Mr. Speaker, hon. members, colleagues, members of the opposition and friends, it is a privilege and an honour to address you here today, in this noble institution, regarding the first budget of this new government, which was tabled by the Minister of Finance on Tuesday, March 22.
All my colleagues were here when the Minister of Finance presented the details of this budget, the fiscal blueprint that will take great strides toward a better and brighter future for Canada. I am proud of this budget that addresses the concerns of everyday Canadians and especially the people in the riding of Vimy, the people that we who sit in this House have to thank for the great responsibilities they bestowed upon us to represent their interests. Every day, I am grateful for this privilege, as we all should be, and therefore I fully intend to honour that privilege with steadfast and genuine service to my constituents.
This budget does just that. It is a progressive budget with attainable goals that will be felt positively by Canadians of the middle class. I am delighted to be able to speak directly to the positive direction the government has been taking with respect to fiscal and social policy, which will begin to redefine what it means to assist the middle class and those who wish to become a part of it.
The middle class is the backbone of our economy and so the government has devised a budget for those people. They are the everyday citizens who work hard so that one day they can pay off their debts, own a home, raise their children and put them through school, save for retirement, and still have enough money and time for leisure and generosity. The middle class works tirelessly for this country, so it is about time that we got to work and had a government that works tirelessly for the middle class. With this budget, we begin to restore hope to the middle class and reinvigorate the economy.
The combination of long-overdue investments in infrastructure, re-engineering of social and economic policy, and commitment to providing stimulus and support wherever it is needed is an ambitious concoction of progressive policy initiatives that will act as a catalyst to bring about the kind of relief needed to energize our economy and our middle class. Through several initiatives, middle-class and low-income Canadians will have relief from their financial burdens and receive extended benefits in areas where they need them most.
Canadians who are single, partnered, or have families of their own will see positive fiscal changes putting more money directly in their pockets. One of the government's most crucial promises was to adjust the federal income tax structure. We kept that promise as soon as we took office by lowering taxes by 1.5% for middle-class Canadians earning between $45,282 and $90,563.
This cost was offset by raising taxes for the wealthiest Canadians so that we could offer help to those who need it most. This tax break represents up to $670 per person or $1,340 per couple per year. Thousands of people across Canada and in my riding of Vimy in particular will benefit directly from this tax cut.
With the creation of the new Canada child benefit, the government is offering greater benefits to Canadian families and, again, especially those who need it most. Lower-income families will see a greater share of the benefit to assist with the greater financial burden that comes with raising children. Families earning $30,000 or less will receive the maximum of this new tax-free benefit, which means more money in the pockets of the Canadians who need it most.
Helping to keep 300,000 Canadian children out of poverty should always be a top priority for governments. Re-evaluating and prescribing newer, more efficient policies is the key to success for tomorrow’s generation. By supporting and investing in Canadian families now, we are opening up new doors for our children that may have previously been inaccessible.
We may find ourselves in old age burdened with difficult choices. Our elderly years, while heavily contingent on the plans made in our youth and adult life, are often subject to changes we could not have foreseen such as the death of a loved one, early retirement because of health that eviscerates our pension, or perhaps a life of hardship that left us without much in the way of support, and little financial stability outside of government assistance. Life does not smile on us all the time.
After a life of hard work, one should be able to retire with dignity. The budget has made some of the most extensive enhancements and policy adjustments that would give seniors the assurance and security they deserve. The previous administration's decision to trim the OAS and GIS, among many other cuts and changes that affected our seniors, was a brash and unnecessary decision doing a great disservice to them. This was at a time when, given the realities of the rising cost of living, seniors who hovered around the poverty line and undeniable projections, depicting the growth our aging population in Canada, we should have been investing in their long-term prosperity, not cutting their lifelines and watching the very people who helped build our country fade into destitution and obscurity.
On September 29, 2015, it was announced for the first time ever that in Canada there were more Canadians aged 65 and over than there were Canadians aged 15 and younger. Canada had nearly six million seniors when that announcement was made. In 21 years' time, it is expected that this number will increase by 50%. Without all of the ongoing changes, both the reversal of decisions by the previous administration and the new implementations by this government, we are taking proactive measures to ensure fair treatment and an acceptable standard of living for our seniors.
The additions made to affordable housing in the budget designed specifically for seniors, the increase to the GIS, restoring the age of eligibility for OAS, GIS and allowances and our government's intention to work with the provinces and territories to expand the CPP, and increase access to home care, these are the kinds of investments we need to be making in our country.
I chose to speak about these particular aspects of the budget today because of the positive impact they would have on my constituents. I believe the direction we are heading is the right one. I have met with countless Canadians and listened to their concerns. They want a government that looks out for all Canadians. They want a plan that helps the entire country move forward, not just one segment of society. Every one of the points from the budget I have mentioned today will help thousands of people in my riding of Vimy alone. It will also help millions of Canadians across the country for years to come.
I have been only able to scrape the surface of what the budget aims to achieve. It offers assurance for families, dignity for seniors, respect for our veterans, a future for our youth, renewed hope for aboriginals, a humanitarian global presence, sustainable environmental policies, fairness and equality.
When middle-class Canadians have more money in their pockets to save, invest, and grow the economy, it is all Canadians who benefit.
