Mr. Speaker, I will be sharing my time with the member for Beauport—Limoilou.
I am pleased today to speak about “Aspire”, budget 2007. It delivers in every region of the country reflecting the increasing dynamics and breadth of Canada's economic growth and continuing prosperity.
The budget is about making our strong economy even stronger and providing the necessary tools, so Canadians from all walks of life can reach their full potential. It represents the future opportunities of our young people, the future care of our seniors, the future health care services that our citizens will need and demand, the security of the nation, and the future growth of the Canadian economy which is necessary if we are going to realize these and other goals.
The budget delivers for all Canadians and it delivers for the people in my constituency of Oxford in Ontario.
I would like to give some of the numbers that are included in the budget. There is $39 billion dedicated over seven years to restore fiscal balance, 90% of Canadian families will benefit from the new $2,000 child tax credit and 180,000 taxpayers are removed from the tax rolls as a result of a new $2,000 child tax credit.
There is a 40% increase in annual post-secondary funding for the provinces and territories by 2008-09, 1.2 million is the number of low income Canadians who will benefit from the working income tax benefit, $6 million in additional funds for the RCMP to protect children from sexual exploitation and trafficking, $64 million in new funds to implement a national anti-drug strategy, a 50% increase in the number of environmental officers being hired, $16 billion in new federal funding for infrastructure, and $300 million for an immunization program to protect women and girls against cervical cancer.
Managing Canada's $1.5 trillion economy means making choices and striking the right balance. In budget 2007 we have achieved this by balancing the budget, cutting taxes for working families, investing in priorities like health care, the environment, infrastructure, and restoring fiscal balance by giving provinces the resources they need to deliver their front line services that matter to Canadians.
For the province of Ontario, a $2,000 child tax credit will save Ontario parents $597.5 million. An increase in basic spousal amount will provide an estimated $109.6 million in tax relief to a supporting spouse or single taxpayer supporting a child or relative. The working income tax benefit will benefit workers of Ontario with $221 million in tax relief, and Ontario farmers will receive approximately $240 million under new initiatives in budget 2007. Increasing the RRSP and registered pension plan maturation age will save Ontario taxpayers $56 million.
Municipalities in budget 2007 will have an additional investment of more than $16 billion for infrastructure. Together with budget 2006 this provides $33 billion to provinces, territories and municipalities for infrastructure over the next seven years. This also includes $8 billion to extend the gas tax fund at $2 billion per year for another four years directly benefiting municipalities.
I would also like to point out that the budget will also increase to 100% the return of GST funds back to municipalities. That may not seem like a lot of money on small purchases, but on a piece of fire apparatus or a large piece of road building equipment it is a considerable amount of money.
Truckers in budget 2007 have their share of meal expenses raised from 50% to 80% for tax deduction. A very important aspect of budget 2007 is the delivery on issues for seniors. For example, a single senior earning $20,000 will see a 62% reduction in federal taxes. Furthermore, a two earner senior couple earning $40,000 will see a 40% reduction in federal taxes.
Our government is also enacting the tax fairness plan which delivers over $1 billion in additional tax savings for Canadians, including increasing the age credit amount by $1,000 to $5,066 and pension income splitting for seniors. This allows older workers to stay in the labour market by allowing phased retirement.
More specific, budget 2007 increases the age limit from 69 to 71 for converting a registered retirement savings plan to strengthen initiatives for older Canadians to work and save.
The agriculture sector is vital to my riding of Oxford. Budget 2007 provides $1 billion in commitments to farmers for improvements to national farm income programs, including $600 million to kick-start contributory style producer savings accounts and a direct payment of $400 million to producers to help address high production costs. Farmers in Ontario will receive approximately $240 million under these initiatives due to budget 2007.
We are also increasing the lifetime capital gains exemption for farmers and owners of small business from $500,000 to $750,000. I know this affects a great number of people in my riding.
This government supports farmers and this is evident with the budget. We are helping farmers grow and prosper.
Canada's strong economic performance is not an accident. It requires sound economic management and a commitment to ongoing reform. It requires businesses and consumers who are confident about Canada's future. It requires prudent policies that lock in our achievements for future generations. This is what budget 2007 does. The budget is about sharing strong economic management not just with more Canadians, but for all Canadians.
