Madam Speaker, before I get into my speech, I appreciate the member for Durham's slightly historical knowledge of my riding and the various different manufacturers in it. Perhaps he should spend more time in his riding as opposed to Ottawa. He would then understand and learn about some of the hardships seniors are going through. It is not a manufactured crisis with respect to seniors. In fact, there is a real problem, a problem we need to prepare for through our programs such as CPP to ensure seniors have the tools they need to retire when they get to that point.
He mentioned the tax-free savings account. I am sorry, but there were select few people who could use the tax-free savings account, who would have money to put into that at the end of their yearly earnings to benefit from it. He knows exactly who those people are because they are primarily his donors.
I take honour to speak to this motion today, but I am absolutely perplexed by the context of it. It is as though for three years the Conservatives were throwing various things against the wall and none of them would stick. Then they had the idea to grab everything together and throw it against the wall at the same time and maybe at least one of them would stick.
This motion is so convoluted and it jumps all over the place. When writing it, one knows there is absolutely no way the governing party is going to support it. I find it very disingenuous that the Conservative Party would take the opportunity, through an opposition day motion, to use it in such a politically partisan way when it could have taken this opportunity to demonstrate a genuine passion for improving upon policy and legislation and trying to impact the day-to-day lives of Canadians. That could very well have been done through an opposition motion, yet we are here to discuss this motion.
I will gladly go through the motion and talk about some of the falsehoods in it. I am not going to ignore what is before us. There is so much to speak about that I do not even know if I can get through it all in the 17 minutes I have remaining. However, let me take a stab at it.
The first part says, “recognize the severity of the looming job crisis in Canada caused by the failed economic policies of the Liberal government.” Employment in Canada is at a 40-year high. The Canadian economy has created over half a million jobs since 2015. The unemployment rate is at an all-time low. More people are working now than we have ever have had over the past 40 years, which is a huge accomplishment by this government and the economic certainty that exists within Canada.
The next part of the diatribe of issues in the motion is that the carbon tax closed the General Motors plant in Oshawa. This is categorically untrue. General Motors has closed four plants in the United States. The U.S. does not have a price on pollution, yet it is still doing it. GM has been very clear that the only reason had done that is because it is moving toward electric vehicles. That is where it is focusing its attention. The president for GM just said that.
Maybe if the Conservatives could wrap their heads around the notion that the economy, the marketplace and the goods people want to buy are changing, we could see them contribute positively to policy that would impact our economy. However, they are stuck in debating and insisting we do not change to adapt to the changes in the marketplace.
The next part talks about the Canadian economy being at a competitive disadvantage. We have the lowest small business tax rate in the G7. Canada's corporate tax rate is also among the lowest in the G7. We have the fastest-growing GDP in the G7. I cannot understand how somebody can write this into a motion to be presented before the House, knowing that the vast majority of evidence out there does not support it. The U.S. tax changes put Canadian businesses at a competitive disadvantage.
Meanwhile, the facts are that the accelerated investment incentive, introduced in the fall economic statement, will lower the marginal effective tax rate on new businesses to one that is significantly lower than what is in the U.S.
I would like to talk a bit about what we are doing for small businesses and specifically what was brought forward in the fall economic statement.
First, the government will allow businesses to immediately write off whole costs of machinery and equipment used for the manufacturing or processing of goods. This will give a significant tax advantage to the year the equipment was purchased, fuelling new investments and supporting the adoption of advanced technologies and processes.
For those out there who might not be savvy with respect to the accounting world within business, businesses now have the ability to write off the expense for particular machinery and equipment immediately, in the first year or as the schedule allows, rather than amortize it over a long period of time, which is normally considered to be the life of the machinery or equipment. That is a huge competitive advantage for businesses to be allowed to write off that expense in the first year.
Second, the government will allow businesses that are specifically buying clean energy equipment to write off the full cost in the year it is put to use. This will also spur new investment, as well as the adoption of clean technologies. We expect it to generate more good middle-class jobs and position Canada to achieve climate goals while becoming more globally competitive.
This is another example of how we are providing incentives to businesses that will allow them to innovate, purchase and adapt to new technologies and to write off these expenses immediately. It shows the initiative of this government to move forward with the agenda of ensuring our economy stays strong, while at the same time ensuring we provide incentives for clean and renewable uses of the equipment we are buying. Specifically, in this example, it is clean energy equipment.
Third, the government is introducing a new accelerated investment incentive for businesses of all sizes and in all sectors of the economy, allowing firms to write off a larger share of the costs of newly acquired assets in the year the investment is made. Under the accelerated investment incentive, capital investments will generally be eligible for a first year depreciation allowance equal to up to three times the allowance that would otherwise apply in the year an asset would be acquired and be put to use. Businesses will be able to recover the initial cost of their investment more quickly, reducing risk and providing businesses in Canada with a true incentive to make capital investments.
These are examples of how we are fuelling, through tax policy, small, medium and large businesses throughout the country so we can maintain this incredible pace that the Canadian economy is experiencing right now compared to our G7 partners.
I will go back to the motion and continue on with some of its other points.
It says that the Canadian economy is facing a crisis. As I said, the Canadian economy enjoyed the fastest growth among the G7 in 2017 and it continues to be one of the strongest economies in the G7.
Section (vii) talks about “workers in all sectors impacted by the toxic medley” of tax increases on local businesses. Our government is lowering the small business tax rate. That has already begun. By January, it will be down to 9%, and that is the lowest rate among the G7 when it comes to businesses and business tax. That is another demonstration that we are willing to stay competitive in the global environment and the global market to ensure we can continue to see investment happening right here in Canada and with Canadian businesses.
