Mr. Speaker, again, it is a pleasure to rise in the House and speak on behalf of my constituents, the people of Crowfoot, in central Alberta. It is a riding that I have had the pleasure of representing for 14 years.
I am also pleased to be able to split my time with the hon. member for Brandon—Souris.
When we talk about budgets, budget implementation acts, and the economy, there are a number of issues to which we can broaden out. Budget implementation act no. 2 would bring forward a number of measures. This morning, I would like to speak about three of those measures. I would like to speak a little bit about the economy. We have heard the opposition talk about doom and gloom and the economy of Canada. I would like to share a little bit about how Canada is leading the industrialized countries in the world in job creation and in growth.
Secondly, I would like to take some time to speak about the measures we have brought forward to help hold jobs and make certain we can create an environment where new jobs are created, and speak about how we can ensure people have the skills for those new jobs.
Finally, I would like to speak a little bit about what our Conservative government has done, especially in this budget bill and in other measures, to help support families and communities. How would the government help in a tough global economic downturn? How would it help families?
First of all, let me talk about the state of the Canadian economy. Thanks to prudent fiscal and economic decisions that were made before the recession in 2008-09, Canada has boasted one of the strongest recoveries and strongest records of the advanced economies in the world. When faced with that unprecedented global crisis, our government responded with the economic action plan, which stimulated the economy, protected Canadian jobs during the recession, and invested in long-term growth.
Today's real GDP is significantly above pre-recession levels. Our GDP is one of the top GDPs and best performing in the G7. The Canadian economy has boasted one of the strongest job creation records in the G7 over the recovery, with more than 1.2 million jobs created since July, 2009.
Canada has weathered the economic storm well, and the world has noticed. Bloomberg has ranked Canada as the second best country in the world to do business. Are people thinking about expanding a business? Are they thinking about a new business? Canada is the second best place in the world for business. Both the International Monetary Fund and the Organisation for Economic Co-operation and Development expect Canada to be among the strongest growing economies in the G7 over this year and the next year.
This does not mean that our work is done, however. For Canada, while the recession is long gone, its effects still linger in the world economy. We see signs of this global challenge everywhere. European debt is too high and inflation is very low. Given this ongoing uncertain global economic environment, it is crucial that we carefully target our initiatives to meet objectives that continue to strengthen Canada's economic action plan. That is why Bill C-43 includes measures that would help to support jobs and growth.
Last year, we reformed the skills training system to better help Canadians get quality jobs. With economic action plan 2014, our government is taking further steps to ensure that federal funding in programs is directed toward meeting labour market needs. First, our government is committed to ensuring that Canadians can find available jobs by helping them acquire the skills that will get them hired or help them find a better job.
In Canada, apprentices and skilled trades do most of their learning during on-the-job, paid employment periods. They participate in technical training. They can face significant costs to complete these periods of technical training, and they require these types of programs in order to do that. That is why we helped apprentices and created the apprentice loan in the first budget bill. This initiative certainly helps apprentices in the Red Seal trades by providing access to over $100 million in interest-free loans each year to help complete their training.
Furthermore, Bill C-43 proposes that the Income Tax Act be amended to extend the existing student loan interest credit.
By helping Canadians acquire those skills that will get them hired or help them get better jobs, we are also supporting our small businesses. That is exactly what our small businesses are looking for. They are looking for people who are employable. They are looking for people who already have the skill set when they arrive at their new workplace so that the small business does not have to spend much longer periods of time bringing their skill set up to where they can really benefit the company.
We recognize that small businesses create good jobs. We also recognize that small businesses serve as the engines of economic growth and prosperity. Small businesses employ half of the working men and women in Canada's private sector and account for two-fifths of our country's business sector GDP. That is why I am pleased that today's legislation includes the small business job credit. Ninety per cent of employees making EI contributions in Canada, about 780,000 each year, will directly benefit from the credit that we have brought forward.
In addition, this credit requires no new paperwork on the part of the business. It will be a refund through the Canada Revenue Agency, so this will not be labour intensive administratively for small- and medium-size business. The Canada Revenue Agency will calculate it and the agency will return it. Small businesses are pleased by that.
Following me, the member for Brandon—Souris will be speaking. The Brandon Chamber of Commerce has said that this credit “...has provided some fast relief to small employers, and at the end of the day, it gives those businesses a little bit more money to spend on the investment, it gives their employees a little bit more money. It's definitely good for small business...It will absolutely provide some relief for small business, and that's the core of our economy.” The chamber of commerce gets it. The member gets it. He brings the concerns and the needs of his communities to the House.
Jayson Myers, the President and CEO of Canadian Manufacturers and Exporters, also praised this initiative by saying, “The Small Business Job Credit will help a powerhouse—the thousands of small businesses—of the Canadian economy become more competitive.”
That is what we want to do in government. We want to give our businesses the opportunity to compete better, the opportunity to compete in a global economy. This job credit represents yet more action by our government to lower taxes for Canadians and for small- and medium-size businesses.
Finally, I want to touch on how our government is supporting families in our communities. Unlike the opposition, we believe that Canadians should benefit from the surplus, not bureaucracy and not big government. We want to make certain that we can put money back into the pockets of Canadian families, Canadian seniors, all Canadians.
Notwithstanding the comments made by the Liberal leader that budgets will just balance themselves, we also understand that it takes discipline, a focus on priorities, and sound judgment. It is important to understand that a balanced budget is not an end in itself but a means to an end. Right now, 11¢ of every $1 goes to service our federal debt. By balancing the books and paying down debt, we will be freeing up taxpayers' dollars that might otherwise have been spent on servicing debt, so that we can invest in such things as infrastructure and social programs. This will also help to keep interest rates low, thereby instilling confidence in consumers and investors. It will strengthen our country's ability to respond to long-term challenges, such as aging infrastructure. It will help to ensure fairness and equity for generations to come. Our government is pleased to be in a position to bring our budget into balance and to help Canadian families do that.
I see that my time is up. I will just mention also that we brought forward the child fitness tax credit and many other credits that I may be able to speak a bit about in questions and answers.