Mr. Speaker, before I begin, a very important day is being celebrated this Sunday, Mother's Day. I want to take this opportunity to wish a happy Mother's Day to all mothers in the world, but especially my mother, my mother-in-law, and my wife for our two beautiful daughters.
I am pleased to rise today to speak to Budget Implementation Act, 2016, No. 1. and its important role in helping revitalize the economy and provide greater support to middle-class Canadians.
This bill, Budget Implementation Act, 2016, No. 1., enables us to take a very important step towards ensuring the long-term prosperity of Canadians, and our government is proud to sponsor it.
With budget 2016, the Government of Canada is taking an essential step towards growing the middle class and revitalizing the Canadian economy.
Budget 2016 puts people first and provides Canadians the help they need now, not 10 years from now.
The budget reflects a new approach for the government, an approach that provides immediate help to those who need it most and clears the way for the kind of growth that all Canadians will benefit from.
Budget 2016 is an ambitious long-term plan to reinforce the heart of the Canadian economy, namely the middle class. With this budget, the Government of Canada is investing for years and decades to come. We are investing for our children and our grandchildren so that they can inherit a more prosperous Canada, full of hope and optimism.
With smart investments and its focus on fairness, the government will ensure that the best is yet to come for Canada. Canada's best days are in front of us.
We introduced a new Canada child benefit in budget 2016. This benefit will help parents better support what is most precious to them, their children. The Canada child benefit is a simpler, more generous tax-free benefit for Canadians. It is also better targeted than current benefits to those who need it most. It will help hundreds of thousands of children living in poverty.
With the passage of this bill, families with children under 18 will receive a maximum annual benefit of up to $6,400 per child under the age of six, and up to $5,400 per child aged six through 17, beginning in July. Nine out of ten families will receive more money than they do now. This benefit will help parents with the high cost of raising their children.
If members support the budget implementation bill, they will be providing direct support to Canadian parents and will help them save for their children's futures. At the core of our plan is the idea that when you have an economy that works for the middle class, you have a country that works for everyone.
However, one factor that is just as important is Canadians' hopes for their later years. Our seniors have worked hard their whole lives. They started businesses, raised children, contributed to their communities, and paid their taxes.
The Budget Implementation Act, 2016, No. 1. provides for significant new investments to support seniors in their retirement. Canada's retirement income system has been successful in reducing the incidence of poverty among Canadian seniors. However, some seniors continue to be at heightened risk of living in low income, particularly single seniors.
Our country's compassion should be judged by how we treat our most vulnerable. Therefore, it is very important that we help our seniors have a comfortable and dignified retirement.
This budget will help seniors have a comfortable and dignified retirement by making significant new investments to support these seniors in their retirement. The passage of this bill will cancel the provisions in the Old Age Security Act that increase the age of eligibility for old age security and guaranteed income supplement benefits from 65 to 67.