Mr. Speaker, I will be splitting my time with my colleague from Trinity—Spadina.
I am very pleased to join the discussion today.
Before I talk about the budget, I want to offer my condolences, and my heart and prayers go out to all of those in Fort McMurray and community who are suffering. I pray for their safety and the safety of the entire community.
Six months ago, I made a promise to the people of Humber River—Black Creek. I promised that a Liberal government would put people first. It is with this promise in mind that I rise to speak to the budget implementation bill.
For the first time in a very long time, I am proud of a budget put forward by a federal government. I say this because in contrast to budgets put forward by previous governments, budget 2016 is both fiscally prudent and socially responsible. It acknowledges that Canada cannot be strong if our families and our households that form our core are not strong. In fact, budget 2016 is an innovative long-term plan that is specifically focused on strengthening the fiscal security and stability of our families living in places like 10 San Romanoway, 7 and 11 Arleta, and in similar working-class homes throughout Canada. The budget contains a range of measures that are intended to grow the economy while helping low-income families, supporting seniors, and expanding affordable housing for those who need it.
When I visit my friends and constituents at Elspeth Heyworth Centre, or at the North Islington seniors group, or at the Jamaican-Canadian Centre, they know that Canada's per capita GDP is important, but that is not what they focus on every day. They struggle to focus on that kind of national number because they are too busy worrying about their next trip to the grocery store, or their next rent payment.
When I spoke to previous budgets over the years, I stressed that national economic prosperity must be felt at the kitchen table, not just the boardroom table. Conservatives would laugh, but the residents along the Jane-Finch corridor in my riding did not laugh. They understood it exactly.
For too long, seniors, students, young families, and those looking for work felt abandoned by their government, but since October 19, my constituents feel more optimistic. This budget is part of that change. Today the people at 3001 Finch, the kids at St. Andre's, and the students at York University can all feel their individual needs are being addressed thoughtfully and compassionately. Canadians gave this government a mandate to help the middle class and those working hard to join it, and that is precisely what we are doing with budget 2016.
Budget 2016 pursues an agenda driven on innovation and investment, which is at the heart of our policies and part of the government's long-term vision for a more inclusive economy. This is in stark contrast to the previous budget of the Conservatives, who not only squandered the $13-billion surplus that was left for them, but also failed to achieve any real sustained economic growth during the course of their 10-year mandate.
As the Minister of Finance stated in his budget speech in March, we are seizing the opportunity to invest in people and the economy, and to prepare Canada for a brighter future. This is the kind of positive outward thinking that will drive our economic focus going forward, and it will help to ensure that families living in my riding and others across Canada will have a real shot at the kind of prosperity the previous government so often promised but consistently failed to deliver.
Despite the political rhetoric, the truth is that the Conservatives overspent to the tune of $160 billion, and they did so without any solid plan or any measurable results. While a certain armchair economist in this House thought that out-of-control spending was a good idea, even the most junior economist knows better.
We must not lose sight of our objective to create an economy that is more inclusive and that benefits everyone involved. The budget is setting us out in that direction. Canadians are asking for help and this government is listening. The days of picking the pockets of low-income seniors, young families, starving students, and the unemployed hopefully have come to an end.
Budget 2016 is about establishing a new fiscal foundation, one that includes everyone. For example, given the high poverty rates and low household incomes facing many residents of Humber River—Black Creek, tackling the fiscal crunch that many are facing on a daily basis is critically important to them. Notably, many low-income seniors living in places like 35 Shoreham Drive or 3680 Keele Street are facing a number of financial strains just to make ends meet. The rising cost of living has already erased any hope of saving for the future, so without meaningful support, any hope of a dignified or secure retirement is gone, and that is wrong.
The budget will dramatically improve the quality of life for seniors by increasing the guaranteed income supplement annually by $947 starting this July. This represents an immediate 10% increase in GIS benefits for low-income seniors.
As well, we will reverse the decision imposed by the previous Conservative government by restoring the eligibility age for old age security from 67 back to 65. That means the hard-working people like those living in the Northwood Apartments will have access to the financial assistance they require to retire with dignity. This was an issue that I fought for while in opposition and I am very happy that our Prime Minister and our government have made the change back to 65, which is where it needs to be.
In addition, the Government of Canada intends on working with its provincial and territorial partners in order to enhance the Canada pension plan with the objective of improving retirement income security for all Canadians. I look forward to the future discussions that will follow on this issue.
No seniors should be forced to decide between paying their monthly bills or going hungry, and the budget goes a long way in helping them achieve a dignified retirement.
The budget will also provide $200.7 million over two years to repair and expand affordable housing units for seniors and others, and $573 million will be directed to tackling repair and energy efficiency issues for the social housing sector. Many of the people at the addresses and units I referred to earlier are struggling tremendously to cope with the cold air coming in and the lack of repairs to many of Toronto's community housing buildings as in many parts of Canada. Anyone who comes and sits in my constituency office for a single day will quickly see that these are areas with a tremendous need.
I am pleased to say that affordable housing is a priority under the $2.4 billion allotted for social infrastructure spending. This will have a positive impact on seniors and others who need an affordable, safe, and respectable place to live.
There will also be $3.4 billion over three years as part of the public transit infrastructure fund that will be of great economic benefit to many communities, particularly those people who are struggling to get to work on time via the Finch bus route in Toronto. This route has been an issue for many years, and I am glad to see it is a priority for our new government.
Just as the seniors of today are struggling, the seniors of tomorrow are feeling the pinch too. We need to address those issues as we run the risk of kicking that can down the road. Canadian families, particularly single parents, are facing mounting personal debt, high living costs, and an inability to pay for their children's education or save for retirement. Our government will make immediate investments to improve the fiscal capacity of families who are planning ahead, as well as those looking for work to support their loved ones.
A key feature of budget 2016 is the launch of the new Canada child benefit, a more simplified program in which families will receive a monthly tax repayment targeted for low-income and middle- income earners. Those who will benefit will see an average increase of almost $2,300. That means nine out of ten families throughout Canada, and especially in ridings like mine, are going to see the benefits of being able to better support their families and their loved ones.