- Interactive Budget -

Archived - Finance Minister Martin's Speech - live in the House of Commons

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Clip 1

Canadians understood that fundamental problems require fundamental change. They wanted clear priorities established. And they wanted a long-term plan to achieve them.

In 1994, that plan was put in place. We have pursued it for more than four years. It is paying off today.

This budget marks a further stage in that plan. It makes it very clear -- our resolve will not weaken.

This budget will demonstrate that we have left the era of chronic deficits behind, that we are now on an irrevocable course to reduce the debt.

It is a budget that will expand opportunity for all Canadians by making access to knowledge and skills more affordable.

It is a budget that begins to reduce taxes, starting with those who need it most -- middle- and low-income Canadians.

And it is a budget that ensures that the balance of actions we take reflects the balance of priorities Canadians share -- that the values we heed are the values Canadians hold.

That is our commitment.

Clip 2

The Canada Millennium Scholarship Foundation -- a private, independent institution -- is being created. The government will provide the Foundation with an initial 10-year endowment of $2.5 billion. As a private foundation, it will be able to receive donations and bequests from across the country.

This investment will provide over 100,000 scholarships to low- and middle-income students each and every year over the next decade. The scholarships will average $3,000 each, per year. As a result, a student receiving a scholarship over four years will see his or her debt load cut by $12,000, half of what it otherwise would have been.

Clip 3

Today marks the beginning of a new partnership with parents. We believe government has a role to play investing alongside those who seek to save for their children?s education.

Therefore, effective January 1 of this year, the government will provide a Canada Education Savings Grant to supplement new contributions made to RESPs.

For every dollar contributed, up to an amount of $2,000 a year, the federal government will provide a Canada Education Savings Grant equal to 20 per cent of the total. This money will be paid directly into the child's plan.

Clip 4

This is not about compromise, not about trying to be all things to all people.

It is about meeting the diverse needs of a modern nation.

It is about managing the present, while at the same time preparing for the future.

We do not believe our society and our economy should be left to twist in the winds of globalization.

We must make change work for us -- or else we will end up working for it. That frames our challenge.

 - Interactive Budget -