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Results: 1 - 15 of 409
View Adam Vaughan Profile
Lib. (ON)
View Adam Vaughan Profile
2015-05-06 15:07 [p.13539]
Mr. Speaker, I see the members on that side cannot get the Minister of Finance to answer a question either.
Twenty-seven mayors from Ontario's largest cities were in Ottawa this week. They are feeling a little ignored. They are tired of being treated unfairly by the Conservative government. There is no new money for infrastructure this year, after no money last year. Roads, bridges, transit, they just do not build themselves. Cities need some help.
I have been asking the Minister of Finance to explain, but he is as tough to find these days as a Tory in Alberta; tough to find.
Why do these mayors have to wait? Why can these mayors not get help this year from the government? Why can they not get help now?
View Denis Lebel Profile
CPC (QC)
Mr. Speaker, it is the longest and largest infrastructure plan in Canadian history. We already transferred $2 billion last year out of the gas tax fund. We will do the same this year. We will continue to do that all across the country, in support and in respect of jurisdictions with the provinces and municipalities.
View Rathika Sitsabaiesan Profile
NDP (ON)
Mr. Speaker, from the outset I would like to let you know that I will be sharing my time with my hon. colleague from Hochelaga.
I am very grateful for the opportunity to speak today on this budget and on the NDP amendment. So many times in the House we have seen the movement of closure and time allocation, so I have not been able to speak on all of the motions and bills before the House, and I am very grateful that I have this opportunity today.
In an age of growing inequality, it seems that the Conservatives just want to help accelerate it. In Scarborough, my office hears about the need for jobs, the need for affordable and reliable transit, and the need for fairer immigration policies, among many other issues. Across Canada, communities are struggling to cope with major job losses.
In Scarborough, we are a fast-growing community. In 2011, there were about 616,000 people living in Scarborough. As an area, our average household income is below the provincial average, and so is per capita income. There are many people struggling to make ends meet in our community. We have many small and medium-sized businesses that are the real job creators. We have been waiting for a budget that meets our needs and priorities, but frankly, this is not the budget we need.
Canada's economy is not strong without a strong middle class, and Scarborough is home to many in the middle class. From this budget, it is clear that the Conservatives either do not understand the realities of middle-class Canadians or just do not care. Instead of taking action to help Canadians get ahead, the Conservatives are stubbornly pushing their schemes that would help only the richest 15% of Canadians.
The Conservatives simply do not understand the priorities of Scarborough and the priorities of Toronto. This region has lost hundreds of thousands of good manufacturing jobs, yet the Conservatives have offered the bare minimum of support for manufacturing and have failed to build a balanced economy. Toronto alone has lost 24,600 jobs in the last six months and nearly 100,000 manufacturing jobs since the Prime Minister took office. The Conservatives have failed to build a balanced economy that works for our city.
Looking at the budget, it is clear that it would not address our city's looming affordable housing crisis either. It would fail to extend funding for social housing. The $150 million in the budget would not address the scope of the challenges facing our cities. Right now, there are 167,022 people on the City of Toronto's affordable housing wait list. Our city is committed to working on social housing, but it needs federal support to meet this glaring need.
However, something we do see in this budget is the government's income-splitting scheme, which the former finance minister, Mr. Flaherty, strongly opposed. Financial experts have warned that 85% of Canadians would get nothing at all from the Conservatives' income-splitting scheme, yet this is what the government has put forward. This wasteful and unfair policy would take billions from middle-class Canadians, who need the help the most, and hand it over to the richest 15%. This makes no sense at all when one in two Canadians lives paycheque to paycheque and countless others work full time but still fall below the poverty line.
For ten long years of the Conservative government, we have seen billions dumped into tax giveaways to the largest corporations and tax loopholes for CEO salaries. With rising inflation rates and storm clouds looming for our economy, most of us would not benefit from this income-splitting scheme, which is really there just for the wealthy few, or from the doubling of the TFSA limit, or from the tax loopholes for CEOs. These would not benefit most Canadians.
Where are the measures in this budget that support middle-class Canadians? We know that people are going to need strong supports if this storm materializes and our economy faces a further downturn.
We could benefit from closing the tax loopholes to fund the recent commitment to eliminate child poverty. My motion to eliminate child poverty was supported almost unanimously here in the House, but we do not really see any measures in this budget that work toward that goal.
