Madam Speaker, I will be sharing my time with the member for Parkdale—High Park.
As the member of Parliament for Sackville—Preston—Chezzetcook, it gives me great pleasure to speak on budget 2021.
This budget is focused on finishing the fight with COVID. It is also focused on creating jobs and building back better. However, we have to understand that COVID has affected people differently. It has disproportionately affected low-income workers, young people, women, racialized Canadians and certain business sectors. Those groups were kept in mind as we were framing budget 2021.
Here in Nova Scotia, with this budget, we see increases in certain key areas to support our communities. For example, we see some increases in equalization payments and in the Canada health transfer, which is so important. As members know, health care is the number one priority for Nova Scotians, as well as the social transfers.
We invested $19 billion in the restart agreement, as well as a safe return to class fund, which I made an announcement on last week for open, outdoor space in schools for students. We also invested in the essential workers support fund and, for our communities, we have $500 million toward community infrastructure that will see local projects stimulated and local jobs created, improving the quality of life for Nova Scotians and all Canadians. As well, there are investments in tourism and for small craft harbours in the fisheries area.
A big item that we have been pushing for a number of years now, and which my colleague, the MP for Cape Breton—Canso, brought forward as a private member's bill, is the EI sickness benefit. It was at 15 weeks, which we knew was not enough, so with this budget we moved it to 26 weeks. This will help 169,000 Canadians to have more flexibility to recover and return to work. The Canadian Cancer Society said, “The 2021 Federal budget delivers a much-needed extension of the Employment Insurance (EI) Sickness Benefit to support people facing the financial burden that comes with a cancer diagnosis”.
I want to touch on the extremely important issue of the fundamental and historic investment in child care benefits. As members know, I am a former educator, and I know how important early learning is for all Canadians. This historic investment will drive growth in our economy with the increased participation of women in the workforce. It will offer, of course, good care for our young people. This plan will see a reduction in the cost of day care for parents of up to 50% by 2022, and the goal is to have it at $10 per day on average by 2026. The Nova Scotia Federation of Labour said that this is a “big win for unions with $10-a-day child care with the federal budget.” It is an impressive investment. This is major for our country.
I also want to touch on the investments for seniors. We know that seniors have had tremendous difficulty throughout this pandemic, and they have been isolated. We have noticed a gap in long-term care, and we have lost many of our seniors who were in long-term care. We are investing $3 billion not only to establish standards but to apply those standards and make them permanent, which is extremely important. We will move forward on that.
Prior to the budget, we committed to an increase in old age security for those aged 75 years and older. We will see an immediate benefit of $500 take place in August. Ongoing, in the next year, they will get a 10% increase in their old age pension. These investments are so crucial for our seniors, and represent 3.3 million seniors who will each receive an additional $766.
As the Parliamentary Secretary to the Minister of Veterans Affairs, I can say there have been some big investments for veterans as well. We invested $192 million to help with the backlog of disability claims. We also invested $20 million in the COVID stream to help veterans' organizations. However, in 2021, there are more investments for veterans. There is $50 million over three years to enhance the veteran and family well-being fund. That is over and above the $3 million the fund is receiving per year, so it will be $8 million per year for the next three years. Organizations and individuals that help veterans and their families will be able to apply for those funds. VETS Canada said, “As a recipient under the veteran and family well-being fund, we know first-hand the importance of this investment.”
We have also invested $140 million over five years for those who have challenges with PTSD, depression or anxiety disorders. While they are waiting for their benefits through disability applications, they will be able to access mental health supports. Finally, veteran homelessness is extremely important. There is a $45-million investment in a pilot program to support veterans through rent supplements and wraparound services such as counselling, addiction treatment and finding jobs.
We have invested once again in young Canadians. The Canadian Alliance of Student Associations said, “The package will bring significant relief to students from coast to coast to coast who have been disproportionately impacted by the COVID-19 pandemic. From investments in Canada Student Grants, extending the waiver on accrual of student loan interest, to investments in jobs for students and more, we are glad to know that the Government of Canada is listening to the needs and concerns of students during this [pandemic].”
Talking now about our small and medium-sized businesses, we are extending successful programs such as the Canada emergency wage subsidy, the rent subsidy and the Canada emergency business account. They are major investments that we will be continuing. There will also be a reduction in credit card transaction fees. We have been talking about that for years and it is getting done. We will lower the cost of interchange fees for merchants and also ensure that small businesses benefit from pricing that is similar to large businesses.
On the green economy, continuing on the fall economic statement, we will be helping homeowners with home retrofits through interest-free loans of up to $40,000. This could see investment in replacing low-efficiency heating systems with high-efficiency furnaces, high-efficiency heat pumps, etc. We are also looking at net-zero accelerators, a $5-billion investment over seven years to support our climate plan, and projects that will help reduce domestic greenhouse gases. There are investments as well in 2021 that propose to reduce 50% of the general corporate and small business income tax rate for businesses and manufacturers. Those are big investments.
As the member of Parliament for Sackville—Preston—Chezzetcook, which has the oldest intergenerational Black community in Canada, we are investing once again to support Black communities. We know they have been disadvantaged in the past and continue to be. They have low-income households and we need to continue to support them. We are investing $200 million to establish a new Black-led philanthropic endowment fund, as well as $100 million in supports for capacity building and Black-led non-profit organizations. These are investments that will help support our communities as we move forward.
I want to talk about our financial plan as well.