Mr. Speaker, it gives me great pleasure today to rise to speak to budget 2017. This budget is the next step in our government's focus to ensure a brighter future for all Canadians with what I call a three-pronged approach: a focus on innovation, infrastructure, and skills training. This budget deals with the global realities and certainties that Canada faces, but meets head on the exciting opportunities that we as a nation must grab hold of, and charts a course in which Canadians can be proud and confident.
As someone who spent over two decades working in the global financial markets of New York City, London, and Toronto, I can state with expertise that budget 2017 is fiscally responsible and undertakes strategic investments that will strengthen and grow Canada's middle class, while taking the responsible approach to fiscal management, cemented in a stable and declining debt-to-GDP ratio. Canada's fiscal strength rests on its load-debt burden, and protecting this source of strength is of paramount importance.
On a personal level, as a father of two young daughters, Natalia and Eliana, this budget is not just a plan for the future of this generation but of successive generations. I know budget 2017 will make a positive difference in the lives of the residents I have the privilege of serving in the dynamic and growing riding of Vaughan—Woodbridge.
Earlier this year, I announced a multi-million dollar investment in a new inter-regional transit terminal in the city of Vaughan, which will connect with the Toronto-York Spadina subway extension project, due to be up and running in later 2017. This investment by our government, in partnership with the other levels of government, will benefit not only my community but all communities in York Region and the GTA. As I like to say, a better place to live, learn, and work.
We have already begun to see the green shoots in the Canadian economy, including a labour market characterized by having the strongest job growth since 2012, spending by consumers supported by gains in disposable income and the Canada Child benefit, and a robust housing market, that are attributed to budget 2016. The transformational Canada child benefit will provide over $20 billion of direct tax-free payments to Canadian families this year.
Strategic investments in infrastructure, the lowering of taxes for over nine million middle-class Canadians, and pursuing trade policies that saw Canada complete a progressive and standard-setting agreement with the European Union are all providing a solid foundation for a brighter economic future for all Canadians for years to come.
Let us examine the specific measures in budget 2017 that focus on what I called our three-pronged approach: innovation, infrastructure, and skills training. In our fall 2016 economic statement, the government announced that it would invest $81 billion in infrastructure for the next 11 years. I am proud to announce that within budget 2017, we see those details. This will include nearly $21 billion to support social infrastructure in Canadian communities, including $7 billion over 10 years to support and create more high-quality, affordable child care spaces across Canada.
I wish to highlight this specific investment in Canadian families with a quote from Marni Flaherty, chair of the Canadian Child Care Federation, as follows:
We are pleased that Canada’s federal government has taken this significant first step in committing to a multi-year funding plan. Moving forward, creating fundamental changes in how Canada supports the middle class – and all families – in accessing high quality and affordable child care will require increased funding, planning and coordination.
Over $11 billion will be invested over 11 years for an inclusive national housing strategy. There will be $1.8 billion invested over 10 years for cultural and recreational infrastructure. An additional $10.1 billion will be invested in trade and transportation projects from coast to coast to coast. We need to get our goods and services to market to export and we need to break down bottlenecks.
I applaud the strategic investment of $152 million to provide consistent and effective security screening of travellers and workers. Air Canada commented as follows:
Air Canada today said it welcomes funding in the Federal Budget that will improve airport security screening processes at Canadian airports. This will benefit travellers by reducing wait times and should enhance the overall travel experience.
Airports are key economic drivers with, for example, in Toronto, GTAA, a key economic cluster as the second largest employment zone in the country.
Canada also faces a rapidly changing global economy and for us to succeed, we must foster citizens to be global leaders in their fields and have our creative and entrepreneurial citizens propel the economy forward. Our plan on innovation and skills training meets this challenge and will position our citizens and companies to succeed not only at home but also on the global stage.
Budget 2017 contains a number of measures on innovation. We all know that Canada is positioned for innovation with the most highly skilled and educated workforce and one of the best places for openness in trade and investment.
Briefly, there are three I wish to highlight, which will help companies scale up and identify those with the greatest potential. These measures include establishing Innovation Canada, a new single window at Innovation, Science and Economic Development Canada for business innovation programming to help coordinate and simplify innovation programs. Second, $950 million will be invested over five years to support business-led innovation superclusters that have the greatest potential to accelerate economic growth, and up to $400 million will be invested in the Business Development Bank for a new venture capital catalyst initiative.
I am proud of our commitment and the compassion we demonstrated for Canadian families. Our commitment to Canadian families is steadfast. We understand that Canadians face a job market that requires lifelong learning, and we are there to help. As an old proverb states, if you give people a fish, you feed them for a day; but if you teach people to fish, you feed them for a lifetime.
Our government will invest $2.7 billion over six years to help more unemployed and underemployed Canadians access the training and employment supports they need to find and keep good jobs. Additionally, $225 million will be invested over four years to identify and fill skills gaps in the economy, to help Canadians be best prepared for the new economy.
Our budget follows through on a promise to parents. Our budget will let parents, at their choice, extend their parental leave for up to 18 months versus the 12 months currently. This is important as it will provide enhanced flexibility to families, particularly in areas where there is a current shortage of child care spaces or where there is a prohibitive cost for child care spaces. As we all know, the gap between 12 months and 18 months in child care is great, because a lot of child care centres do not offer the service for kids between those ages, or younger.
Additionally, there is a new employment insurance caregiving benefit of up to 15 weeks to cover situations where individuals are providing care to an adult family member. As well, expectant mothers will be allowed to claim EI maternity benefits of up to 12 weeks before their due date versus the current standard of eight weeks. Taken together, these measures are smart investments to assist Canadian families.
A few other measures that I believe are noteworthy include an initiative for better data collection in the Canadian housing market, with a $39.9 million investment to establish a housing statistics framework to address housing data gaps identified by the federal, provincial, and municipal housing working group. Our government's actions to date on the housing market are to ensure a sound housing market for all Canadians. Better data collection will strengthen our ability to ensure that home ownership remains robust and that our housing market remains sound.
Finally, a measure on which I hope to comment in the future is the introduction of the new Canada caregiver credit, which will vastly simplify the current system. It will replace the caregiver credit, the infirm dependent credit, and the family caregiver tax credit. With a single new tax credit, we will be better able to support those who need it the most. It will apply to caregivers, whether or not they live with their family member, and help families with caregiving responsibilities.
It is this type of measure that reflects the values of this government, and it will make a real and positive difference in the lives of Canadian families. It makes me proud to be part of a government that introduced budget 2017 with those types of principles and values.