Mr. Speaker, it is a pleasure to rise in the House today and speak about the budget and most importantly, speak about a balanced budget. When I was first elected in 2008, we certainly were in some very serious and challenging economic times and that is putting it lightly. We were in the midst of the worst economic downturn in a generation.
We have been able to carry through that time over the last number of years, almost seven years now. We were able to provide stimulus to the Canadian economy to keep Canadians working to lessen the blow to our economy. As time passed by, we were able to eliminate some of the stimulus and get back to balance. That is what we have done and now the economy is responding like it should and in the budget there are many years of balanced budgets moving forward.
Another key indicator is our debt-to-GDP ratio. We have committed by 2021 to have that at 25%. We are by far heads and tails above other developed G7 countries. We are way ahead, so that is encouraging. There have been 1.2 million jobs added to the Canadian economy since 2009. The marginal effect of the tax rate when we first took government in 2006 was at 33%. Today it is at 17%. That allows businesses to keep more of what they earn so they can reinvest.
Another kind of checkpoint as to where we are is on the fiscal balance with our provinces, municipalities and cities. Currently, we are at about 50%, so 50% of the taxes collected in this country are from the provinces, municipalities and cities. We have our fiscal balance. Again, when we look at other countries, other developed countries, this is one of the best rates going. Of course in the budget document it is the best going.
In Huron—Bruce, we are Ontario's west coast. It is a very rural riding with a mixture of agriculture, tourism, energy production is significant as well, and light manufacturing. The budget really does address a lot of the needs and initiatives that we need to keep the economy growing in Huron—Bruce and the greater region of southwestern Ontario.
As for the small business tax rate, in 2008 we took that number from 12% to 11%. In this budget document, we are dropping that level from 11% to 9% over the next number of years. In addition to that, we have increased the threshold. A number of years ago it was $300,000. It was increased to $400,000 and now it is at $500,000 of earnings. This allows employers to keep what they earn, reduce the tax on that and again, be able to reinvest.
There is a fairly large automotive manufacturer in my riding. I worked for it years and years ago. There is an auto supplier innovation fund of $100 million over the next five years. We know that in Ontario there is a tremendous number of automotive parts manufacturers. Linamar and Magna are two of the larger ones that come to mind. This fund in the next five years will help automotive parts suppliers do some innovative things. One is to improve fuel efficiency and reduce emissions. These are important investments. For my former employer Wescast, in the exhaust manifold business, anything it can do to improve fuel efficiency with large manufacturers is of great benefit to it.
Another one important to remember as well is the auto innovation fund. There has been over $1 billion invested in the auto innovation fund. Large manufacturers like Ford, Toyota, Honda and again, Linamar and Magna have all benefited from the auto innovation fund to keep our local economies moving.
Another important investment in the budget is the extension of the accelerated capital cost allowance, allowing manufacturers that purchase machinery and equipment in their facilities to accelerate at 50% per year. This would be extended for 10 years. This is something that the government has remained committed to for a long period of time. This would help to increase investment and spur manufacturers to continue to innovate and modernize their facilities.
Coupled with this is making Canada a tariff-free zone for machinery and equipment purchased in a manufacturing facility. There are 1,800 tariffs that we would eliminate. That would be a savings to manufacturers of about $450 million a year. When we couple that with the accelerated capital cost allowance, we would really start to put some dollars into job creators to create future jobs, become more efficient and be able to sell around the world. That is great.
We have committed our investments in IRAP. Those who are involved in it will know what the acronym is. That is to help with research and innovation.
I would also like to mention the member for London West, who is the Minister of State for Science and Technology. The percentage to GDP of research and innovation in this area is the highest in the world among the G7 economies.
We are doing things for today, but with the investment in research and technology, we would also make those investments for tomorrow.
I did mention that agriculture is a massive economic component to the Huron—Bruce economy. The lifetime capital gains exemption is very important to farmers who are looking to transition their farms to the future generations. We know that farm families put everything that they have into their farms. The ability to increase the lifetime capital gains exemption in the Conservative government's time frame has doubled from $500,000 to $1 million. That is important recognition of the importance of farm families in our communities.
All the while, I should mention that the annual budget of agriculture has seen the commitment from this government. There are billions of dollars per year in non-business risk management and business risk management. We are certainly thankful in our areas for that. There are a couple of additions to that budget. One is increasing the trade commission. We know the importance of the trade commission's role in the countries that we serve and where we have embassies, as well. There is also the market access secretariat. This has proven to be a vital investment to growing trade and maintaining what we have, making sure that if the market does get closed down for a brief period or there is an interruption with its work, we have the great relations to get it open again so that we can get our beef, pork, or whatever it is, back into those markets. There is the agrimarketing fund, and we have made enhancements there.
Many of the members on this side of the House are going to talk about the family tax plan and the benefits therein. This is important to families in Huron—Bruce as well.
I see that there is one minute left. I have probably got 45 minutes' worth of material here, but I want to highlight the fact that families would now be able to split their incomes. We have increased the universal child care benefit from $100 to $160 per month. For children over six, that is $60 new per month. In addition, children's activities are fully refundable, whatever they may be. Parents will see that. There has been $6,600 in tax relief to the average Canadian family since the Conservative government took office. That is important.
Today, we are going to see the provincial budget. The province takes and takes from Canadian families. The Conservative government has provided tax relief time and time again to Canadian families, as well as to seniors. I know that I will probably get a question on seniors as well. Doubling the tax-free savings account would be great for families and seniors. In addition to that, reducing the minimums for RRIFs at 71 would also be beneficial.