Mr. Speaker, it is my pleasure to speak again to Bill C-29 in this House. I am not sure my remarks will be as colourful or as passionate as the prior exchange, but I will try my best.
When I speak to Bill C-29 and think about budget 2016, I think about where it will take our economy, I think about where it will take the residents of my riding of Vaughan—Woodbridge, and I think about what it will do for those middle-class Canadians, those working Canadians in our country, who are working every day and putting food on their tables and saving money for their children's future, for their children's school, for their education, for their sports and so forth.
I think about our budget and what our government is doing for Canadians on a daily basis, whether via the Canada child benefit or the tax cut that has benefited nine million Canadians over the last year, and the $20 billion in tax relief over the next five years. I think about the enhanced CPP and the historic agreement that our government reached with the provinces. I think about all these measures that we are putting in place, which will strengthen our economy, which will translate into faster economic growth and, fundamentally, translate into good-paying jobs for all Canadians.
In this part of the speech, I look at what we have done with the Bank Act and some of the regulations that we have codified and changed. I was there when the global financial crisis hit Canada and the world. I remember seeing some of the banks in the United States not make it due to a liquidity crisis, and during that time I saw the strength and regulation of the Canadian banking industry come through. I saw how strong our banks were, with their tier-one capital levels and the low delinquency rates in the Canadian housing market. I saw how the regulators, whether at OSFI, the Bank of Canada, or the superintendent of financial institutions, were all coordinating and working together to ensure that we had a strong banking sector. We have continued to evolve along that line. We have continued to work with the Department of Finance, OSFI, and the Bank of Canada to ensure that we have a strong housing sector.
It gives me great pleasure to talk about the Canada child benefit, which helps nine out of every 10 Canadian families with $2,300 extra a year that will lift 300,000 children out of poverty in Canada. That is something I am sure that all of my colleagues from all parties should applaud and vote for. I am surprised they have not done so.
The CCB is transformational. The CPP enhancement is historic. The tax cut for middle-class Canadians is the centrepiece.
With with Bill C-29 and budget 2016, we are moving our economy forward and building a stronger Canada, a more diverse, inclusive country, with better economic growth. We are in a period, I would say, of world economic history when Canada is standing out as a beacon of light. We have strong fiscal framework that we continue to improve, a balance sheet that is the envy of the world, and an AAA credit rating. I cannot be more proud to be on the Standing Committee on Finance to ensure that Canada moves forward in a strong way.
On a personal level, it speaks to my two children at home, Eliana and Natalia, my two girls whom I miss fondly when I am here in Ottawa and who I hope have brighter futures. They are 4 and 6 years old, and I am here as the representative of my riding, fighting to make sure that their future is one heck of a bright one.
I will stop my remarks there and look forward to Q and A.