Mr. Speaker, I will be sharing my time with the member for Mississauga South.
I am pleased to rise in this House today to speak to budget 2015, introduced this week by our government.
In response to the greatest global downturn since the Great Depression, our government introduced the necessary and strategic investments to keep Canadians working and maintain confidence in the economy. These investments paid off as Canada rebounded out of the recession faster than any G8 country, with the best results. Indeed, since 2009, Canada has generated the greatest real GDP growth; created more than 1.2 million net new jobs, 80% of which are full time and in the private sector; maintained the greatest performance of private sector investment; and maintained the lowest debt to GDP ratio.
This last point is particularly important. Whereas many nations tried to fight the recession by flexing fiscal and monetary policy almost without limit, our government, under the leadership of our Prime Minister, prudently balanced strong public investments to support the economy with necessary reductions in federal discretionary spending. The result is that our Minister of Finance stood in this House this Tuesday and announced a $1.4 billion surplus along with a $1 billion contingency. The result is that, without the implementation of this government's disciplined and prudent cost-saving measures, the current deficit would have been $17.2 billion.
The result is that our economy is healthy, strong, and growing. Circumstances of other nations have proven that neither reckless spending nor severe austerity is the answer. Success comes from long-term, disciplined leadership.
I am particularly proud of the fact that this government did not balance the budget on the backs of honest, hard-working Canadians. Nor have there been any cuts to critical services such as health care or key programs such as infrastructure, which remain at a historical high. No, we balanced the budget while simultaneously reducing the tax burden on Canadian families to record lows.
The GST was lowered from 7% to 5%. Small-business taxes have been cut. Various tax credits have been introduced for caregivers, volunteers, and those with disabilities. We introduced the tax-free savings account, raised the minimum income Canadians can make before federal rates are levied, reduced the lowest income tax rate, lessened EI contributions, and introduced assistance for first-time homeowners. I could go on, but the bottom line is this. As a direct result of our government's policies, for the typical Canadian family of two parents with two children, there are savings of an average of $6,640 every year.
Balancing the budget has never been just about sound and responsible fiscal management. It has been about principle. Our government promised Canadians that it would balance the budget, and Canadians sent the government back to Ottawa in 2011 with a clear majority and a mandate to do just that. This budget also would cement another promise made to Canadians, that of introducing income splitting for families. The principle of this government has been and remains that we keep the promises we make.
With my remaining time, I would like to highlight specific initiatives from the budget that would particularly benefit my constituents in Nipissing—Timiskaming.
For seniors, we would reduce minimum withdrawal rates for registered retirement income funds, or RRIFs. We would introduce a new home accessibility tax credit. Seniors and persons with disabilities would be able to claim up to $1,500 in tax credits for specific home renovations.
For families, we would increase the TFSA contribution limit to $10,000 so Canadians could improve their investments and have easier access to cash flows when they need them. I would just point out for the opposition members that it is the majority of middle-income Canadians who will benefit from TFSAs, not the wealthy. The facts are that 11 million Canadians have TFSAs and 60% of them make $55,000 or less.
We would expand the eligibility for student loans to make post-secondary education more affordable. There would be $184 million for students applying to short-term programs, and $119 million to reduce expected parental contributions to loan programs.
We would expand EI benefits for Canadians who need to leave work for compassionate care purposes. Benefits would be increased from six weeks to six months.
Budget 2015 confirms the family tax cuts and benefits introduced last fall. They are income splitting and increasing the universal child care benefit and the children's fitness tax credit.
For small business, we would improve access to financing. Available financing would be increased to $1 million from $500,000, and eligibility would be broadened from $5 million in revenue to $10 million in revenue. We would further cut taxes on small business, reducing the tax on small business by 2% from 11% to 9% over 4 years.
We would further reduce the EI premiums. The surplus gained by the EI fund would be reimbursed to employers and employees to lower EI rates.
For the space sector, we would invest in Canada's satellite industry with $30 million to support satellite research and development projects through the Canadian Space Agency. As my hon. colleagues may recall, I have recognized Nipissing—Timiskaming's entry into the space sector on several occasions, and I am very pleased that the government continues to mark its growing importance to our economy. These investments would ultimately serve to expand the space industry in Nipissing—Timiskaming and create high-paying, high-skill jobs.
We are further recognizing the increasing importance of space to Canada's economy and security. For aerospace and manufacturing, we would accelerate aerospace supply chain competitiveness and performance. We would continue to provide accelerated capital cost allowance measures to help manufacturers grow and create jobs.
For agriculture and agrifood, we would promote Canadian farm exports and improve competitiveness, with over $18 million to expand the Canadian Market Access Secretariat and provide more support to farmers trying to access foreign markets. Some $12 million of additional funding would go toward expanding the agrimarketing program to increase the demand for Canadian agricultural goods. We would also increase the lifetime capital allowance for farmers from $750,000 to $1 million.
Finally, for infrastructure, we would continue the improvement of the $53 billion new building Canada plan announced in March 2014. An additional $750 million would go to improve public-private partnerships in addition to continuing to provide $5.3 billion per year for provincial and municipal projects. The new building Canada plan expands on the $33 million building Canada plan introduced in 2007, which included increasing contributions from the gas tax fund, which supports municipal projects, as well as making it permanent.
We remain on the right track. Canada's fiscal position is the envy of the world. Taxes continue to fall for families and small businesses, and key investments in infrastructure, research, and development continue to be realized. The budget is balanced, and further measures have been introduced to ensure that it stays that way, with immediate penalties to senior government leaders who fail to keep it so. Furthermore, Canada is now uniquely positioned to attack its sovereign debt and will do so by applying unused contingencies to it to maintain at least a 25% debt to GDP ratio.
All of this is to say that, in budget 2015, promises made are promises kept.