Mr. Speaker, it is my pleasure today to speak about economic action plan 2015 and to draw my community's attention to the various opportunities in this budget that will help my constituents in Winnipeg South Centre. There is something in this budget for families, seniors, and young people. It is an absolutely outstanding budget.
I am very proud of our government for fulfilling its promise to balance the federal budget. Thanks to responsible management by our Prime Minister, we have projected a budget surplus of $1.4 billion this year and $1.7 billion next year. Just like hard-working Canadians who have had to make choices to live within their means, so have we.
Before the recession, our government chose to pay down $37 billion in debt and positioned our country to survive the worst economic downturn since the 1930s. We responded very quickly and effectively to that financial crisis with a historic stimulus program and have emerged from the great recession faster and stronger than virtually any major advanced economy, and certainly the best in the G7.
When the crisis passed, our government set out the goal of balancing the budget. We have now done this, first, without raising taxes, and second, without cutting transfers for education and health care. We all have vivid memories of the slashing and gashing the previous Liberal government did to health care and education transfers in the 1990s.
Third, and perhaps of most interest to many of my constituents, while putting money back into the pockets of hard-working Canadian families and businesses, we actually cut taxes as we balanced the budget.
Economic action plan 2015 builds on our government's record of support for Canadian families by keeping taxes low and helping them to save. Since 2006, the government has introduced measures to make life more affordable for families. They include reducing the personal income tax rate and increasing the basic personal amount. We have actually taken 380,000 seniors right off the federal tax rolls. We have cut the GST from 7% to 5%. That helps every Canadian every time he or she purchases anything.
We have introduced pension income splitting for seniors, which can really help seniors on fixed incomes. We have established tax credits to support low-income individuals and families, public transit users, first-time home buyers, and families caring for disabled relatives. We are providing additional support for families with children through the children's arts tax credit, the fitness tax credit, and the adoption expense tax credit. Most recently, the government has proposed a new family tax cut and enhancements to the universal child care benefit and child care expense deduction; 100% of families with children under 18 would receive benefits.
Canadians of all income levels are benefiting from tax relief introduced by our government, but it is low- and middle-income Canadians who are receiving proportionately greater relief. This year Canadian families and individuals will receive $37 billion in tax relief and increased benefits as a result of the actions our government has taken since 2006. For example, a typical family of four will receive tax relief and increased benefits of up to $6,600 in 2015 and every year going forward, thanks to measures such as the family tax cut, the universal child care benefit, the goods and services tax reduction, the children's fitness tax credit, and other new credits.
Tax rates are lower now than they have been for 50 years. By reducing taxes year after year and enhancing benefits to Canadians, our government has given families and individuals greater flexibility to make the choices that are right for them.
Additionally, while we have been busy cutting taxes to help families, we have in turn made sure that federal transfers continue to grow to our provinces and territories. That is important, because they help pay for the social programs Canadians cherish.
In fact, major transfers including the Canada health transfer and the Canada social transfer will amount to almost $68 billion in 2015-16, an all-time high. In Manitoba, Manitobans will receive $3.4 billion in federal transfers this year, and that is an increase of 26% from the previous Liberal government.
Economic action plan 2015 would introduce new measures. It would give seniors more freedom and flexibility when it comes to managing their retirement funds. For example, our government would be reducing the minimum withdrawal amount for registered retirement income funds. I think this is very important, and this would help a lot of people out. One size does not fit all and every retiree has different needs at different times.
I am very pleased that our government would be introducing the new home accessibility tax credit. This proposed 15% non-refundable income tax credit would apply on up to $10,000 of eligible home renovation expenditures per year. Eligible expenditures would be for improvements that allow either a senior or any person who is eligible for the disability tax credit to be more mobile, safer and functional within their home.
We would also be providing up to $42 million over five years to help establish the Canadian centre for aging and brain health innovation.
We have allocated $37 million annually to extend employment insurance compassionate care benefits from the six weeks to six months as of January 16, 2016.
Our government has fulfilled our commitment of doubling the tax-free savings accounts contribution limits to $10,000. This would be very helpful to all Canadians, including the young and the old. First, we created the TFSA and now we have doubled it. TFSAs can help Canadians at every stage of life, whether in retirement, starting a business, buying a car, buying a first home or just putting some money aside because that is what we do in Canada.
By doubling TFSA limits, we would be empowering Canadians to save even more for their own priorities. Of the nearly 11 million individuals who have already opened a TFSA, and these stats are from the end of 2013, close to 2.7 million of them were seniors. Of those 11 million Canadians who hold TFSAs, 75% earn less than $70,000, and about 50% of those 11 million Canadians who hold TFSAs earn less than $42,000. These are not wealthy people, these are responsible Canadians who are putting a bit by and taking charge of their own economic future. They should be supported not condemned as they have been by the opposition.
I am extremely proud of economic action plan 2015 and, more specifically, the continued commitments that our government has made to help Canadian families and seniors. There is something in this budget for everyone in Winnipeg South Centre, and I am very proud to be part of the government that put together such a thoughtful, responsible and fiscally prudent budget that all Canadians will benefit from.