Madam Speaker, it is a great pleasure for me to rise in the House, virtually of course, to speak to Bill C-30.
This budget is an extremely important one. The BIAs are key elements that we will be moving forward very quickly.
We are in the third wave, and I want to thank Canadians right across the country for their efforts, and Nova Scotians as well. There are so many great stories when visiting various communities and organizations.
In my riding of Sackville—Preston—Chezzetcook, the Sackville Public Library was able to make changes during this pandemic so that people could go online, work virtually and have e-books to continue their learning and research, which is so important. The Sackville Legion, the Waverley Legion, all six legions in my riding were shut down for a while but worked closely with the government and the health agency to reopen when they were able to and continue to do their great work to support veterans and their families.
The First Lake Early Learning Centre had to lower the number of students and have smaller groups, but it continued to do the work that needed to be done. I cannot say enough about teachers, students and parents, who have done so well in continuing the education of students. The Waverley Heritage Museum had virtual learning experiences and had students working in this area last summer to support their community. The Boys & Girls Club in the Preston area, which is the African Nova Scotian community, was able to support the community by delivering food and assisting seniors in the area. In Porters Lake, Lake & Shore Community Recreation had a summer camp last summer and will do it again this summer.
Those are really interesting stories that many Canadians could talk about right across this great country.
There are two big areas of investment in the budget that I want to touch on before I get into the BIA.
One is the investment for veterans, an added $5 million over the next three years, on top of the $3 million that already exists for the well-being fund, which is extremely important for veterans and their families and organizations across the country. Also, there is an investment of $45 million toward veterans homelessness. We are trying to eliminate homelessness right across the country, and we are focusing on veterans homelessness and mental health as well.
I want to touch on the Black community as well, because my riding has the oldest intergenerational Black community in Canada. There is a major investment in the philanthropic endowment fund of $200 million to support Black communities. This fund will be led by Black Canadians, which is important to fight anti-Black racism. There are also investments to support Black Canadian communities, $100 million for programs to support capacity building, which is so needed in Black communities so they can continue working closely and supporting their communities.
In the BIA, there is an investment for child care, which is an important one because it would give students and children a better start and allow more women to enter the workforce because we will have a child care program. We will support Canadians by lowering the cost by 50% by 2022, and then down to $10 a day in 2026. This is a big investment. The BIA has $2.9 billion for Canada-wide early learning, which means that it is concrete, it is moving and it is real.
Education is one of the most important investments we can make. To support young Canadians, we would waive the interest on their federal loans until 2023, which is two more years. This would support 121,000 more Canadians than in prior years, and the threshold for repayment, which was $25,000, will be pushed to $40,000.
As I said, businesses have been doing well and being challenged at the same time. We have worked closely with them and will be extending many of the programs until September, such as the wage subsidy and rent subsidy, and there is room for us to extend them until November. If the economy is in need of more investment, we will be ready to move very quickly. Businesses can apply for up to $500,000 in loans, and there are investments in rehiring and digitalization programs. Credit card merchant fees, which are so expensive for small businesses, will now be the same as for big businesses. That would be a big help for the business community, which has been asking for this for many years.
For health care, which is very important in Nova Scotia and Atlantic Canada and right across Canada, there will be an additional $5-billion investment in the health transfer payments. This is over and above the health transfer payments that already exist, 10 years running. It is a big investment.
We will increase the EI sickness benefit for people who are challenged with illness from 15 weeks to 26 weeks. My colleague Mr. Eyking, the former MP for Sydney—Victoria, was a big proponent of this program.
We are investing in key areas where Canadians have spoken clearly to us, such as a national framework for autism, a national strategy for diabetes and, of course, all of the investments that we have put forward for vaccines and the success of moving those vaccines right across the country. We will have all Canadians vaccinated with a first dose by the end of June.
Seniors are very important to our economy. They have contributed, and continue to contribute, to the success of our great country. Since 2015, we have been able to reduce senior poverty by 25%. We made some major investments. In 2016, we increased the GIS by 10% for those who were most vulnerable. We also added $300 to the OAS and $200 to the GIS tax-free during COVID, which was very important. We are investing in national standards for seniors residences and in the new horizons program, which will help many organizations support seniors. Let us not forget that the Conservatives wanted to move the eligibility age for OAS to 67, not 65 as we did.
With respect to green energy, people can apply for grants of up to $5,000 for home improvements. For major refits there is an up to $40,000 interest-free loan. The net-zero accelerator is supporting projects that will help reduce domestic greenhouse emissions. We will also reduce by 50% the general corporate and small business income tax rates for businesses that manufacture zero-emissions technology.
I see I have one minute left, so I will conclude. We will continue to support Canadians for as long as it takes. Before COVID we were in a very good fiscal situation with the lowest unemployment rate, and over 1.2 million jobs were created. Just by remortgaging our debt we have been able to save $3 billion in interest payments. Not just Canada, but all countries are investing in their people. I am so proud of our government for continuing that work.