I could go on to address every point, but I will be unable to do that in the amount of time I have left. However, the underlying principle here is that the Conservatives, through this motion they have put forward today, have missed the point that in Canada right now our economy is strong overall and that we continue to ensure that the right tools and processes are in place to see the economy continue to thrive.
That is not to say that from time to time we will not experience hardships in one part of the country or another, in one sector or another. These things will always happen. However, what will be the test of time and what we will be able to be judged on later is how we responded to those crises in different sectors in different areas of the country.
I would also like to talk briefly about the investments we have made in infrastructure. I find it remarkable. Earlier when I was sitting here listening to questions and answers, there was an exchange between a member of the Conservative benches and our side. They were talking about the crisis with respect to Montreal and the infrastructure that was needed there to ensure they were not dumping raw sewage into the river.
I come from a riding that used to have this problem, that used to have something like 30 to 40 days per year where raw sewage was dumped into Lake Ontario. However, through the previous Liberal government, which unfortunately because of its policy as it related to investment, there was very little money when the Conservatives were in power, it invested collaboratively with the province and the local government, in this case the city of Kingston, to build the Ravensview water treatment plant. This plant increased the capacity and we were able to put cleaner water, theoretically speaking, back into the lake than was in the lake before that. This was because the provincial and federal governments of the day decided to put investment into that. They recognized the need for it. As a result, the city of Kingston is down to one, maybe two days per year, when there are massive rainfalls that some minor overflow occurs, if any at all.
This is why it is so important for governments to recognize and to come to the table when it comes to investing in infrastructure. However, it is important to invest in the right infrastructure and to invest in an infrastructure that will have meaningful impacts in the communities in which it is built and to the economy as a whole, investing in projects that will see multiple spinoffs through the economy. We know when we invest in certain sectors like agri-food, for example, another seven jobs are created as a result of one job created in that sector. It is about picking the right sectors and ensuring that money is going into those sectors to have the spinoff occur.
I would also remind the House about some of the investing that this government has done in infrastructure since 2015, and those investments are paying off. To date, more than 30,000 infrastructure projects have been approved under the investing in Canada plan, the vast majority of which are already under way, creating good, middle-class jobs. Beyond construction, these projects will create long-term economic, social and environmental returns for Canadians and communities both big and small.
In budget 2016, the government announced phase one of the investing in Canada plan, which provides $14.4 billion for short-term investments in rehabilitation, repair, modernization in existing infrastructure. To date, more than $13 billion has been committed to projects with more than $6 billion already fully invested.
These are smart investments in areas that matter most to Canadians: public transit, trade, transportation, green infrastructure, social infrastructure and rural and northern communities. They will also help grow the economy, strengthen the middle class and build sustainable communities.
I will also take this opportunity, because I know this topic has been coming up quite a bit over the last few days, to talk about this government's action when it comes to what is going on in Alberta and in particular the oil crisis. This government has taken a responsible approach, when it comes to approving pipeline projects, that respects all levels of government, that respects the various different players and partners that are involved in the process. Unlike the approach that was taken for 10 years under Stephen Harper, this approach is the right approach.
We might not always like what we hear, but when we receive information we can use it in a constructive way to build and put forward a more robust plan that has the ability to stand the tests that come at it. That is what we have seen.
We talked about Stephen Harper's ability to create pipelines and move oil. Let us not forget that in 2006 when he came into power, 99% of the oil in Canada was going to the United States. My colleagues may wonder how much of it was going there in 2015 when he left office. I will tell them. It was 99%, the exact same amount. He was not able to effectively diversify the market. The thing is that he had a prime opportunity in 2006. That was before the 2008 recession hit. Oil was at an all-time high in 2006. There was no better opportunity or no better time to diversify and he was unable to get it done.
Stephen Harper was unable to get it done because he painted a target on the back of the oil industry by attacking climate movements, by attacking indigenous communities, by attacking the various players and partners who make the decisions. He thought he could bully his way through the process but ended up with delays in courts, injunctions that were withheld and various different legal mechanisms to stop him from getting done what he wanted to do. I truly believe that he wanted to build pipelines but he was unable to because of his approach. That is why this approach is much different. It is an approach that respects the process and respects the fact that we need to properly collaborate with everybody and with all players.
I went through a list of things that this motion attempted to attack and criticize. It is just as though the Conservatives decided that as they had been unsuccessful in getting any of their talking points to stick, maybe by bundling them together and throwing them all at once at the wall, one or two might stick. Then they could call it a day and be successful. In reality, they wasted an opposition day motion when they could have been talking, trying to inform policy and informing Canadians as to what this government is doing and what we could be doing better. There is always an opportunity to do better in many different ways. However, they used it as an opportunity to put forward something that obviously this side of the House will not be able to support.
I will close by just talking a bit about the fact that when the Conservatives bring forward something like this, there is no doubt that it will resonate with some people out there, particularly their base. There are a lot of people who will read some of this and think that the government is doing some pretty shady stuff. I did correct a lot of what was in this, in the beginning of my speech.
However, rather than the Conservatives trying to be forthright and honest about what was going on, they tried to play on the fears of Canadians and to scare them into thinking that the circumstances are much worse than they actually are. Rather than looking for opportunities to genuinely improve upon things that can be improved, they would rather scare Canadians into looking at a list of things put forward by them, and conclude that it is is a dire situation and they should elect the Conservatives in 2019, otherwise we are all doomed.