Mr. Speaker, I will be splitting my time with the member for Edmonton Centre.
I am delighted to rise in the House today to voice my support for economic action plan 2015 to support jobs and growth, to support families and seniors, to ensure that communities prosper and to ensure the security of Canadians.
Despite the slicing and dicing by the opposition and some of the carping, complaining and hairsplitting by some of the more partisan members of the media party, I just want to say again in this House that the government has fulfilled its commitment to balance the budget. Economic action plan 2015, as I said, despite the slicing and dicing and the carping by the opposition, the budget is balanced and it has been done using the fiscal tools at the government's disposal. Economic action plan 2015 will create jobs, growth and long-term prosperity.
As we promised, this is a balanced budget that reduces taxes for hard-working individuals and families.
I would add that this is a prudent budget. It is a prudent plan. It is a principled plan that will see Canadians more prosperous, more secure and even more confident in our country's place in the world.
This morning I would like to speak to those elements of the budget that are important in my constituency of Thornhill, which sits just atop the northern city limits of the Canadian metropolis of Toronto.
As this House knows, the government's long-term commitment to keeping taxes low is making life indeed more affordable for all Canadians. By reducing taxes year after year and enhancing direct benefits to Canadians, the government has given families and individuals a greater flexibility to make the choices that are right for them.
Canadian families and individuals will receive $37 billion in tax relief and increased benefits in 2015 as a result of actions taken since 2006. This includes measures announced by the Prime Minister in October 2014. On their own, the measures announced last October 30 will provide more than $4.5 billion in annual tax relief and increased benefits to all families and children under the age of 18. I repeat that these benefits will accrue to all families with children under the age of 18.
The proposed measures also include the enhanced universal child care benefit that will provide an increased benefit of $160 a month for children under the age of six, and a new benefit of $60 a month for children ages six through seventeen, backdated to be effective January 1, 2015. There is a $1,000 increase in each of the minimum dollar amounts that can be claimed under the child care expense deduction effective for the 2015 taxation year. The family tax cut, a federal non-refundable tax credit of up to $2,000 for couples with children under the age of 18, is effective for the 2014 taxation year.
The House will also recall that in his speech, the Minister of Finance referenced the fact that as announced on October 9, 2014, the government doubled the maximum amount of expenses that may be claimed under the children's fitness tax credit to $1,000 as of 2014, and made the credit refundable effective for the 2015 and subsequent taxation years. Parents are already taking advantage of the new $1,000 maximum limit as they, even now, complete their tax returns for 2014.
Also, given that the government recognizes that all Canadians are interested in increasing their physical fitness, to this end the government intends to establish an expert panel to study the potential scope of an adult fitness tax credit.
Moving from families with young children to our seniors, the government has again renewed its support for seniors in economic action plan 2015. As a result of actions taken to date by the government, seniors and pensioners are receiving about $3 billion in additional annual targeted tax relief. In particular, since 2006 the government has increased the age credit account by $2,000: $1,000 in 2006 and $1,000 in 2009. Based on these increases and adjustments for inflation, the age credit this year, tax year 2015, is just over $7,000, providing tax relief of up to $1,000 for eligible seniors.
We have doubled to $2,000 the maximum amount of income eligible for the pension income credit. We have introduced pension income splitting, which the opposition parties say they would revoke. I believe pension income splitting, which was the first phase and has been extended this year to families with young children, is providing benefits right across the country, and to folks in lower and middle income classes right across the board. Annually, over 2.2 million Canadians take advantage of pension income splitting.
As members will note, and as many seniors in my riding have communicated their satisfaction with, budget 2015 reduces the minimum withdrawal factors for registered retirement income funds. The old age security guaranteed income supplement programs and the Canada pension plan and Quebec pension plan form the first two pillars of Canada's three pillar retirement income system, but in order to supplement income provided by the first two pillars, many Canadians also rely on their own savings for income in their senior years.
I hope the opposition recognizes these benefits to families and seniors as they consider exactly how they will vote when the budget comes before the House for a vote.
There has been a great deal of talk from my colleagues across the way about funding for transit across the country. As we know, although some in the media, some in different parts of the country and some in the opposition seem not to have read what is quite clearly stated in the budget, economic action plan 2015 proposes to provide $750 million over two years starting in 2017-18 and $1 billion annually ongoing thereafter for a public transit fund. This is a guaranteed commitment to fund public transit across the country. Since 2006, the government has provided unprecedented support for public transit, committing close to $5 billion to date for public transit projects across the country. These are projects that have been identified as priorities by municipalities and their governments.
I see time is short, so I will just conclude by saying that given the fact that we are going to see quite a very different budget presented later today by the largest province in Canada, one which will reflect the gross mismanagement of that province's economy for the last several years, there is no fiscal imbalance in Canada. All governments have the capability, competence and capacity to balance their budgets, but as I said, not all governments have either the intent or the competence.
I hope my colleagues across the way will read very carefully the provisions in economic action plan 2015 and support this very important budget.