Mr. Speaker, I would like to thank my colleague from Prince Albert for sharing his time with me today on the budget speech. I also want to congratulate him for all of his hard work on the agriculture committee. He was a very good support for me, as well as a great inspiration. I would also like to thank him for his work on the international trade file. He has done an outstanding job.
It is a privilege for me, as a member of Parliament, to get up and speak to Canada's economic action plan, 2015, entitled “Strong Leadership: A Balanced-Budget, Low-Tax Plan for Jobs, Growth and Security”. I want to thank our hard-working Minister of Finance, the hon. member for Eglinton—Lawrence, for the long hours and late nights spent working on this outstanding budget. I also want to recognize the hard work of past years by the late beloved hon. Jim Flaherty. God rest his soul. We got here, in part, thanks to Jim's vision and talent.
As promised, and as the Minister of Finance so proudly pointed out with reason, this economic action plan, 2015, is a balanced budget written in black ink. Indeed, I believe we will soon be faced with similar choices when we go to the next federal general election campaign later this year. I urge all Canadians to choose wisely between the risky economic plans and plans to increase spending and taxes by the NDP and the Liberals, and our Conservative government's proven track record of delivering on economic promises and our low-tax plan.
Our economic action plan contains a number of initiatives that will be particularly beneficial to the people of the Medicine Hat constituency, whom I have had the tremendous honour and privilege of representing here in the House of Commons since 2008. I will talk a little bit about all of them.
A very important part of this plan encourages investment in Canada's manufacturing sector. It will do this by maintaining a low tax burden on business to encourage investment in Canada by providing manufacturers with a 10-year tax incentive to boost productivity-enhancing investment, among other things. This will come in an extension of the accelerated capital cost allowance for investment in machinery and equipment used in manufacturing or processing for 10 years until 2025. I know that this will be an important initiative in my constituency, as I have met with stakeholders who have continually pointed out the necessity of such incentives to grow their businesses here in Canada, thus creating more jobs right here in Canada for Canadians.
The 2015 budget also proposes to lower the small business tax rate to 9% by 2019. This is good news for small business owners.
Another major section of the economic action plan is the plan to lower the EI premium by 2017. This is expected to result in a substantial reduction in EI premiums from $1.88 in 2016 to an estimated $1.49 in 2017, a reduction of 21%.
One of the big beneficiaries, of course, will be our farmers. My colleague talked about farmers. I have many farmers in the constituency of Medicine Hat, and they will be very pleased to hear that we will increase the lifetime capital gains exemption to $1 million for those who own farm property and meet the criteria. This will be very helpful to our farmers, who are the backbone of our rural communities and are certainly critical in making sure that our cities are fed. It is estimated that the measure would reduce capital gains taxes for owners of farm and fishing businesses by about $50 million over the 2015-16 to 2019-20 period. Also, to support agriculture and grow our exports, our budget will boost agriculture marketing by $12 million.
The economic action plan will help to train the workforce of tomorrow by supporting provinces and territories to facilitate the harmonization of apprenticeship training and certification requirements in targeted Red Seal trades. It will help by providing $1 million over five years to promote the adoption of the blue seal certification program across Canada, and by making a one-time investment of $65 million to businesses and industry associations to allow them to work with the willing post-secondary institutions to better align curricula with the needs of employers.
Our action plan also will support Canadian workers. I know that this is important to many of my constituents. It will do this by investing $53.8 million over two years to extend the employment insurance working while on claim pilot project to August 2016.
We will continue to pursue negotiations with provinces and territories on the $1.95 billion per year labour market development agreements to reorient training toward labour market demand. Economic action plan 2015 will provide $35 million over five years to make permanent the foreign credential recognition loans pilot project.
The government recognizes that the skilled trades are essential to Canada's economic prosperity. To reduce barriers to accreditation in the skilled trades and to improve labour mobility, our action plan proposes to extend further support to the provinces and territories for implementing recommendations made by the Canadian Council of Directors of Apprenticeship to harmonize apprenticeship training and certification requirements in targeted Red Seal trades. For example, the jurisdictions will work toward adopting common sequencing for technical training curriculum content and similar total hours for training both in class and on the job.
Our economic action plan proposes to reallocate $35 million over five years starting in 2015 to make the foreign credential recognition loans pilot project permanent to support internationally trained workers in their pursuit of foreign credential recognition. I know this will be beneficial to many of my constituents in Medicine Hat.
To build on the achievements to date, our plan also promises $18.1 million over two years starting in 2016-17 to expand the activities of the market access secretariat to introduce new agricultural trade commissioners abroad and play a more active role in setting international science-based standards and build on the opportunities created by our trade agreements.
I would also like to point out that the transition of the Canadian Wheat Board to a private competitor on the world stage is complete. With this deal it certainly opens up more opportunities for our grain farmers in western Canada. I thank the Minister of Agriculture, the hon. member for Battlefords—Lloydminster, for his hard work in delivering marketing freedom for the many grain farmers in my constituency.
Our action plan will help families make ends meet and will help our seniors.
In October 2014, the Prime Minister announced further tax relief and benefit increases for all families with children. These proposed measures include enhancing the universal child care benefit, increasing the maximum dollar amounts claimable under the child care expense deduction, and introducing the family tax cut. The government has also doubled the children's fitness tax credit amount and has made it refundable.
Our economic action plan builds on this record of support for Canadian families by proposing to increase the tax-free savings account annual contribution limit to $10,000.
Our action plan also proposes to extend employment insurance compassionate care benefits from six weeks to six months.
This budget will also implement a new home accessibility tax credit for seniors and persons with disabilities. The proposed 15% non-refundable income tax credit would apply on up to $10,000 of eligible home renovation expenditures per year, providing up to $1,500 in tax relief. Eligible expenditures will be for improvements that allow for seniors or a person who is eligible for the disability tax credit to be more mobile, safe and functional within their home.
Our action plan also confirms funding to create a new retirement income security benefit for moderately to severely disabled veterans who receive income replacement under the earnings loss benefit or the service income security insurance plan. This new benefit will provide additional financial security by guaranteeing that the income of eligible recipients after age 65 does not fall below 70% of pre-65 income provided through National Defence's service income security insurance plan and through Veterans Affairs Canada's earnings loss benefit, permanent impairment allowance and permanent impairment allowance supplement. This will ensure that moderately to severely disabled veterans have the necessary financial resources to maintain their quality of life in their retirement years.
Starting in 2017, our plan will increase the amount of money for the Department of National Defence by $11.8 billion over 10 years. This is good news for our Canadian Armed Forces and our ability to keep our country safe. It also enhances national security by investing $292.6 million over five years in intelligence and law enforcement agencies for investigative resources to counter terrorism; by providing $12.5 million over five years, starting in 2015-16, and $2.5 million ongoing thereafter, in additional funding to the Security Intelligence Review Committee to enhance its review of the Canadian Security Intelligence Service; by providing $58 million over five years, starting in 2015-16, to further protect the Government of Canada's essential cyber systems and critical infrastructure against cyberattacks; by investing $36.4 million over five years to support the operators of Canada's vital cybersystems in addressing cybersecurity threats.
This is by no means an exhaustive list. I encourage all Canadians to visit budget.gc.ca online to see the details.