Mr. Speaker, since 2015, I have had the privilege of working closely with the Canadian Credit Union Association and its members, including IC Savings and Meridian Credit Union, which have locations in Vaughan. Credit unions are a cornerstone of Canada's economy. These 100% Canadian-owned institutions contribute $8 billion annually and employ over 60,000 hard-working Canadians.
Today I rise to welcome over 40 credit union leaders to Parliament Hill for their annual advocacy day. Serving more than 11 million Canadians, credit unions are transforming communities, making home ownership attainable, empowering small businesses and making life more affordable for Canadians.
Through Bill C-59, we are supporting credit unions by modernizing the Income Tax Act, saving them hundreds of millions of dollars in future tax liabilities. We are also expanding membership eligibility in Payments Canada to better integrate credit union locals.
United by their values, credit unions are driving economic growth and empowering Canadians. I thank Canada's credit unions.