining on the road to a balanced federal budget in the coming year.
We must, and we will, continue to improve the conditions for business investment. We will keep taxes low and reduce the tax compliance and regulatory burden on businesses so they can focus on jobs and economic growth.
There are over 20 tax measures in the budget that would improve the fairness and integrity of Canada's tax system. Today I want to highlight again in this House those measures that address what our government is doing to reduce red tape.
Economic action plan 2014 announced that we would be cutting red tape for employers by reducing the maximum number of times employers need to send source deduction payments to the CRA. These are deductions companies withhold for their employees' income tax, Canada pension plan contributions, and employment insurance premiums. This would reduce the maximum number of payments businesses are required to prepare and submit to the CRA. This action would eliminate more than 800,000 payroll remittances for over 50,000 small and medium businesses. Currently, if employers withhold an average of $15,000 to $50,000 in deductions monthly, they are required to remit deductions up to twice each month. Larger organizations withholding monthly deductions of $50,000 or more must remit them up to four times each month.
These changes are being made on the recommendations of small and medium independent businesses, the drivers of our economic growth, with whom we dialogue often. It would help these entrepreneurs spend more time serving their customers and growing their businesses.
In a country like ours, where 98% of our companies have fewer than 100 employees, the effect of red tape on our economy is significant.
We also intend to launch a liaison officer initiative pilot project to improve compliance within Canada's small and medium business community. Firms will be provided with information and the support they need, when they need it most, so that they meet their tax obligations right from the start.
This will help them avoid costly and time-consuming interactions with the CRA, freeing up businesses to focus on doing business.
We are reducing the paper burden for companies big and small by making improvements to CRA service delivery. For instance, authorized company tax representatives, such as accounting firms, would be able to submit an electronic authorization request to the CRA instead of filing paper forms.
This January, I announced the registration of the tax preparers program. Tax preparers play a key role in the tax system. Last year the majority of adjustments were in the $2,200 to $6,000 range, in other words, relatively minor adjustments due to inadvertence or simple mistakes, but from the CRA's perspective, this is significant and must be addressed. We have five million small and medium enterprises, one-third of which have simple, easy-to-correct errors in their returns.
In Canada, about 70% of individuals and business taxpayers use the services of a tax preparer to help them deal with their tax affairs. The CRA would be able to help tax preparers and taxpayers through more focused support and shift our focus from one of auditing after the fact to assisting in compliance from the beginning.
As of October 2014, businesses will be able to update their banking and direct deposit information online. October is also when the first free online option for paying taxes will be available for business owners registered with My Business Account. As well, a detailed payment history for all of their accounts will be available in one secure and convenient place.
Last year we introduced manage online mail for Canadian businesses. Business owners and representatives can now choose to receive notices of assessment and reassessment electronically as well as some correspondence for their corporate, payroll, and GST accounts.
People can also ask the CRA specific tax-related questions online through the my business account inquiry service. The CRA will not only answer the question online, but more important, it will stand by its written responses. This means that when making key business decisions, people will have the critical answers solidified in writing and the certainty that comes with that.
When people want to talk to a live person, we have improved the CRA's telephone inquiry services for the business community. All CRA business inquiry agents must now identify themselves to the caller using their first name and number and the regional suffix. This agent ID policy ensures a consistent experience for callers and makes it easier for taxpayers to provide feedback on CRA's services.
In our efforts to reduce red tape we are continually engaging Canada's business community, listening to its concerns, and acting on its recommendations.
In addition to our red tape reduction initiatives, I could go on highlighting a long list of new tax credits in this year's budget. They range from recognizing the contributions of volunteers who conduct search and rescue efforts, a very welcome initiative, to expanding the list of eligible medical expenses, and enhancing the adoption expense tax credit. These initiatives would make a meaningful difference in the lives of hard-working Canadians.
I am extremely proud to be helping to implement the 2014 economic action plan, which will help us to balance the budget and generate $9.1 billion in additional savings over six years.
I urge my colleagues from all parties to join us in passing this important legislation so we can continue on our path toward job creation and economic growth across the country.