Madam Speaker, today I am speaking about C-29, a second act to implement certain provisions of the budget tabled in Parliament on March 22, 2016, and other measures.
We are putting into action our promise to Canadians to help build a stronger and more prosperous middle class. This is what we have done over the past year, and it is what we will continue to do, not only over the next year but for the long term.
The government has an ambitious plan to better the middle class, and with that, the entire country. We have received support around the world on the steps we have taken, from the Financial Times, The Wall Street Journal, the OECD, and the IMF managing director, Ms. Lagarde, who cites Canada as a role model for its ability to mobilize all possible levers to generate growth.
This is possible because our government has taken measure of the situation by listening to Canadians in tough economic times. We have not hesitated to take action either. Since July 1, Canadians families can receive up to $6,400 per year for a child under six, and $5,400 per year for a child aged six to 17. Nine out of 10 families have seen their benefits increase by $2,300, on average.
That is why I am proud to return to Surrey and speak with my friends, neighbours, and colleagues about how budget 2016 will positively affect their lives. Surrey Centre is home to young families who are keen on making their homes and lives in Surrey, and as a national government we have a duty and responsibility to support them when and where we can. The new Canada child benefit is our government's response to this. We are putting forward a more generous, simpler, and income-tested benefit that benefits more Canadian families than ever before.
It is with a vision to the long term for our country that this second budget implementation bill would amend the Old Age Security Act. It would restore to 65 the age of eligibility for old age security and the guaranteed income supplement. In this way, Canadians would have thousands of dollars more when they retire at the age of 65. Better yet, the 2016 budget would increase the amount to the guaranteed income supplement, which targets the most vulnerable seniors, providing up to $947 more per year.
With this second budget 2016 implementation bill before us today, we are delivering on the promise, set out in budget 2016, to support senior couples who must live apart for reasons beyond their control. If one member is located in a long-term care centre and find themselves suddenly faced with new and unexpected expenses, we are putting forward a proposal that ensures that they receive high benefits, based on the individual incomes of each individual. Again, the government is true to its promise of fairness to seniors and allowing them to retire with the dignity that they so deserve.
Our plan stimulates growth by giving more financial leeway to those who need it: middle-class families and seniors. Canadians also need to feel supported and protected as consumers. The federal government is showing leadership with the bill, as it would strengthen the framework that protects consumers who use financial products and services. We want to ensure that Canada's financial sector is capable of adapting to an aging population in an age of globalization, while still innovating and using the emerging technologies that challenge existing business models.
These new measures would include: first, improving access to basic banking services; second, imposing limits with respect to certain commercial practices; and third, finally improving disclosure of information to help consumers make better and more informed decisions.
Canadians also expect that financial institutions in this country have the means and resources to ensure that the integrity of our tax system is maintained. It is to ensure that everyone pays their fair share of taxes, and when I say everyone, I also include multinationals that operate in many jurisdictions. That is why our government is committing to working with our G20 partners to develop and implement an international plan to fight tax evasion and tax avoidance. It is a plan that will enhance our current measures and adopt new ones.
One of the key instruments behind our government's plan on cracking down on tax evasion is to help support the G20 and OECD declarations on tax evasion. This is an instrument that will force major companies to report on their activities in each jurisdiction in which they operate as well as the nature of these activities. This will also allow Revenue Canada to have a global view of these large multinational corporations. This is the first in the fight on tax evasion.
I should also add that the 2016 budget provides another important measure to counter tax evasion, allowing Canada to be part of the global standard for the automatic exchange of information, which was developed by the OECD. When this law is passed and these new measures are applied, Canadian financial institutions can and will identify accounts held by non-residents and will have to report these accounts to Revenue Canada.
Meanwhile, foreign financial institutions will collect more information on accounts held by foreigners, including Canadians. There are more than 100 countries and jurisdictions, including the Cook Islands, which just last week became the 106th jurisdiction to join the most powerful international instrument against offshore tax evasion and avoidance.
This government is putting forward a plan that is based on fairness. It would provide Canadians with an optimistic view of the future. We are working to ensure that Canada continues to move forward and lead the international community, particularly with the implementation of our bold economic policies that put a focus on growing the middle class to ensure the prosperity of our country.
I encourage all members to vote for the bill.