Mr. Speaker, I will be sharing my time with my colleague from Scarborough—Rouge Park.
I am proud to join the debate today to speak in support of this historic budget, the first ever tabled by a female Minister of Finance and the most important budget in my lifetime. Budget 2021 will help Canadians recover from COVID-19, and it lays the foundation for a stronger, more resilient and more equitable future.
As the MP for West Vancouver—Sunshine Coast—Sea to Sky Country, I can say that this budget responds directly to the priorities my constituents shared with me in pre-budget consultations. We are providing support for affordable housing through expansions of the national housing strategy. We are making life more affordable for seniors through the increase in OAS for seniors over age 74. We are making historic investments in improving the lives of indigenous peoples. We are extending relief for businesses, extending stimulus and much more.
As the chair of the Liberal caucus in B.C., I can also attest that this budget addresses many of the most pressing issues in my province, and includes measures to seize the incredible opportunities that are here for the taking. In my limited time, I will focus on a selection of measures that are particularly important locally.
The first is child care. We cannot discuss this budget without reference to its historic investment of up to $30 billion over five years, with an ongoing $8 billion per year, to ensure high-quality, affordable and accessible early learning and child care across Canada. Now more than ever, the pandemic has highlighted the burden that child care scarcity places on our labour force. It is also a gender issue, as 12 times as many mothers as fathers had to leave their jobs to take care of children during the pandemic, driving women’s participation in the labour force to its lowest level in over two decades.
For years, many in my riding have been under strain from a lack of affordable and accessible child care. For example, there are over 5,100 children in the Sea to Sky region under 12 years old who are in need of child care and only 1,100 childcare spaces. Wait-lists for these child care spaces are running over two years in length, while the cost of child care ranges between $85 and $100 a day. As a result, many families in my riding are forced to pay $1,800 a month for child care or have to balance dual workdays caring for their children while trying to earn a living, a burden that negatively impacts not only the economy and parents, but children as well.
That is why our government has committed to ensuring that families in Canada are no longer burdened by high child care costs. Budget 2021 will allow for a 50% reduction in average fees for regulated early learning and child care by the end of 2022, with the ultimate goal of bringing fees for regulated child care down to $10 a day on average within the next five years. We will continue our efforts to grow quality affordable child care spaces across the country, building on the approximately 40,000 new spaces already created through previous federal investments since 2015. We will work with the provinces and territories to support primarily not-for-profit sector child care providers to grow quality spaces across the country, while ensuring that families in all licensed spaces benefit from more affordable child care.
In addition to improving the quality of life for families, our modelling has shown that this will help the economy grow by as much as 1.2%. Just about all leading economists agree that there is no measure that would increase our GDP more than this. This is a fitting flagship program for the first federal budget by Canada’s first female Minister of Finance.
Women are not the only hard-hit segment of our country. Given that we are navigating the third wave and that public health restrictions have ravaged small business, we need to first ensure the viability of our existing industry to lay the foundation for a robust recovery. Budget 2021 responds by extending the wage subsidy, rent subsidy and lockdown supports for businesses and non-profits until September 25. The wage subsidy alone has supported over 621,000 jobs in B.C. and has represented a lifeline for business.
I know how important this is because tourism is the biggest sector in my riding. It has been throttled by public health orders, and many places have been forced to close. Extending relief programs has therefore been the number one request of businesses in my riding. They look forward to again welcoming Canadians and the world.
These measures and the new Canada recovery hiring program, which will provide $595 million to make it easier for businesses to hire or rehire workers, were all announced in budget 2021, with enough time to start planning for a better summer and a better future. The measures, as well as new investments totalling $1 billion for tourism, arts and culture, will help businesses get through to the other side. Working toward reducing credit card fees will only help to further stimulate growth in the future.
This budget contains other historic measures that will make a massive impact in B.C. To date, B.C. has been lumped together with the prairie provinces and served by Western Economic Diversification. Given the distinct and diverse economy in B.C., it has been a long-standing priority to establish a separate regional development agency for our province.
