Mr. Speaker, I am pleased to respond to the motion proposed by the hon. member for Rosemont—La Petite-Patrie in regard to minimum wages. Today I would like to reassure the hon. member that our government's top priority remains focused on creating jobs and economic growth while ensuring that all Canadians have the opportunity to share in the benefits of a strong economy.
Contrary to what the official opposition may believe, most Canadians are becoming wealthier. The median net worth of Canadian families has increased by 45% in real terms since 2005. The federal tax burden is now the lowest it has been in 50 years. Now more than one million low-income Canadians have been removed from the tax rolls and do not have to pay federal income tax.
Canadians in all major income groups have seen increases of about 10% or more in their real after-tax, after-transfer income since 2006. Income inequality has not increased in Canada since 2006, and the share of Canadians living in low-income families is at its lowest level in three decades. Clearly, these actions are paying off for Canadians, including those with lower incomes.
Given my limited time today, I would like to focus members' attention on what our government's economic action plan has done to reduce taxes for Canadian families since we took office in 2006.
Unlike the official opposition, Canadians know that when it comes to tax reduction, the Conservative government has a long-standing record of outstanding achievement. Since 2006, Canadians have benefited from significant broad-based tax cuts introduced by our government. These tax reductions have given individuals and families more flexibility to make the choices that are right for them. These initiatives have helped build a solid foundation for future economic growth, more jobs, and higher living standards for all Canadians.
The evidence is clear, even if some other hon. members steadfastly choose to ignore it. An average Canadian family of four will pay close to $3,400 less in taxes in 2014.
Under our government's long-term agenda to keep taxes low, significant broad-based action has been taken to reduce taxes for all Canadians. This includes a reduction in the GST rate to 5% from 7%; an increase in the amount that all Canadians can earn without paying federal income tax; a reduction in the lowest personal income tax rate to 15% from 16%; and the introduction of the tax-free savings account, or TFSA, a flexible, registered, general purpose savings vehicle that allows Canadians to earn tax-free investment income to more easily meet their lifetime savings needs.
Our government has also introduced a number of targeted tax reduction measures. For example, we have helped families with children by introducing the child tax credit, the children's fitness tax credit, and the children's arts tax credit. We have introduced the registered disability savings plan to help individuals with severe disabilities and their families save for their long-term financial security. We have enhanced support for caregivers to infirm, dependent family members by introducing the family caregiver tax credit.
We have provided additional annual targeted tax relief for seniors and pensioners by increasing the age credit and the pension income credit amounts, raising the age limit for maturing savings in registered pension plans and registered retirement savings plans, and introducing pension income splitting.
We have provided further support to students and their families by exempting scholarship income from taxation, introducing the textbook tax credit, and making registered education savings plans more responsive to changing needs.
Last, we have introduced the public transit tax credit to encourage public transit use.
At the same time, we have increased and enhanced benefits for Canadian families and individuals by introducing the universal child care benefit, introducing and enhancing the working income tax benefit, and increasing the amount of income families can earn before the national child benefit supplement is fully phased out and before the Canada child tax base benefit begins to be phased out. Last, we have maintained the GST credit level while reducing the GST rate by two percentage points.
Mr. Speaker, I neglected to mention that I will be sharing my time today with the member for Willowdale. I apologize for the delay on that.
In total, our government will have provided almost $160 billion in tax relief for Canadian families and individuals over a six year period ending in 2013-2014.
As all members of the House can see, if they choose to do so, our government is committed to lower taxes for all Canadians. Our recent budgets have built upon our record of supporting families and communities while establishing a path for returning to balanced budgets.
Economic action plan 2013 introduced enhanced support for Canadian families by keeping taxes low; better recognizing the costs of adopting a child; helping to lower the price of consumer goods; better protecting financial consumers, including seniors; and promoting low-cost and secure pension options.
It also introduced measures to support communities by investing in quality affordable housing, honouring our veterans, improving the health of Canadians, supporting our arts and cultural community, and creating the largest and longest federal investment in job creating infrastructure in Canadian history.
Economic action plan 2014 continues to focus on controlling spending and using every tax dollar as efficiently as possible. We will enshrine our responsible, prudent approach in law with the introduction of balanced budget legislation. Balancing our books, as all business leaders know, gives us greater flexibility to respond to the unforeseen. It would enable us to reduce the burden placed on future generations and would promote investment by keeping taxes low.
Let me conclude by saying that I am very optimistic about our prospects as a nation. The Canadian economy continues to expand, enjoying one of the strongest job creation records in the G7. Over 1.1 million more Canadians are working now than at the end of the recession, with the vast majority of new jobs being full-time, high-wage, private sector positions.
However, while all our jobs and growth performance is encouraging, we still have work to do. I believe that economic action plan 2014 is the way to go. If we hold to the course we have chosen, our future looks bright. I am eager to see this progressive agenda unfold and the positive impact it will have on our country and jobs and growth, which is why I cannot support the motion.