Mr. Speaker, perhaps the hon. member missed the opening remarks of my speech when I spoke about the motion.
I will continue with the important work our government is doing in ensuring our system is fair and that personal income taxes are not being unfairly used to simply lower a family member's tax for people who do not work in the business.
The vast majority of private corporations will not be impacted by this proposed income sprinkling measure. Only an estimated 50,000 family-owned private businesses are sprinkling income. This represents only a small fraction, around 3%, of Canadian controlled private corporations.
In addition, the government announced it would not be moving forward with proposed measures to limit access to lifetime capital gains exemption or with measures relating to the conversion of income into capital gains.
During the consultation period, our government heard from business owners, including many farmers and fishers, that the measures could result in several unintended consequences, such as taxation upon death and potential challenges with intergenerational transfers of businesses.
In the coming year, our government will continue its outreach to farmers, fishers, and other business owners to develop proposals to better accommodate intergenerational transfers of businesses, while protecting the fairness of our tax system.
As we continue to make progress, we will also continue to carefully consider the submissions the government has received.
As I conclude my remarks, I want to reassure my hon. colleagues that our government's plan to grow and strengthen the middle class is working. Job creation has been robust since we came into power, with 400,000 jobs created. In fact, over the last 12 months, nearly 90% of the jobs created were full-time positions. In the second quarter of this year, the economy grew by an impressively strong 4.5%.
Over the last four quarters, our economy has had its fastest growth since early 2006. The fact is that the Canadian economy is the fastest growing economy in the G7. This is news of which Canadians can be proud.
The Government of Canada continues to work to create a healthy and growing economy in which businesses generate well-paying jobs and where the middle class and those working hard to join it have confidence that they can succeed.