Mr. Speaker, I am pleased to speak today about Bill C-63, the budget implementation act, No. 2.
This bill includes key measures of our government’s second budget, which will create jobs, grow our economy, and provide all Canadians with more opportunities for success.
Before I move into the details of Bill C-63, I would like to provide a brief update on the strength of the economy as we reach the midpoint of our mandate.
In 2015, we assumed office in the wake of 10 long years of a Conservative government that had run multiple deficits, despite promises to the contrary; that had cut essential services, despite the needs of hard-working Canadians; and that had led to the weakest economic performance since the Great Depression, despite claims of being a champion of growth.
Over the last two years we have turned it around, thanks to some smart investments, which have included lowering taxes for nine million Canadians; creating the Canada child benefit plan that is putting more money in the pockets of nine out of 10 families, an average of $2,300 per family, and lifting approximately 300,000 children out of poverty; making enhancements to CPP, OAS, and GIS, all of which is improving retirement security and the quality of life for seniors; adding scholarships, bursaries, debt relief, and training for students in adult learning; and creating a national strategy on innovation and climate change to foster a competitive and sustainable economy.
When we take the cumulative effect of these measures and add them to the $180 billion we have earmarked for infrastructure spending to build better transit, roads, bridges, and clean water initiatives, we see concrete evidence of an economy that is heating up. Specifically, unemployment has dropped from 7.1% to 6.2%, the lowest since 2008. The debt-to-GDP ratio is forecast to drop below 3.1% this year, the lowest in nearly 40 years, on the way to and over the next five years. Half a million jobs have been created since we were elected, the best record in over 14 years. Together these indicators demonstrate how, in just two years, we took a workforce that was sluggish and underperforming and transformed it into the fastest growing economy in the G7, with an average of 3.7% GDP growth over the last four quarters. These results are ones that every member in this House should celebrate.
To keep the momentum going with regard to our economic performance, we are proposing a number of additional measures in this bill, which represents the second phase of the budget implementation act for 2017. Let me highlight a number of those now.
I will start with the measures to support the middle class and those working hard to join it.
This budget implementation act protects the rights of federally regulated workers when they request flexible work arrangements from their employers. Flexible work arrangements include flexible start and finish times, the ability to work from home, and new unpaid leave to help employees manage their family responsibilities. These work arrangements benefit many women who continue to do the majority of unpaid work in the home.
Budget 2017 was the first budget in Canada's history to include a gender statement. It seeks to present a frank and honest analysis of the impact the budgetary measures will have on women. In addition, in its fall economic statement, the government announced that it would strengthen the Canada child benefit by indexing it to annual increases in the cost of living effective July 2018, which is two years earlier than planned.
What this means, in practical terms, is that for a single parent with two children and income of $35,000 the Canada child benefit will contribute an additional $560 in the 2019-20 benefit year towards the cost of raising his or her children.
Beyond strengthening the Canada child benefit, starting in 2019 we will also add $500 million to the working income tax benefit, sometimes referred to as the WITB. This will put more money in the pockets of low-income workers, including families without children and the growing number of single Canadians. These two actions alone will boost the total amount the government spends on the WITB by about 65% in 2019, increasing benefits to current recipients and expanding the number of Canadians receiving this support, which is essential for those who need it the most.
Finally, our government is going to help small and medium-sized businesses by lowering their tax from 10.5% to 9%, effective January 1, 2018, and then again January 1, 2019. This will provide a small business with up to $7,500 per year in corporate tax savings to reinvest in and grow its business. These kinds of savings are crucial for small business to grow, which is the engine of our economy.
The steps taken to date are having a positive impact on our economy and for all Canadians. Optimism is on the rise, and with good reason. Job creation is strong. As I said, there have been 500,000 new jobs created in the last two years, most of them full-time.
Growing the Canadian economy helps the government improve its record. Canada's financial situation remains solid, and the government will see to keeping the debt-to-GDP ratio on its downward trend.
Every Canadian deserves to benefit from this economic growth. The government has lowered taxes for middle-class Canadians and has committed to ensuring that the tax system does not offer unintended benefits to the wealthiest Canadians or those with high incomes.
For all these reasons, I urge all hon. members to vote for this bill that will benefit all Canadians.