Mr. Speaker, if I could add to the glowing comments on your forthcoming retirement, it has been a pleasure to get to know you these last several years in the House of Commons. You have always been kind. It has always been a pleasure to chat and I wish you the best. I am sure your family will be very happy to have you home on a much more full-time basis.
Good evening to all my colleagues and to all Canadians who are watching, including the wonderful residents I have the privilege to represent here in Vaughan—Woodbridge.
This evening's debate on Bill C-30 is not only to ensure that Canadians who remain impacted by the pandemic are supported but also to put in place a number of measures that grow our economy and ensure that the economy is inclusive and lifts all individuals. Prior to the pandemic, we knew Canada's unemployment rate was at a multi-decade low and that literally hundreds of thousands of Canadians had been lifted out of poverty. We were, and we are, going in the right direction.
I would like to take a moment to thank the residents of Vaughan—Woodbridge and all residents of York Region for their desire to get vaccinated and allow us to safely return to normalcy. As of today, 76.8% of York Region residents above age 18 have received a single dose of a vaccine and over 22.7% a second dose, including me. I am happy to report that this afternoon I received my second dose of vaccine from Moderna. Millions of vaccines are arriving, and Canadians can rest assured that our government is laser focused on protecting them and their families and on ensuring a strong economic recovery.
I am pleased to rise tonight to participate in the continuing debate on Bill C-30, the government's budget implementation act. Budget 2021 is a historic investment to address the specific wounds of the COVID-19 recession and to grow the middle class. The bill is therefore an important one. It would enact the government's plan to finish the fight against COVID-19, create jobs, grow the economy and ensure a robust economic recovery that brings all Canadians along. We truly want an economy that works for all Canadians and that is inclusive.
Among other important measures, the bill would enable funding to establish a Canada-wide early learning and child care system. It would extend the Canada emergency wage subsidy, the Canada emergency rent subsidy and lockdown support for businesses until September 25, which would keep an important lifeline available. It would extend important income support for individuals, such as the Canada recovery benefit and the Canada recovery caregiving benefit, and it would enhance employment insurance sickness benefits from 15 weeks to 26 weeks.
The bill also proposes to establish a $15 federal minimum wage and to increase old age security for seniors aged 75 and older to provide them with better financial security. It would significantly expand the Canada workers benefit and invest $8.9 billion over six years in additional support for low-wage workers, extending top-ups to about a million more Canadians and lifting nearly an additional 100,000 Canadians out of poverty.
I have been a great proponent of the Canada workers benefit since day one, when I arrived on Parliament Hill in 2015. I am seeing it expanded for the third time since we have been in office. It is great to see we are ensuring more Canadians are lifted out of poverty while incentivizing Canadians to remain in the labour force and increase their number of hours of work.
Bill C-30 would also provide an emergency top-up of $5 billion for provinces and territories. Specifically, $4 billion would go to the Canada health transfer to help provinces and territories address immediate health care system pressures, and $1 billion would support vaccine rollout campaigns across the country. As well, the bill proposes to provide $2.2 billion to address short-term infrastructure priorities in municipalities and first nations communities. The funds would flow through the federal gas tax fund, which is proposed to be renamed the Canada community building fund.
There is one aspect of Bill C-30 I would like to discuss in particular. It is a clause that would amend the Canadian Securities Regulation Regime Transition Office Act. This clause would authorize the government to provide an additional $12 million to fund the continuation of the Canadian Securities Transition Office, or CSTO, for a further two years. For those who may not be familiar with this body, the CSTO is a small federal office that was established in July 2009.
Since 2013, the CSTO has supported federal efforts to establish the co-operative capital markets regulatory system. Today, the principal focus of this office is to support the government with analysis and advice on preparing for the successful administration of the proposed federal capital market stability act in a collaborative manner that respects provincial jurisdiction.
A well-functioning and resilient financial system that instills confidence in domestic and international businesses, in addition to individual Canadians, is paramount to growing Canada's economy. Canada's financial system demonstrated resilience in weathering both the shocks of the global financial crisis more than a decade ago and, most recently, the considerable economic impact of the COVID-19 pandemic.
Importantly underpinning this resilient financial system is a regulatory framework with legislative mandates and authorities, world-class leadership and years of preparation, planning and experience. While the regulatory authorities work in a coordinated system, the federal financial stability oversight framework does not include management of systemic risk across Canadian capital markets. This is a critical gap given the current global risk environment and is an area that the Supreme Court has opined is a federal responsibility. Some steps have been taken in this field by provincial securities regulators. However, no Canadian authority has the ability to monitor capital markets' systemic risks across the Canadian financial system, nor to act on a national basis to address them.
This is what the federal government wants to strengthen in collaboration with provinces. The federal government is also committed to strengthening authorities to combat capital markets crime and protect Canadians' hard-earned savings and investments from fraud. These are targeted areas that CSTO is assessing and providing advice on. Before moving forward, more work is required by federal officials, including identifying opportunities and developing processes for administering a systemic risk oversight regime in collaboration with provincial securities regulators. This work would be undertaken in consultation with the provinces.
The additional funding contained in Bill C-30 is needed for the CSTO to continue its important work on systemic risk in criminal enforcement in Canada's capital markets. The CSTO has already made excellent progress. It should receive the funding to continue this important work. I encourage all my colleagues from all sides of the aisle to pass Bill C-30 not only to support Canadians during this pandemic, but also to strengthen our CSTO and move forward in growing our economy once again.