Mr. Chair, this is for the federal government. The current net debt ratio according to international calculation is 38.5%.
House of Commons photoLost his last election, in 2015, with 43% of the vote.
Business of Supply May 14th, 2014
Mr. Chair, this is for the federal government. The current net debt ratio according to international calculation is 38.5%.
Business of Supply May 14th, 2014
Mr. Chair, we are anticipating a reduction in the debt-to-GDP ratio to 25% by 2022. I do not have the numbers for the next 50 years.
Business of Supply May 14th, 2014
Mr. Chair, our economic action plan has resulted, after a robust stimulus program during the depths of the recession, in the creation of one million jobs, and in a debt level, which is one-half of that of the G7. We are expanding our trade with the world, most recently with Korea, the first Asian country with which we have entered into a free trade agreement. Then there is the landmark agreement in principle with the European Union, which will bring in half a million new consumers, a $17-trillion economy.
Through our responsible natural resource development program, we will capitalize on the opportunities that $650 billion of projects over the next 10 years will present. We will only go ahead with projects that are safe for Canadians and safe for the environment, but we believe we can do both. We can develop our resources and do it in a way which is safe environmentally.
Through a whole host of measures, including the reduction of taxes to a lower level than they have been in 50 years, our government is working for Canadians to build a prosperous future for all Canadians from coast to coast to coast.
Business of Supply May 14th, 2014
Mr. Chair, I thank the member for Cypress Hills—Grasslands for his excellent question, his penetrating remarks and his very interesting introduction.
Supporting mining, forestry and agriculture in Canada helps create jobs and economic development right across the country.
Economic action plan 2014 is proposing measures to support these important sectors, including extending the mineral tax credit for investors in flow-through shares an additional year until March 31, 2015; $18 million over four years, starting in 2014-15 for early intervention to prevent the spread of spruce budworm in Atlantic Canada and Quebec; and expanding the types of farming livestock that qualifies for tax deferral on sale by farmers during a drought or excessive moisture conditions.
First, let me expand on the first point, the extension of the mineral exploration tax credit.
According to the Mining Association of Canada, over 90,000 Canadians are employed in mineral extraction and mining support activity in communities right across the country. Promoting the exploration of Canada's mineral resources by junior exploration companies helps create jobs and economic development. By extending the mineral exploration tax credit, it will help junior exploration companies raise capital by providing an incentive to individuals who invest in flow-through shares issued to finance mineral exploration.
Since 2006, the mineral exploration tax credit has helped junior mining companies raise over $5 billion for exploration. In 2012, over 350 companies issued flow-through shares with a benefit of the credit to more than 30,000 individual investors.
Second, as the 2013 Speech from the Throne highlighted, Canada's forestry sector remains essential to Canada's rural economy. The government will continue to support innovation and pursue new export opportunities for the sector.
Economic action plan 2014 will provide $18 million over four years, starting in 2014-15 to support early intervention measures to stop the spread of the spruce budworm in Atlantic Canada and Quebec, including $2 million through Natural Resources Canada.
The spruce budworm is one of the most damaging insects to spruce trees in Canada, causing defoliation and tree mortality. Early intervention to prevent the spread of spruce budworm in Atlantic Canada and Quebec will protect the region from losing valuable forest resources to the severe defoliation that would be caused by a major outbreak.
Finally, our government will help ensure the agriculture and agri-food sector plays a significant role in the Canadian economy, accounting for over $100 billion in economic activity and providing employment for over 2.1 million Canadians in 2011.
Economic action plan 2014 highlights measures that will expand the types of farming livestock that qualify for tax deferral on sale by farmers dealing with drought or excess moisture conditions.
Business of Supply May 14th, 2014
Mr. Chair, I answered the question before. The hon. member cited rumours and now wants to be reassured that I meant what I said, and I do.
Business of Supply May 14th, 2014
No, Mr. Chair.
Business of Supply May 14th, 2014
Mr. Chair, the Office of the Superintendent of Financial Institutions is working on this issue to obtain all the information it needs. There is a great deal of information out there, and we will continue to monitor the market.
As the International Monetary Fund recently noted,
The macro-prudential measures introduced over the past few years have been effective in moderating the pace of household debt accumulation and cooling off the housing market.
Business of Supply May 14th, 2014
Mr. Chair, I do not make forecasts and I am not a market prognosticator. What we have said is that the government is focused on providing long-term stability in Canada's housing market and, reflecting this, the government has adjusted the rules for government-backed mortgage insurance on four occasions since 2008.
The most recent changes were implemented in July of 2012. There were more changes more recently, and I can run through those changes for the member.
Business of Supply May 14th, 2014
Mr. Chair, as I said, job creation and the continued well-being of Canadians are important priorities for our government.
As I explained, the real income of families in the low-income category has increased by 14% since 2006. What is more, the ratio of Canadians living in low-income families dropped to the lowest it has been in 30 years. That is remarkable.
Business of Supply May 14th, 2014
Mr. Chair, clearly, the hon. member is also being selective about which figures he mentions.
However, there are many international studies that show that the income gap between the poor and the middle class is not greater in Canada than it is in other countries. One study shows that, from one generation to another, there is more mobility in Canada than in the United States, England and Australia.