Federal Finance Minister Hon. Jim Flaherty has introduced Bill C-45, the Jobs and Growth Act, 2012, the government's second Budget Implementation Bill.

The Minister promoted the extension of the Hiring Credit for Small Business for one year, which extends employment insurance tax breaks to small businesses who want to hire workers in the next 12 months.

Bill C-45 also amends the Navigable Waters Protection Act to rename the Act the Navigation Protection Act and requires the Minister of Transport's approval for anything that would be likely to interfere with navigation. It also specifically exempts pipelines and interprovincial power lines from the definition of "works" that would be reviewed under the Act.

The Bill also phases out tax credits for the mining and oil and gas sectors (Corporate Mineral Exploration and Development Tax Credit, Atlantic Investment Tax Credit).

Other provisions in the Bill are related to: promoting interprovincial trade; improving the legislative framework governing Canada's financial institutions; facilitating cross-border travel; removing red tape and reducing fees for Canada's grain farmers; supporting Canada's commercial aviation sector; improving Registered Disability Savings Plans; improving the administration of the Canada Pension Plan; strengthening the Canadian Environmental Assessment Act, 2012; expanding tax relief for investment in clean energy generation equipment; and closing tax loopholes.

The federal government had originally included several changes to pensions - reforms and frameworks for MP pensions, public sector employee pensions the CPP and pooled registered pension plans. However, government has since allowed the MPs pension reform provisions to be passed in a separate Bill: as of 2015, the new age of eligibility for MPs to collect their pension without penalties will be raised from 55 to 65, and MPs are to increase their pension plan contribution to 50%. These new rules will come into effect after the next federal election in 2015.