Mr. Speaker, it is a great honour and privilege to rise in this House today to speak about our latest Conservative budget.
In addition to being a responsible, prudent and well balanced budget, which reduces debt and helps Canadians, several good initiatives in this budget were very well received by the constituents in my riding of Glengarry—Prescott—Russell. They include real measures for business, agriculture, infrastructure and, naturally, families and seniors, the very foundation of our society and closest to our government's heart.
Before going into the details, allow me to mention once more some of the initiatives taken by this Conservative government since coming to power just two years ago.
We kept our promise made to Canadians to reduce the GST from 7% to 6% and then to 5%, and we did so ahead of schedule. We reduced taxes by cutting personal income tax rate from 15.5% to 15%. Furthermore, the basic personal exemption was increased to $9,600 and will rise to $10,100 in January 2009. A new $2,000 child tax credit will result in savings of hundreds of dollars for millions of Canadian families.
Corporate income tax rates have been cut drastically and will move from 22% to 15% by 2012, giving Canada the lowest federal corporate tax rate of all G-7 countries.
We reduced taxes for small business to 11% one year earlier than promised. Once again, these initiatives will give Canada one of the most competitive corporate tax rates in the world. In total, more than $200 billion has been invested in tax cuts since our government came to power.
Our Conservative government realizes that the months and years to come are full of uncertainty. For that reason, the theme of the budget is responsible leadership. It is vital that we proceed with a sense of caution and responsibility. This budget encourages Canadians to do the same. I am referring to the new tax-free savings account. For the first time in Canada's history, Canadians from all walks of life will have the opportunity to save their hard-earned money, which has already been taxed, without being penalized.
That does not mean that we will no longer do things to help Canadians. As I was saying, the people of Glengarry—Prescott—Russell are big beneficiaries of the priority spending announced in this government's budget. One of these priorities is infrastructure. I was very pleased to see in the previous budget the introduction of the building Canada fund, which is a $33 billion fund for infrastructure. During the past year, this program has helped finance a number of infrastructure projects that are resulting in a better qualify of life for the people of my riding, from Hawkesbury to Clarence-Rockland and everywhere in between.
In addition to this historic building Canada project, which was part of the previous budget, this new budget does even more to meet the infrastructure needs of my constituents by making the gas tax fund permanent. This will bring in millions of dollars annually for the municipalities, which will help them to better plan and finance their infrastructure work in the long term.
A large part of my riding is also dedicated to agriculture, and there is something in this budget for that as well. Since 2006, this Conservative government has taken direct action to help farmers. In fact, we have provided $4.5 billion in additional funding to farmers. This is funding above and beyond the annual funding provided to farmers.
We all remember the hardship felt by our cattle producers during the past few years and now more recently by our pork producers, which is why the government is accelerating programs designed to help them in their time of need. One new measure being introduced in this budget is a $50 million fund to be delivered to hog farmers to reduce the overstock that is currently putting pressure on the hog industry. This investment should translate into a 10% reduction, which is welcome news for the struggling producers of my riding. In addition, our Conservative government is delivering real support by making up to $3.3 billion available in loans to help producers weather current storms and adjust to new market realities.
Our government has listened to producers. We have worked with producers and now we are delivering for producers.
On the issue of seniors, there is no doubt that they are the big winners in this budget. In fact, even the Globe and Mail on Wednesday named seniors as being among the biggest winners. This is because our government has shown tremendous leadership and initiative by allowing pension income splitting for seniors and pensioners, something which has never been done before. We are also raising the tax exemption for income earned under the guaranteed income supplement from $500 to $3,500, a sevenfold increase. Seniors asked for this and we are delivering.
We also realize that with the increased life expectancy of Canadians, many seniors are willing to stay in the workforce longer and continue living as productive members of our society. Previously these seniors were penalized. By permitting phased retirement, we are giving older workers the choice to stay in the labour market.
As for RRSPs, we are also increasing the age limit for converting them from age 69 to age 71.
My constituents in Glengarry—Prescott—Russell welcome the additional fiscal measures taken by this government regarding the effort of tackling crime and bolstering our security.
In addition to making a giant leap in the right direction with the passage of Bill C-2 just last week, budget 2008 calls for a significant investment toward the creation of a new police officers recruitment fund. By allocating $400 million toward the recruitment and training of new police officers, our government is planning on assisting municipalities with the hiring of an additional 2,500 police officers throughout the country.
I can already hear the NDP, a party which opposes our efforts to better protect Canadians by getting tough on crime, complain that there is too much of a focus on correction and not enough of a focus on prevention. Allow me to respond that this is simply not the case.
The fact is that we are dramatically increasing the funding toward the national crime prevention program. This budget is investing an additional $60 million over the next two years, essentially doubling the annual funding, which currently stands at $33 million. These funds are used by the national crime prevention strategy in partnership with community groups designed to help vulnerable families and children determined to be at risk of later engaging in criminal activity, including gang or drug crimes.
As the Parliamentary Secretary for Official Languages, I am very pleased to see in budget 2008, that our Conservative government intends to go beyond its previous investments by developing a new action plan for official languages, since the current five-year action plan is coming to a close this year. The priority of the government's new action plan will be to protect and promote linguistic duality across the country.
As a member of Parliament who represents a riding with a very large official language minority community, I very much appreciate the work that has been done by Bernard Lord and, now, by the hon. Minister of Official Languages to ensure that the necessary measures for ensuring the vitality and development of these communities will be included in a new action plan.
In closing, this budget is fabulous news for the people of Glengarry—Prescott—Russell and Canadians across the country. It is a responsible, well-balanced budget that respects its commitments to Canadians and will help our country to move forward in the year to come.
I want to thank the hon. Minister of Finance for his work and the consultations he held to produce budget 2008.