Unfortunately, this budget continues the $700-million loophole for CEOs to avoid paying taxes on stock options, forcing ordinary Canadians to pay more.
We could provide a helping hand for parents looking for child care, return the retirement age to 65 from 67 for Canadian seniors, and create a $15 minimum wage so that people have more money in their pockets and support they can rely on.
I must mention some of the victories, which are measures that are actually good in this budget. I am pleased to see that NDP proposals, which the Conservative government voted down in the House already, have now, of course, shown up in the budget. These are measures such as decreasing taxes on small businesses, increasing the time working Canadians dedicate to caring for their ill loved ones, stimulus for investment in manufacturing, and extending basic workplace protections for interns. I am also glad to see the government act on the NDP proposal to extend the accelerated capital cost allowance for manufacturing investments and new equipment.
It is great that any of the positive measures in this budget are really all NDP proposals. This demonstrates to Canadians that clearly we are ready to be the government and should just write the entire budget next time around.
Small businesses have watched their tax rate drop 1% since the Conservatives took office, to 11% from 12%, while watching the corporate tax rate drop 7%, from 22% to now 15%, which included a now defunct surtax, over the same period. This budget proposes to drop the small business tax rate by 2% by 2019, which is exactly what the NDP had proposed, but the Conservative government voted against it. It would bring the tax rate for small and medium-sized enterprises from 11% to 9%. Nevertheless, it is good to see the government adopting another NDP proposal.
We also believe in extending basic workplace protections for interns, and I commend the government for supporting this NDP initiative also. Again, I wonder why the government just recently voted down the same measures in my New Democrat colleague's private member's bill, but it is what it is.
The Conservatives have brought forward the NDP proposal for seniors for registered retirement income funds, RRIFs, and have reduced the amount seniors must withdraw from their RRIFs so that they are not forced to deplete dangerous amounts of their savings.
However, the Conservatives have broken their word to seniors on pensions, and this budget shows no sign of their changing course. The current government plans to raise the retirement age for old age security from 65 to 67, and the Conservatives have blocked progress to boost CPP and QPP benefits.
Finally, the budget accepts the long-time NDP proposal on the employment insurance compassionate care benefit that would extend it from six weeks to six months, which will begin in January 2016. I am very happy to see another NDP initiative brought forward in this budget.
However, I would be remiss if I did not mention at this point that access to employment insurance has dropped to historic lows following cuts by the current Conservative government, leaving many Canadians unemployed and unable to get the support they need. Sadly, this budget does nothing to ameliorate that situation.
I also believe that this budget is short-sighted at a time when Canada needs vision. What are we passing on or leaving behind to future generations?
The Conservatives plan to double the annual contribution limit for the tax-free savings account to $10,000. This is another unfair scheme that only helps the rich. Most Canadians can only dream of those kinds of savings. Worse yet, this measure will cost Canadians $20 billion over the next four decades. The response from the Minister of Finance that our grandchildren will deal the problem is simply unacceptable. It is not responsible to burden our grandchildren with this $20-billion problem just because this government wants to create another venue for their wealthy friends to put away more money. I wish the Minister of Finance thought of the vast majority of people living in Toronto who just cannot afford to part with $10,000 every year.
According to one of the new reports from the Metcalf Foundation, authored by one of my constituents, John Stapleton, on the working poor, 63 of Toronto's census tracts show an increase in working poverty rates between 2006 and 2012, while only 14 show a decrease. In 2012, the report noted, there was a major deepening of the incidence of working poverty in census tracts for the northern parts of Toronto, representing a constituency that is only north Scarborough. This is very concerning for me and the constituents I represent.
I would have liked to have had more time to go through more issues, such as gridlock and more instances of poverty. I hope someone will follow up with that in the questions and answers.
View Pierre Nantel Profile
NDP (QC)
Mr. Speaker, I would like to congratulate my colleague from Scarborough—Rouge River on her speech, which pertained directly to her community and raised very specific things about this budget that we condemn, namely, the fact that this government's priorities are completely out of touch with the reality of Canada's middle class.
The government seems to have stolen its ideas from our platform—yes, we are prepared to take office—even though we have to admit that those ideas will benefit Canadians. What is more, our ideas seem to be the only good things about this budget.
Could my colleague elaborate on that?
