Mr. Speaker, economic action plan 2015 proposes to increase the tax-free savings account annual contribution limit to $10,000. Whether it is saving for retirement, the purchase of a home, or starting a business, Canadians can greatly benefit from the wide range of tax-free investment options that the TFSA is offering them. I am happy to say that there are now 11 million Canadians who have opened up accounts to save for what matters to them.

Support for Canadians and their families is best complemented with smart measures like relief for job-creating businesses.

First, we must not forget that small businesses are the backbone of our economy and they make invaluable economic contributions. Our government is proudly keeping its promise of delivering measures that help foster job creation for small businesses, which make up 50% of Canada's total private sector workforce. That is why economic action plan 2015 proposes to reduce the small business tax rate to 9% by 2019, which is the largest tax rate cut for small businesses in more than 25 years. This measure will reduce taxes for small businesses and their owners by an estimated $2.7 billion over the 2015-16 to 2019-20 period.

In addition, the economic action plan also supports thousands of manufacturing jobs across Ontario, for example, such as the many found in my riding of Whitby—Oshawa. Our government has proposed funding for manufacturers through the new automotive supplier innovation program, which includes providing $100 million over five years to help Canadian automotive suppliers gain a competitive edge through new innovative products and processes. Of this amount, $50 million will be reallocated starting in 2015-16 over three years from the automotive innovation fund and new resources of $50 million will be provided over a two-year period starting in 2018-19.

The automotive supplier innovation program will complement already existing initiatives, like the automotive innovation fund, by creating a favourable environment for automotive research and development while providing firms with opportunities to enter global supply chains.

In closing, economic action plan 2015 is a sensible plan that will balance our budget and directly benefit all Canadians. It builds on the disciplined choices that our Prime Minister and the previous minister of finance, the hon. Jim Flaherty, had to make when faced with economic uncertainty, and today it continues to focus on jobs, growth and security for all.

It is no wonder so many entrepreneurs, economists, community groups and experts, such as the Canadian Federation of Independent Business, the Federation of Canadian Municipalities and the Investment Industry Association of Canada have endorsed the measures that this budget has introduced. I am very proud of our government for bringing forward this balanced budget for all Canadians.

Pat Perkins