Mr. Speaker, it is a great pleasure to rise in this place and talk about the budget implementation act.
Before I talk about that bill, I would like to talk about the measures that the government has taken to date to give all Canadians, particularly the middle class and those working hard to join it, the opportunities they need to succeed.
To start, we raised taxes on the 1%, so that we could lower them for the middle class. We then brought in the new Canada child benefit, which has lifted hundreds of thousands of children out of poverty. As a result of our CCB, nine out of 10 Canadian families are getting more in benefits than they did under the previous system. Compared to the previous system of child benefits, the CCB is more generous, and it better reaches those who need it the most.
Recently, as announced in the fall economic statement, we are helping those who need it most by enhancing the Canada child benefit, indexing it to the rising cost of living. We are also strengthening the Canada pension plan, increasing the benefit for workers by as much as 50%. This will not only help those who are retired now have more money in their pockets, but it will also help future retirees save enough for a dignified retirement.
On top of that, our government is doing more to help those working hard to join the middle class, by enhancing the working income tax benefit by an additional $500 million per year starting in 2019. We know that many people work long hours, sometimes in more than one job, to advance their careers and to support themselves and their families. By letting low-income workers take home more money, the working income tax benefit offers real help to 1.5 million Canadians.
The steps we have taken to date are having a positive impact on our economy, and for Canadians. Optimism is on the rise, and for good reason. Job creation is strong, with over half a million new jobs created since we took office, and the unemployment rate is at its lowest level since 2008. Youth unemployment is at a historic low, and Canada is the fastest growing economy in the G7 by a wide margin, growing at an average rate of 3.7% over the last year, which is the fastest pace of growth since early 2006.
Growth is forecast to be 3.1% in 2017, significantly above expectations at the beginning of the year. The fiscal outlook has improved by more than $6.5 billion annually, on average, from what was projected in budget 2017 last March. That is why we are here today, to consider and discuss the important measures contained in Bill C-63.
I will briefly describe a few of the key elements.
This budget implementation act supports the middle class and those working hard to join it by protecting the rights of federally regulated workers when they request flexible work arrangements from their employers.
Canadians increasingly face pressure to balance work and family responsibilities. We all know a single parent struggling to find balance or someone taking care of an aging parent, or even someone who is supporting a spouse through chemotherapy. Our government was elected on a commitment to give workers and federally regulated workplaces the right to request flexible work arrangements, and we are delivering on that commitment. Things like flexible start and finish times or the ability to work from home will benefit both employers and employees, through increased productivity, lower absenteeism, and greater retention.
Budget 2017 also contained a gender-based analysis, ensuring that the implications of budgetary measures on men and women are considered thoroughly. Our government believes that having meaningful and transparent discussions around gender and other intersecting identities will help us better understand the challenges that Canadians face, and help us make informed decisions to advance the goals of gender equality, fairness, and stronger workforce participation. We know that our prosperity relies on the participation of all Canadians, so our efforts are focused on ensuring our growth as a country leaves no one behind.
Our government also recognizes that young Canadians today face challenges when it comes to finding and maintaining good, well-paying jobs. Many young Canadians tell us that not being able to get meaningful work experience is a significant barrier to getting a good job. While internships can give young Canadians the hands-on work experience they need to make that successful transition to the workplace, some internships, in particular those that are unpaid, can be unfair and exploitative.
The budget implementation act proposes to eliminate unpaid internships in federally regulated sectors where the internships are not part of a formal education program. These changes would also ensure that unpaid interns who are part of an educational program are entitled to labour standard protections, such as maximum hours of work, weekly days of rest, and general holidays. It is the right thing to do for our young people trying to gain the necessary work experience to enter the labour force.
Small businesses are a key driver of our economy and a cornerstone of communities across the country. As our plan works to grow the economy, small businesses see the benefits of that growth with lower taxes. Our government committed to reducing the small business tax rate to 9% from 11%, effective January 1, 2019, while ensuring that Canadian-controlled private corporation status is not used to reduce personal income tax obligations for high-income earners rather than supporting small businesses. This means up to $7,500 in federal corporate tax savings per year that will help entrepreneurs and innovators do what they do best.
Our government's plan to grow the economy is indeed working. Because of our strong economic growth, we continue to invest in the middle class and those working hard to join it. Whether it is ensuring that more families can pay for the high cost of raising a family, ensuring more low-income workers can make ends meet, or implementing flexible work arrangements, smart investments like these will ensure that more Canadians have a fair chance of success.