View Rathika Sitsabaiesan Profile
NDP (ON)
Mr. Speaker, my colleague is right. Any of the good initiatives that we see in the budget are strictly taken from NDP proposals that we have made public over the last many years and which we have been working on for many years. It adds to the proof that when we combine all budgets at the federal, provincial and territorial levels, the NDP has balanced the budget more often than any other party. The Conservatives are now promising balanced budget legislation but those are just words coming out of their mouths. As usual they are saying, “Please, believe us. We are going to do better”.
Our country deserves better. That is what the NDP is doing. We are going to continue fighting for Canadians. The presentation of this budget goes to prove that the NDP is the only party that is standing up and fighting for middle-class Canadians.
New Democrats are ready to form government. We are ready to write the budget next time around.
View Marjolaine Boutin-Sweet Profile
NDP (QC)
View Marjolaine Boutin-Sweet Profile
2015-04-28 10:21 [p.13094]
Mr. Speaker, my colleague would have liked to speak about infrastructure and public transit, but she did not have the chance to do so. I would like to give her that opportunity because I think she agrees with me that the budget is seriously lacking when it comes to infrastructure and public transit, particularly for a city such as Toronto.
View Rathika Sitsabaiesan Profile
NDP (ON)
Mr. Speaker, gridlock costs Canadian cities billions of dollars each year. Earlier, I presented a petition which says that Canada is the only OECD country that does not have a national public transit strategy. We know there will be a gap of $18 billion over the next five years with respect to infrastructure needs.
The NDP proposed a bold urban plan for permanent, stable and predictable funding for public transit. The Conservatives talk the gridlock game, but they do not really do anything. Their scheme is filled with so much red tape that the municipalities will not even be able to get their hands on the money they desperately need to invest in our crumbling cities.
In Toronto, bridges and roads are crumbling and are literally falling on top of cars that are driving below them. In Scarborough, we are so reliant on buses in our community. In Scarborough—Rouge River and north Scarborough we are reliant on surface level buses only. The Conservatives are continuing to leave people in Scarborough waiting on the streets for buses.
View Marc Garneau Profile
Lib. (QC)
Mr. Speaker, I appreciate my colleague's comments today, most of which I agree with.
One of the things we in the Liberal Party have noticed concerning the budget is the total lack of focus on something that is incredibly important, which is economic growth. As we know, in January our economy actually contracted. We heard the Governor of the Bank of Canada's comment about an atrocious start to the year. The CIBC said that we have the worst job quality in 25 years. The numbers are still pretty high on unemployment.
What would the NDP propose in terms of growth? I know New Democrats consider it to be an important aspect of the budget.
View Rathika Sitsabaiesan Profile
NDP (ON)
Mr. Speaker, we know that the economic growth projections have actually been downgraded. The budget is balanced in 2015, but persistent weak economic growth has dramatically reduced the expected surpluses.
The Minister of Finance touts that there will be a surplus and that he is investing it in communities and our seniors, but really we do not see that. We need to make sure that we are investing in our small and medium-sized enterprises even more. The government has continued to give away tax breaks and create loopholes for the large, already profitable corporations and CEOs instead of actually investing in our small and medium-sized businesses that are the economic engines of our local communities and the ones that are really creating jobs in our communities. The Conservatives are not really investing in them.
View Marjolaine Boutin-Sweet Profile
NDP (QC)
View Marjolaine Boutin-Sweet Profile
2015-04-28 10:24 [p.13094]
Mr. Speaker, once again, I am disappointed with the budget the government has presented.
I thought that in an election year, the Conservative government might throw people who are less fortunate a bone to try to win their votes. However, much to my dismay, the 2015-16 budget offers them nothing. In reality, I am not surprised. Those people are not the Conservatives' target demographic.
Again today, I am going to talk about issues that are very important to me and were overlooked in the budget: housing and homelessness.
I want to set the record straight right away on the fight against homelessness. The word “homelessness” appears only three times in Canada's economic action plan for 2015, and in all three cases, the budget refers to announcements that have already been made. The Conservatives are just repeating old announcements that were made two years ago and were not even good news then.
The first mention is to remind Canadians that in 2013, the government renewed only part of the funding for homelessness. Personally, if I had made cuts to an already insufficient amount of funding two years ago, I would not remind everyone of what I had done. The other two instances where the word “homelessness” appears remind Canadians that the government unilaterally changed the way the homelessness partnering strategy works, to focus on the housing first approach.
