Mr. Speaker, I will be splitting my time with the hon. and very dynamic member for Newmarket—Aurora.
Canadians may not hear about the over 24 hours of voting on the estimates that will start tonight, but they will definitely feel the impact of our government's plan to put people first and ensure that equality and fairness is there for all Canadians. On this side of the House, we know that providing Canadians with the opportunity to realize their full potential is not just the right thing to do, it is the smart thing to do for our economy. By investing to create opportunities for women and men, in all their diversity, the government is instilling confidence and reinforcing the foundation for a stronger middle class and for growing the economy that benefits all of us.
I am a big believer in empowering women to change the way we do politics; to change the way we do business, STEM, and community building; and to change the way we do everything.
I would like to spend a few minutes outlining the key elements of budget 2018's support for Canada's women and girls, which are included in the supply bill before us today. I would like to spend some time discussing the data behind budget 2018's focus on women and girls.
Even though Canadian women are among the best educated in the world, they are less likely to participate in the labour market than men and more likely to work part time. On average, women in Canada earn 69¢ for every dollar earned by men, on an annual basis. Canadian women are under-represented in positions of leadership, and businesses in Canada are overwhelmingly owned by men. The number of women in economically transformative STEM remains low. Women who graduate from STEM fields typically earn an average of $9,000 a year less than their male peers. The demands of unpaid work are too often preventing women from pursuing opportunities to reach their full potential. This is holding back half of all Canadians from reaching their full potential and the full potential of what our country is able to accomplish. It is holding our economy back.
RBC Economic Research estimates that adding more women to the workforce could boost the level of Canada's GDP by as much as 4%. McKinsey Global Institute estimates that by taking steps to advance equality for women, such as employing more women in technology and boosting women's participation in the workforce, Canada could add $150 billion to its economy by 2026.
Empowering women and girls will help close the gender gap that holds back growth and increases poverty. Simply put, equality between Canadian women and men will lead to greater prosperity, not just for women and their families but for all Canadians. With equality of opportunity as a guiding principle, budget 2018 takes us further toward this stronger Canada than ever before.
Let me give some examples, some of which, I might add, are included in the supply bill before us today. To support young families and gender equality in both the workplace and the home, our government is introducing a new employment insurance parental sharing benefit that will help support an equal distribution of home and work responsibilities. This will provide an additional five weeks of El parental benefits when both parents agree to share parental leave or an additional eight weeks for those who choose the extended parental benefit option.
With budget 2018, we are looking at federal institutions and providing a leadership role in addressing the systemic undervaluation of women. That is because we know that equal pay for work of equal value is a human right. Through budget 2018, we are addressing the gender wage gap by announcing that we will introduce historic proactive pay equity legislation in the federally regulated sector, which would apply to about 1.2 million employed Canadians.
We are also looking at how we can better support women entrepreneurs in starting and growing their businesses and taking them global. Our government is committed to helping women-owned businesses grow, find new customers, and hire more Canadians. To help make this a reality, the Business Development Bank of Canada and Export Development Canada are making $1.65 billion in new financing over three years available to women entrepreneurs.
Empowering women to build their businesses and create jobs just makes good economic sense. Here at home, it is also important that we continue to break down barriers to gender equality in education and in employment.
In my riding of Mississauga—Erin Mills, I have established the Women's Council, dynamic women tasked with empowering more women at the grassroots level. The breaking of barriers is key to reducing poverty and building an economy that works for everyone.
Budget 2018 proposes to help women enter and succeed in the trades by creating a new apprenticeship incentive grant for women. The grant will encourage women to enter the trades and fill positions that offer high-quality, well-paying, middle-class jobs.
On this side of the House, we know that equality is at the heart of Canada's future economic success. Fairness demands equality, and prosperity and growth for all Canadians depends on it. Canadians work hard every day. They take care of their families, run businesses and public institutions, protect communities, and create the art that shapes our culture and reminds us of what it means to be Canadian. For all they do, all Canadian women and men deserve to be equal partners in society and equal participants in the economy. Through budget 2018 and the measures listed in the supply bill we are debating today, we want to help make this goal a reality.
When women have equal opportunities to succeed, they can be powerful agents of change and economic growth, improving the quality of life for families and communities. I have seen that first-hand in my riding of Mississauga—Erin Mills through my Women's Council and through the many women who take part in the economy in business and in not-for-profit organizations. I have seen their contributions to our country and the way we function as a whole. I know that, through budget 2018, we will continue to empower more women to take ownership, take leadership, and own the country that is Canada.