Mr. Speaker, for the fourth time in as many years, I am delighted to be commenting on the budget tabled by my colleague, the hon. member for Toronto Centre, the Minister of Finance of Canada.
Four years ago, he presented Canadians with a plan to kick-start our economy. As everyone knows, government budget planning is a process that starts with a clear vision of who we want to be as a country, a vision of the future based on precise economic forecasts. The hon. Minister of Finance has done a terrific job over the last few years.
The financial results for the last fiscal year show how well our economy is doing. These results are due to the robust labour market, increased tax revenues and higher corporate profits. They are the direct outcome of the budget initiatives and investments that our government has carried out since taking office.
Thanks to our previous budgets and careful, responsible fiscal management, Canada now has the most vigorous economy in the G7. Better still, our previous budgets lifted 300,000 Canadian children out of poverty, reduced the unemployment rate to a 40-year low, created 900,000 new jobs, and are enhancing the employability of women, indigenous people and newcomers, as noted in the prestigious English magazine, The Economist.
In addition to maintaining the downward trajectory of Canada's debt-to-GDP ratio, the latest budget takes Canadians' concerns into account and addresses each and every one of them. As the next phase in the government's strategic plan, it includes new investments that will maintain our economic growth, support workers, create new jobs, help workers adapt to new technology, better prepare young people and graduates for good jobs, support seniors who want to remain in the workforce, and improve seniors' income security.
There are two main measures in the budget that support first-time home buyers. The first concerns the registered retirement savings plan, or RRSP, and the home buyers' plan, more commonly known as the HBP. The budget increases the RRSP withdrawal limit to $35,000 from $25,000 to buy a first home.
The second measure is new and very attractive for members of the middle class with maximum household income of $120,000. It gives them the opportunity to finance a portion of their home with a mortage from the Canada Mortgage and Housing Corporation, or CMHC. This measure will let new buyers lower their monthly payments with a lower mortgage and make their dream of owning a home come true.
I am convinced and pleased that many Canadian families and many residents of Laval—Les Îles will benefit from these new measures.
There are other measures in the budget that will have a positive impact on our economy and the environment.
For instance, Infrastructure Canada has allocated $3.9 billion to Quebec for over 5,100 projects, including several major projects that will benefit my constituents in Laval.
Indeed, our government has already invested $23.7 million in 26 projects undertaken by the Société de transport de Laval, or STL, as part of the public transit infrastructure fund. With those investments, STL can purchase and replace buses and continue its studies on the electrification of its network. These investments are having a direct impact on the residents of Laval—Les Îles, as they are improving their daily commutes.
People who take the subway at Montmorency, De la Concorde and Cartier stations in Laval will also see some changes, since our government has invested over $215 million for the purchase of 153 new subway cars. This investment will give residents of Laval—Les Îles who go into Montreal for business or pleasure a more reliable, more efficient transit system so they can avoid gridlock.
The Réseau Express Métropolitain, or REM, light rail will terminate in Sainte-Dorothée, in Laval, in 2021, two years from now. The REM will significantly improve public transit in the greater Montreal area. The Canada Infrastructure Bank is providing $1.28 billion to support this ambitious project.
This new budget gives Canada an array of significant, encouraging projects that respect the environment and give Canadians confidence. With an eye on climate change, our government also developed a brand new measure for those who cannot use public transit and want to decrease their greenhouse gas emissions. Our 2019 budget includes a federal incentive of up to $5,000 for the purchase of an electric vehicle. Thanks to our government's investments and the City of Laval's network of charging stations for electric vehicles, the transition from gas vehicles to electric vehicles will be much easier. With this type of initiative our government continues to encourage the transition to a much greener society.
Once again, our government is fulfilling its mandate. It is carrying out the mandate given by Canadians in 2015 when they chose a government with a vision for the future and, above all, a vision that benefits everyone.
We are also improving access to mentorship, and resources for apprenticeships and the startup of new innovative businesses. We are advocating tolerance and inclusion to make Canada, our beautiful country, a model for all countries.
Under the leadership of the right hon. Prime Minister, our government's vision is hopeful and forward looking. It is embodied in budget measures such as those in the 2019 budget. These measures are reassuring to me and to a great number of Canadians.
Thank you, Mr. Speaker, for giving me the floor. I want to say that I am extremely proud to be working on behalf of the people of Laval—Les Îles and to be part of a government that considers all Canadian citizens.