Since this approach was adopted at the time of the last call for proposals, it has become clear that directing all the funding to one area has had serious consequences: many groups that provide front-line services are realizing that they will no longer be eligible for funding that they have been receiving for years now.
Many essential services provided to the homeless through a variety of approaches, including prevention measures, are simply disappearing. How short-sighted this government is being. It would have been better if the Minister of Finance had said nothing at all, rather than rubbing salt in the wound.
I would now like to shift the discussion to housing, a subject that is extremely important to the NDP, although clearly, it is not something that the Conservatives put much thought into.
Through some accounting gymnastics and by manipulating numbers and language, the Minister of Finance tried to make it look like he was actually following through on what the NDP has been calling for for years, implying he would stop cuts to social housing when the long-term agreements between social housing providers and CMHC expire.
Let us set the record straight: no new funding for social housing has been announced, beyond what had already been invested in previous years, and I think the budget has even been cut. I will come back to that in a bit.
The budget plays with words and throws numbers around to create confusion among housing groups. However, some of those groups are beginning to realize the extent of the trickery and have contacted my office to confirm their fears.
In addition, as recently as last Friday, FRAPRU used social media to send the message that contrary to what most people thought they read in the federal budget presented last Tuesday, there are no new investments to maintain the $1.7 billion in funding in the long term. This funding helps subsidize 568,600 social housing units in Canada, including 125,500 in Quebec. I cannot believe a Canadian government would stoop so low.
The estimates in table 4.2.1 of the budget speak for themselves. The only new amount is $150 million in relief over four years to allow co-operative and non-profit social housing providers to prepay long-term, non-renewable mortgages held with Canada Mortgage and Housing Corporation without penalty. Many of those mortgages were taken out at interest rates in the neighbourhood of 20%. This will enable providers to undertake necessary renovations or help their lowest-income tenants.
This ministerial decision too is at least two years old. I supported the Co-operative Housing Federation of Canada's call for this and hounded the ministers about it a few years ago. Finally those groups were successful.
Imagine this: when a social housing provider wanted to negotiate a mortgage with a credit union, for example, at the best interest rate on the market, CMHC forced them to pay a penalty equalling the total residual interest, which was a huge sum of money.
The $150 million the government is offering to help groups get out of their mortgages without paying that penalty was framed as an investment, but I think it is actually a cut.
When the minister made that decision several years ago, no cap was set.
Now, we are talking about a maximum of $150 million over four years, which will not be available for another year and will be broken down as follows: $50 million in 2016-17, $50 million in 2017-18, $25 million 2018-19, and $25 million in 2019-20.
What happens if this is not enough money to help all the social housing groups that want to break their mortgage with CMHC without paying the penalty? As I was saying, there never used to be a limit. Now, there will be a maximum of $50 million for the next two years and a maximum of $25 million for the following two years. This seems more like funding cuts than new funding.
There is tremendous need for housing across the country. Twenty-five years from now, the $1.7 billion allocated to social housing will have completely disappeared. The 570,000 social housing units and as many families currently receiving federal funding might end up in hot water. What is more, according to the most conservative estimates, more than 300,000 housing units are in jeopardy in Canada.
I have a few tangible examples of the repercussions of the Conservatives' inaction on social housing. In my riding, Hochelaga, Carole Parent, a resident of the Odyssée housing co-operative, whose long-term agreement is ending in the next few months, will see her currently affordable rent go up by $200 a month. Ms. Parent is unable to hold a job because of her physical condition, and she cannot afford to pay this new rent. What is she to do?
What do the Conservatives have to offer other people across Canada who, like Ms. Parent, will no longer be able to pay their rent when their social housing provider is no longer able to subsidize them and will have to increase the rent?
I have another example, but this time in Ontario. In 2013, the executive director of the Native People of Sudbury Development Corporation came to me to testify about a situation that occurred in his community. That October, two Sudbury families had to move out of their apartments because their rent had jumped from less than $400 a month to more than $900 a month. The housing provider had to rent the apartments at market price in order to pay the bills. That meant the loss of two more social housing units.
Those are just a few examples of what is happening right now, and the worst is yet to come.
