Mr. Speaker, before I get into the details of the bill and how it will benefit Canada, and specifically my riding of Nipissing—Timiskaming, I would like to take a moment to give this House the context in which we consider this bill.
In early 2008, Canada was faced with the worst global economic downturn since the 1930s. However, thanks to the firm and responsible regulations that were put in place, Canada did not sink as low. This alone was not enough to keep Canada from following our neighbours. Our government saw investments dwindling, an unstable, unconfident marketplace, and millions of Canadians with their jobs at risk. Our government acted with resolve and initiative to introduce the economic action plan, which provided our economy with a $60-billion stimulus, including $12 billion in stimulus and $20 billion in tax relief.
Action plan after action plan, the government has continued to responsibly steer Canada through the global recession while simultaneously pushing taxes lower and removing barriers to trade and investment in Canada.
The ultimate result is that all Canadians can take pride that through our government's responsible and disciplined leadership, Canada has the best fiscal record in the G8. Our debt-to-GDP ratio is the absolute lowest. We are on the path to surplus. We hold a AAA credit rating. We have added over a million net new jobs to the economy, which has reduced unemployment lower than before the recession. Our markets remain responsibly regulated, stable, and dynamic.
However, our recovery is fragile and vulnerable to the actions of others. That is why Bill C-4 would have impact. Bill C-4 would project the government's low-tax, consumer, family-focused agenda into the future to ensure continued growth and long-term prosperity.
While Bill C-4 touches on all aspects of Canada's economy, I would like to highlight three areas of importance to my region and how Bill C-4 would help Nipissing—Timiskaming grow.
First, as we know, businesses are absolutely key to healthy communities. If the cost of business is too high, jobs will disappear. This is the plain truth, and it baffles me that the NDP and Liberals cannot comprehend it. Fundamentally, they believe that we can tax and spend ourselves out of every problem.
Nipissing—Timiskaming is home to many manufacturing companies. Aerospace and mining are major sectors for us. The accelerated capital cost allowance program introduced in Bill C-4, which would be extended for two years, would allow companies in my region to invest in new machinery and equipment, expand their operations, and stimulate growth and job creation.
Economic action plan 2013 would proactively address continued job growth and skills shortages through the Canada job grant. It is an initiative that would help workers get $15,000 toward valuable skills training. Our government understands that it is not enough to create new jobs; we have to make sure that there are skilled Canadians to fill them.
This kind of long-term, experienced thinking is exactly why, under this government, Canada has prospered while other countries continue to flounder.
I know that in my region, students and graduates of Canadore College would particularly benefit from the Canada job grant. These very same students, many of whom go into the skilled trades, would also benefit from the changes we are making to how apprenticeship accreditation works. Four million dollars over three years would be allocated to harmonize requirements among the provinces and to examine assessments.
Aerospace, in particular, would benefit. Over $1 billion would be invested in the aerospace and space sectors. Nipissing—Timiskaming has a long and proud history in airways, and I am confident that it will play a key role in our government's plan to consolidate and improve our fifth-place standing in the world. Aerospace companies and services in my community employ hundreds of people and provide them with secure, good-paying jobs. This will only grow under our government.
Second, I would like to specifically talk about small businesses. Small businesses are the lifeblood of the towns and communities in Nipissing—Timiskaming. They, in particular, would benefit from Bill C-4. Besides being able to take advantage of the Canada job grant, they would benefit from the hiring credit, which would freeze EI premiums, saving small businesses $1,000.
Small businesses, and in particular part-time farmers, would benefit from the increase to the lifetime capital gains exemption, which would increase by $50,000 to $800,000. Farmers would also benefit from the doubling of the restricted farm loss deduction, from $8,750 to $17,500.
Overall, thanks to the low-tax plan of our government, Bill C-4 and previous Conservative budgets, small businesses are paying $28,600 less in taxes. Canadians get it and Canadians got it in May 2011 when they sent the Conservative government to Ottawa with a majority. However, I will make it clear for my colleagues who remain a little confused that we have been cutting taxes and jobs have been created, one million net new jobs. Bills like Bill C-4 have cut taxes. Unemployment now is lower than before the recession. Our responsible long-term plan is working for Canada and Canadian families. I hope, after seven years, my colleagues will begin to understand that.
I want to touch on infrastructure. A major part of the original economic action plan, investment in infrastructure, underpins this budget and Canada's success. How would this be any different given our national history? In the infant stage of nationhood, it was the building of the transcontinental railroad that united Canada and set it on the path toward economic prosperity. The building Canada plan, the single largest infrastructure investment in our nation's history, will provide an additional $53 billion over several years to make sure our infrastructure is modern, safe and capable of helping us unlock more economic potential in our communities and from our resources. We cannot expect to grow without a firm base on which to stand. Infrastructure is that base.
Nipissing—Timiskaming has greatly benefited from infrastructure projects, particularly through FedNor. In particular, the airport, roads and community assets have been invested in. The expansion of the airport and upgrading of its services continue to make our region a more attractive place for continued investment in aerospace. Coupled with our government's aerospace prerogative, there is potential for real synergy. Investment in our roads and community infrastructure continues to open up the north and adds to our quality of life.
It is unfortunate that many of our neighbours suffered greatly, and continue to suffer, because of the global economic downturn. I as a Canadian am very grateful that our recession was not as impactful. Canadians recognize that our success is no accident. Canadians recognize that our continued economic leadership of the G8 is no accident. Canadians recognize that the government is not the answer, only a part of the solution. Our country has grown weary of the tax and spend promises of the Liberals and NDP, mostly because the money is never spent on the people, although it is they who are taxed.
Last, I want to draw to the attention of the House the fact that this government does not draft policy or budgets in a vacuum, but in a long-term, responsible and critical fashion. The effects of economic action plan 2013, Bill C-4 and future budgets, will greatly benefit from the recently announced Canada-European Union free trade agreement. The synergy is perfect. Bills like Bill C-4 help create a low-tax, investor-friendly market, while CETA removes barriers to trade and investment.
In conclusion, thanks to Bill C-4 and parallel government efforts, Canadians can continue to expect net job growth, world leadership in fiscal accountability and political stability, with an explicit focus on Canadian jobs, families and their pocketbooks. The government fully intends to seize Canada's moment for the benefit of all Canadians and I would urge my colleagues on the opposite side to support it. I look forward to questions from my colleagues.
