Madam Speaker, I will be splitting my time with the member for Saanich—Gulf Islands.
Today, I rise in this august House to recapitulate and review the promises made to Canadians six months back. We are in the process of a long journey whose milestone has been unfolded by this budget.
Canadians have struggled for the last 10 years to get ahead, but for most of them things were not getting better. The middle class remained stagnant for a very long time. Youth unemployment was eroding the faith of young Canadians and their parents. They were not able to move up the ladder, rather, some of them were sliding downward.
During our election campaign, we assured Canadians a new direction for our economy. We promised to invest in people and things that would make the lives of the middle class better. We all know that everyday lives can be better for people if they have good, long-term, and consistent jobs. They must have better modes to commute. They also need better child care, better schools, better hospitals, and better medical infrastructure. In addition to that, we all need clean water, fresh air, and green parks. All these things make the lives of common people better and livable.
I represent the riding of Brampton Centre. It is part of the GTA and comprises hard-working, middle-class Canadians. Quite a few of my constituents work in downtown Toronto and nearby areas. When we travel to downtown Toronto, or elsewhere around, we see the lifelines of commuting, the so-called Highways 401, 410, and 427. They look like parking lots. What a colossal waste of time and resources. This leads to loss of time for workers, which could be spent at work contributing to the economy, or quality time with their families.
That is why we assured Canadians that our government had plans to invest in better means of transit, social, and green infrastructure. Our economy will grow so Canadians move ahead.
Our government is open to working with provinces. The funding has been made flexible for municipalities to have a coordinated, need-based and progressive improvement.
Investment in transit infrastructure would help to make a positive difference in our lives. It is the government's plan to quadruple federal investment in public transit to ensure that the projects actually get built. It would also give a boost to the economy.
Our government has also planned to invest in social infrastructure, on things like affordable and social housing, child care spaces, community centres, and also in youth and seniors. The government also plans to invest in green infrastructure.
These would all create greener energy, cleaner land, and more good jobs for Canadians, leading to a stronger economy and a cleaner environment. This would help the middle classes and those who are striving hard to join the middle class.
Our government is in the process of sending families a tax-free, monthly Canada child benefit worth up to $533 a month for one child. Nine out of ten families will get more money from this plan. Middle-class Canadians can now save up to $670 per person each year, with a maximum benefit of nearly $1,350 for a couple.
When middle-class Canadians have more money in their pockets to save, invest, and grow, the economy is bound to benefit.
Our government has cut the middle income tax bracket to 20.5% from 22%. Canadians with taxable annual income between $44,700 and $89,401 have seen their income tax rate fall.
To pay for this tax cut, the wealthy 1% of Canadians are giving a little more. This government has introduced a new tax bracket of 33% for individuals earning more than $200,000 each year.
Our government has already assured Canadians that we will lower the pensionable age to 65, thereby reducing the insecurity of old age created by the previous government.
Our government is taking direct action and working with provinces and territories to provide Canadians with a more secure retirement. Therefore, the quality of the lives of seniors is a major concern for our government.
In pursuit of goals for widespread prosperity, our government is also in the process of improving access to the employment insurance benefits. We all know that Canada is a country of small and medium-sized enterprises. These enterprises are the back bone of our economy. Our prosperity is embodied in entrepreneurs who take chances.
It is imperative that businesses reduce costs and improve productivity if they have to survive the global competition over mid and long term. Hence “innovation” is our mantra.
This government has been encouraging and has also been planning to invest in innovations in all and every field. The previous government ignored the people who did most of the heavy lifting. Canadians were working harder and longer, but some of them were sliding downwards. The persistent lack of opportunities for youth was having a far-reaching impact on struggling classes.
Developmental plans were not managed with a vision. Too many eggs were put in one basket, which has not worked well for the overall economy. The temporary foreign workers program started by the previous government proved to be counterproductive. These programs were filling jobs which could have been filled by qualified Canadians. Therefore, there is a need to streamline this process.
I was fortunate that the Minister of Immigration, Refugees and Citizenship announced proposed progressive measures in my riding for implementing the vision of immigration. These will encourage pathways to reunification of families and citizenship to those who come to Canada to work, and will also review the temporary foreign workers program on needs-based criteria.
The Minister of Finance has presented his maiden budget. Canadians can see for themselves that a new hope is getting translated into reality. This budget has ushered in an era of implementation for what we had been promising to Canadians, and that is real change.
Spending on the infrastructure is realistic, keeping in view the long-term goals. Canada needs fiscal measures that will boost productive capacity. We see in this budget growth, a friendly tax policy, an openness to trade, competition and supportive reforms. This budget lays out a credible plan for fiscal sustainability. It also aims to ensure Canadians that the federal government is dealing with economic challenges with prudence.
I compliment the Minister of Finance and his team for their vision, efforts and hard work in this regard.