The government continues to repeat the same scripted lines to the effect that their budget is a good thing for those less well off. Instead of announcing measures that will only benefit a small part of the population, Canada's rich, the federal government could easily help low-income families and make life more affordable for the middle class by ensuring that housing is actually affordable in Canada.
Investing in social housing by spending the amounts saved when the long-term agreements expired on maintaining rent subsidies for families in need, helping social housing providers pay for renovations and contributing to the construction of new units would at least be a start that would not affect the current budget.
When we, the NDP, win the next election and form the Government of Canada, we will work with the provinces, territories, municipalities, first nations, housing providers and groups in civil society to achieve that goal. We have to ensure that everyone has adequate, affordable and sustainable housing.
Housing is an important determinant of health. Money spent on housing is an economic and social investment. In the medium term, it would reduce government spending on health, public safety and justice. Truly affordable housing where tenants and owners would not have to spend more than 30% of their income on shelter would allow them to invest in other sectors of the economy by buying better quality food or a public transit pass to go to work, or by investing in their children's education.
Canada is a party to international treaties recognizing that housing is a right. We must now put words into action. Cities and communities across Canada need the federal government to be a stable and long-term partner in housing.
View Marc Garneau Profile
Lib. (QC)
Mr. Speaker, I thank my colleague. She focused primarily on social housing, which is extremely important, but I know that homelessness is also important to her, and it is to me as well.
I would like to ask her what she thinks about the government's attitude towards the homelessness partnering strategy. The government does not seem to realize that homelessness will, tragically, be around for many years. In fact, the problem is even growing. Furthermore, the agencies that work in this area and could help the homeless need predictable, long-term funding instead of last-minute, piecemeal funding. Of course, this would require a good relationship between the provincial and federal governments. They need to talk to each other.
What does my colleague think about homelessness and long-term funding to combat homelessness?
View Marjolaine Boutin-Sweet Profile
NDP (QC)
View Marjolaine Boutin-Sweet Profile
2015-04-28 10:35 [p.13096]
Mr. Speaker, I thank my colleague for his question on an issue that is close to my heart.
As I said earlier, in budget 2013, the Conservatives renewed the budget for the homelessness partnering strategy, but they reduced the amount. The budget had not been indexed since it was created, which means that the budget had been going down and then it was actually cut in 2013. There is not enough money.
Then, the Conservatives came up with the new housing first approach. I completely agree that we need more housing. I mentioned that. However, this approach only helps one group of people: people who are in desperate need of housing and who experience chronic or episodic homelessness. The approach does absolutely nothing to address hidden homelessness or to prevent homelessness. This is a short-term vision, since the budget was renewed for five years instead of for a longer period.
Furthermore, if we give food to people who have to choose between paying the rent and paying for food, for example, we could prevent them from ending up on the street. We must not wait for people to end up on the street before we provide assistance. It shows our humanity when we help prevent people from ending up on the street instead of helping them only after they are already there.
View Dany Morin Profile
NDP (QC)
View Dany Morin Profile
2015-04-28 10:37 [p.13096]
Mr. Speaker, as the voice of the people of Chicoutimi—Le Fjord in Ottawa, I would like to quote Sonia Côté, coordinator at Loge m'entraide, an organization that represents low-income people who are looking for affordable housing. In response to the federal budget, Ms. Côté said:
This is another slap in the face from the [Prime Minister's] government to poor tenants who, over the next few years, will lose the subsidies that currently allow them to spend 25% of their income on housing. Overlooking them like this is a totally inhumane thing to do.
In light of Ms. Côté's expertise in the area of affordable housing, does my NDP colleague agree with what she said?
View Marjolaine Boutin-Sweet Profile
NDP (QC)
View Marjolaine Boutin-Sweet Profile
2015-04-28 10:38 [p.13096]
Mr. Speaker, Ms. Côté, much like Mr. Saillant from FRAPRU, is in a very good position to know what is happening on the ground.
Every time I ask the Minister of State for Social Development a question about the agreements expiring, I get the same answer. She tells me that the agreements have expired and that these groups should be able to help people who cannot afford to spend more than 25% to 30% of their income on housing. However, this does not reflect the reality. Expenses have gone up faster than incomes. There are a number of housing co-operatives, for example, that are currently in a very difficult financial situation. We have had to download this onto the provinces. In its most recent budget, the Quebec government, for instance, offered assistance to groups whose funding is expiring, but only for two years.
