Mr. Speaker, with economic action 2014, our government continues to demonstrate the importance of a strong public financial system for creating jobs, growth, and opportunities for all Canadians. We are on track to balance the budget without raising taxes. In fact, we have reduced taxes, and we have done it while protecting the programs and services Canadians count on.

Economic action plan 2014 projects that the deficit for this fiscal year will decline to $2.9 billion, and a surplus of $6.4 billion is expected next year, as promised. Our plan before the House, through Bill C-43, would build on our record of achievement since 2006, with positive measures to grow the economy, support employment, and support Canadians.

Budget 2014 has broad components that would benefit every segment of our society, but the two I will touch on are Canadian seniors and Canadian farmers. Both of those are major demographics in my Lethbridge riding in southern Alberta. I will start by talking about our support for seniors.

Our Conservative government recognizes that Canada's seniors helped build our country and make it great. That is why economic action plan 2014 would introduce new measures to improve the quality of life for Canada's seniors, including enhancing the new horizons for seniors program by increasing funding by an additional $5 million a year. Seniors organizations within my Lethbridge riding have reaped the benefits of this program that ensures access to lifelong learning and upgrades to facilities used by seniors.

We would also launch the Canadian employers for caregivers action plan to work with employers so that caregivers could maximize their participation in the workforce while also providing care for their loved ones.

We would expand the targeted initiative for older workers by investing $75 million to help unemployed older workers put their talents and experience back to work. We would protect seniors using financial services by requiring enhanced disclosure by banks of the costs and benefits of using power of attorney and joint accounts and would require more staff training related to services used by seniors. This would build on our government's strong record of supporting Canadian seniors.

Since 2006, about $2.8 billion in annual tax relief has been provided to seniors and pensioners, including the introduction of pension income splitting. Seniors have told me that it has saved them taxes every year. They are very appreciative of this tax break. It helps them meet their day-to-day expenses and helps them overcome some of the barriers from fixed incomes. We hear that reported in our office almost every day.

It is interesting to note that in 2006, when we introduced income splitting for seniors, there was not a cry that it only applied to seniors. Most people today recognize that our income splitting for families is just another measure, not a measure intended to cover all bases.

We would also increase the age credit amount by $2,000. We would double the pension income credit to $2,000 and would increase the amount that guaranteed income supplemented seniors could earn through employment, without any reduction in their GIS benefits, from $500 to $3,500. A single pensioner, for example, earning $3,500, would now be able to keep up to an additional $1,500 in annual GIS benefits.

We would increase the age limit for RRSP to RRIF conversions to 71 from 69.

I will stop here and continue after question period.

Jim Hillyer

Transcript

Government Orders

Discussions (0)