Budget 2021 delivers on this by following through on the vision expressed in the fall economic statement and funding a new B.C. RDA to the tune of $553 million over the next five years. This will allow the RDA to expand from a singular office in our province to serve all regional and local priorities in the province, and to enable enterprises to take advantage of the opportunities that present themselves in rural and urban areas.
Some of the biggest opportunities in Canada and B.C.’s future lie in the digital, bio and clean tech sectors. Part of our challenge in Canada is that while we have leading research being done at our educational institutions, and promising start-ups spinning off from them, we struggle to commercialize and scale. Promising businesses are getting gobbled up by bigger foreign counterparts and moving abroad, resulting in a brain drain.
This budget addresses these challenges with targeted investments. Over $2.2 billion is going towards growing the life sciences sector, which will also help ensure we are more resilient to future health crises. As part of this $2.2 billion, $92 million will go to B.C.-based adMare to ensure that we are not only discovering the delivery mechanisms for world-leading vaccines, as we did for the Pfizer vaccine, but also that Canadian companies can scale, manufacture and create more value-adding jobs.
Budget 2021 will also provide $360 million to launch a national quantum strategy to amplify Canada’s significant strength in quantum research and leading companies already in existence, such as D-Wave. One of the four main quantum hubs will be located in B.C., where we already have significant expertise.
An investment of $35 million, which will be matched by the Province of B.C., will help establish a B.C. centre for innovation and clean energy to advance the scale-up and commercialization of clean technologies in B.C. and across Canada.
We are going to need cleaner technologies not only to grow the economy, but also to reduce emissions. The $8 billion net zero accelerator fund, from investments in both this budget and the fall economic statement, will be able to fund promising measures to mitigate emissions from our large point sources and help wide-scale adoption of cleaner technologies across the country.
Our government’s past support helped Squamish-based Carbon Engineering to become the top clean-tech company in North America just last year. On top of this, we are going to add an additional $1 billion in funding to ensure companies can leverage additional private sector funding to become future leaders like Carbon Engineering.
Budget 2021’s commitment to lowering corporate taxes by half on companies that manufacture net zero technologies will allow these companies to not only start, but also grow and stay in Canada, continuing to provide the good jobs of the future.
Today at the Earth Summit, Canada announced a new 2030 GHG target that is 40% to 45% below 2005 levels. Decarbonizing our economy through these measures, the newly announced $40,000 no-interest loan for home energy retrofits, and other measures in budget 2021 will be key to realizing these lofty targets and meeting the aims of the Paris climate accord.
Given that today is Earth Day, it also bears mentioning that budget 2021 will invest over $4 billion towards ensuring we can protect 25% of our lands and waters by 2025. This process will create thousands of jobs in conservation, which can particularly help groups that are currently underrepresented in our economy, including first nations and youth.
This investment is so important to arrest the biodiversity crisis in Canada. This crisis has manifested in the most notable way in B.C. through the plight of wild Pacific salmon. Since the early 1990s, Pacific salmon stocks have declined by up to 93%. There is no issue that brings British Columbians of all walks of life together like this iconic species, which is critical to our blue economy.
To help prevent their potential extinction and the cascading impact that would have throughout our marine ecosystem, including on the similarly endangered killer whales that rely on them as a food source, budget 2021 provides a generational investment of $647 million over five years to stabilize and conserve wild salmon populations.
This historic investment will go towards new hatchery facilities, habitat restoration and research, as well as the creation of a Pacific salmon secretariat and restoration centre of expertise that will improve management of commercial and recreational fisheries.
As I see my time is running short, I would just like to say that this budget makes critical investments to ensure we have the backs of Canadians to get through this crisis, while making targeted investments in sectors that will drive job growth in the future. It does this by reducing inequities in our society while ensuring that we have both a green and a blue recovery. These measures are being taken in a manner that ensures our debt-to-GDP ratio will decline over time as we reap the rewards of these important investments in our economy and in the well-being of our communities.