Is that what the federal government wants to do? It is in a much better position to support housing than the provincial governments are. It is absolutely critical that the federal government do not abandon its support for social housing.
View Dean Allison Profile
CPC (ON)
View Dean Allison Profile
2015-04-28 10:39 [p.13096]
Mr. Speaker, I am certainly honoured to rise in the House today to speak to the budget, economic action plan 2015. Before I get started, I want to indicate that I will be splitting my time with the member for Kamloops—Thompson—Cariboo, who has graciously let me go first so I can get to a committee meeting that I must chair.
Each year, we gather in this House as a matter of tradition and obligation to recognize the importance of planning and of creating the conditions that ensure that this country will continue to be the greatest place in the world to live and to work. I can assure members that this country is the greatest place in the world to live and to work.
Time and again, we are confronted with the challenges of uncertainty, risk, and change. This year, our way of life and security was threatened, presenting us with a new, albeit equally important, challenge. I am proud to stand behind a government that has consistently responded to all of these challenges with the same quality leadership.
In this year's budget, we continue to exhibit the leadership Canadians deserve by staying true to the principles that put us in government in the first place: supporting hard-working Canadian families, supporting small business, and consistently daring to innovate and grow our economy in ways that make Canada a world leader. Today, I will spend the time I have, speaking about these three parts of the budget and how they combine to offer a strong vision for what this great nation can be in 2015 and in the years to come.
Supporting hard-working Canadian families is where my journey as a member of Parliament began and it is where I begin today. Central to my values is a belief in the importance of community and the importance of family. One of the unique aspects of this country rests in the Canadian family unit. Moms and dads working equally hard to pay for daycare, put their oldest through another year of university, pay for activities like hockey and dance, and eventually pay off the mortgage on their first home make up a snapshot of what it means to raise a family here in Canada. I know that raising a family is hard work, and I believe that any investment in Canada's future means investing in ways to help our Canadian families. Simply put, measures introduced by our government in this budget would make life more affordable for every single Canadian family with children across this country.
Increasing and expanding the universal child care benefit, or the UCCB, to provide every family in Canada with an additional $720 per child under the age of 18, and introducing the family tax credit, are two out of many ways in which we plan to help support raising a family here in Canada. All in all, this budget would ensure that the average Canadian family of four gains average benefits of more than $6,600 every year. One of the most important aspects of these benefits is that every single Canadian family would receive them.
Part of why I am so proud to stand here in the House today in support of the economic action plan 2015 comes from this budget's recognition that no two families have the exact same needs. It is through accepting this reality that we as a government have taken seriously our duty to introduce programs and policies in the 2015 budget that would help all families and would leave the most important decisions to the true experts, which happen to be moms and dads. Great examples of such programs lie in our continued support for benefits such as the children's arts tax credit and the children's fitness tax credit, which promote the importance of arts and fitness programming among children through credits of up to $500 and $1,000 respectively.
Additional programs such as the first-time home buyers' tax credit, the expanded home buyers' plan, and the public transit tax credit would help Canadian families with the process of buying or building their first home. No matter what stage a family is at or where it needs most help in shouldering its expenses, this government has made it clear that it will be there for Canadian parents and their kids.
Building on the base of the family, this government has committed a great number of resources in this year's action plan to provide communities across Canada with the infrastructure and support they need to continue providing the high quality of life that Canadians should expect.
The new building Canada fund is a key example of one of these investments to the community, earmarking $5.35 billion per year for provincial, territorial, and municipal infrastructure. Another is the creation of the new public transit fund that would ramp up to $1 billion a year to reduce urban congestion and gridlock in Canada's largest and dynamic cities. It is one example that comes to mind. Under the $33 billion building Canada fund launched in 2007, we supported more than 12,000 infrastructure projects from coast to coast to coast, and we would continue to support projects that make up our communities' great spaces in which to raise families.
To me, part of taking pride in the strength and the resilience of community is tied to taking pride in the businesses that are rooted in communities. Making up over 90% of Canadian businesses and employing two-thirds of all Canadians, small businesses are an essential part of what makes our Canadian communities so great and unique. Our communities grow, and this is something I have believed to be true for my riding since first being elected in 2004.
This government believes in small businesses, and therefore wants them to not only grow but prosper and triumph. That is why, since forming government, we have reduced the small business tax load by almost 50%, and in this budget we would continue to invest in small-business owners throughout this nation.
Part of this investment is through our slashing EI premiums for small businesses through our small business job credit. This credit would be effective for two years, beginning in 2015, and available to employers paying $15,000 or less per year in EI premiums, so that is approximately $570,000 in EI assessable payroll in Canada. The net result of applying this credit would be a 15% reduction in employment insurance premiums paid by small businesses over the next two years and roughly $0.5 billion in savings from small firms and payroll tax cuts.
The CFIB has commended measures like these that make it easier to hire new workers or invest in additional training to help Canadian entrepreneurs grow their businesses.
Feedback such this drives our government to work even harder to help small businesses where we can. In this year's budget we continue to commit to the following: reducing the small business tax rate from 11% to 9% by 2019, allowing small businesses to do what they do best, invest in their companies and create jobs; improving access to financing for Canadian small businesses under the Canada small business financing program, which since 2006 has provided more than 50,000 loans to help new businesses get started and expand; increasing access to venture capital financing to help innovative, high-growth companies grow and create jobs.
Accompanying these measures, this year's budget would enshrine into policy what has been made clear through the Red Tape Reduction Commission in its finding that needless red tape kills jobs and growth for small business. Cutting the red tape burden by eliminating more than 800,000 payroll deduction remittances to the Canada Revenue Agency, made every year by more than 50,000 small businesses, marks a step towards jobs and growth for small business owners. Pairing this policy with the freeze on EI premiums demonstrates a winning strategy for small businesses and their ability to gain the certainty and flexibility that they need, to continue being key parts of Canada's economic success story.
It is measures like these that allow for small businesses to gain support, stay competitive, thrive, and prosper. An important part of leading Canadian small businesses towards paths of success is ensuring that their paths towards success are not stifled by red tape and raising the capital necessary to grow.
It also means, most importantly, investing in the futures of Canadian entrepreneurs. We take seriously the need to invest in tomorrow's best and brightest small business owners by allocating substantial resources to the future of entrepreneurs in Canada.
Economic action plan 2015 would support entrepreneurship by investing substantial resources into internships in small business and supporting leaders in the promotion of entrepreneurship, such as the Canada Youth Business Foundation.
By investing $15 million for up to 1,000 post-secondary graduates to intern in small and medium-sized businesses across Canada, and further providing $49 million to the CYBF, this budget would create the supports needed to make sure that Canadian entrepreneurs are part of the unique success story emerging from this great nation post-recession.
Strongly tied to entrepreneurship and what is perhaps the most important part of this budget is the vision it articulates for research and innovation. This budget would make substantial investments in world-class research and innovation by providing more than $1.5 billion in funding over five years to advance the government's renewed science, technology, and innovation strategy.
Enshrined in this investment is the belief that the real key to Canada's future prosperity is investing in making Canada a hub for cutting-edge research and innovation. We are currently ranked number one in the G7 for our support for scientific research and development in our colleges, universities, and other research institutes. However, why stop here?
By supporting innovation in our post-secondary institutions and centres of higher learning, we commit towards continuing to foster the sharpest minds when it comes to driving Canadian-made ideas, research, and technologies.
This generation will receive the support it needs to thrive, starting with this budget's commitment to the following: expansive support advanced research infrastructure at universities and colleges through new funding to the Canada Foundation for Innovation; and landmark investment in post-secondary education through the creation of the Canada first research excellence fund, with $1.5 billion over the next decade.
These initiatives would combine to create results for all Canadians. By remaining committed to the principles upon which we were elected, we have created 1.2 million net new jobs since the depths of the downturn and have delivered the lowest overall federal tax burden in over 50 years.
Supporting hard-working Canadian families, supporting small business, and consistently daring to innovate and grow our economy in ways that make Canada a world leader represent the road map for this accomplishment, but leadership is what has made this possible.
What separates a simple plan or design from true leadership is the willingness or the wherewithal to innovate and excel above the status quo.
By putting forward a budget like the economic action plan, we are allowing every Canadian to do what they do best. We are continuing to uphold our commitment to make this great nation the best that it can be in 2015 and the years to come.
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