Mr. Speaker, today I rise to speak on Bill C-14, which aims to ensure that Canadian families, workers and businesses that continue to be impacted by COVID-19 receive the assistance they need via some of the measures our government detailed in the 2020 fall economic statement.
I know all parliamentarians, my colleagues, will continue to ensure we have the backs of Canadian families by providing them with the support they need as we all deal with COVID-19.
I wish to take a moment to thank the residents of my riding of Vaughan—Woodbridge and the City of Vaughan, who have heeded the requests from public health officials over the past year to do what is right: wear a mask, socially distance and now stay home. Together we will get through the pandemic. On behalf of all citizens, I wish to express our gratitude to the essential and front-line workers who have our backs. I thank them for what they do day in and day out.
As an economist by profession and a participant in the global financial markets for over 20 years, and who worked through the tech bubble and the global financial crisis, I was frankly not surprised by the magnitude of the impact of COVID-19. It was an exogenous shock that, as referred to in economic terms, froze the Canadian and global economy for a period of time.
With that, since day one, our government has been laser focused and will continue to be there for Canadian workers, entrepreneurs, families and students. Measures such as the Canada emergency response benefit assisted nearly nine million Canadians who one day were gainfully employed, providing for their families and building their futures, and the next day had their workplaces shut down, or even worse, found their jobs gone.
Our focus remains to help and support these Canadians. The CEBA and the Canada emergency wage subsidy have helped hundreds of thousands of businesses, including hundreds of businesses in my riding of Vaughan—Woodbridge. The wage subsidy, in one month alone, supported nearly 4.5 million Canadian workers. It has been remarked upon as the key mechanism to maintain attachment between employers and their employees so we can ensure a faster recovery for our economy. We know for a fact that the Canadian labour market is recovering faster from COVID-19 than that of the United States. We do not want permanent scarring to occur in the Canadian labour market, and the CEWS is such an important program to ensure recovery in employment levels as we move into recovery from the pandemic.
In April 2020, according to Statistics Canada, the initial widespread COVID-19 economic shutdown directly affected 5.5 million Canadian workers, including three million who lost their jobs and 2.5 million who were employed but experienced COVID-related absences.
We are seeing a recovery. We know we have much work to do. December 2020's Labour Force Survey recorded 1.1 million Canadian workers who remain impacted by COVID, including 636,000 who lost their jobs due to the impact of COVID. This level of lost jobs is much greater than what was experienced during the financial crisis. Again, we know much work must be done to get our economy back to full employment and all Canadians working again.
As stated in the Speech from the Throne, our government has committed to create over one million jobs, restoring employment to pre-COVID levels. As parliamentarians, in the interim we must again ensure that Canadian workers and families continue to have the support they need. The recovery benefits, including the Canada recovery benefit, the sickness benefit and the caregiving benefit, along with enhanced flexibility in the employment insurance system, are ensuring that Canadian families do not have to choose between putting food on their tables or paying rent. We will have their backs.
Bill C-14 will provide for the implementation of a number of measures from the fall economic statement that will assist Canadian families and students and ensure help for Canadian businesses through the Canada emergency rent subsidy. I know from my friends across the aisle in the official opposition that support for families with children is also a priority.
In 2015, our government promised we would strengthen the middle class and those working hard to join it. The Canada child benefit was at the centre of this promise. This measure has lifted hundreds of thousands of children and their families out of poverty and continues to provide tax-free monthly material assistance to those families in Canada who need it most. In my riding alone, over 15,000 children receive the CCB every month. Nearly $60 million annually in tax-free assistance is being delivered to Vaughan—Woodbridge families.
Bill C-14 will provide for immediate and temporary relief for families we know are impacted by COVID-19, with up to $1,200 in 2021 for each child under the age of six for low- and middle-income families entitled to the Canada child benefit. This would apply to families with net incomes below $120,000. For those above, the payment would be $600.
This measure is anticipated to benefit 1.6 million families and, with that, 2.1 million children. I ask my colleagues from all parties to join in ensuring that the assistance to these families and children occurs in a timely manner.
Bill C-14 also includes direct measures to ensure we assist small business owners impacted by COVID-19, with direct and timely payments to cover rent and associated expenses. The measures will ensure that small business owners are able to receive assistance on a timely basis ex ante to help them cover the rent payable.
We know that the Canada emergency rent subsidy is assisting hard-hit businesses to pay for rent and related expenses. The CERS provides direct and easy access to rent and mortgage support from September 27, 2020, until June 2021 for qualifying organizations. The program is revamped. We consulted and listened, and provide payments directly to renters rather than having them go through their landlords. For small businesses shut down by a public health order, the rent subsidy will cover up to 90% or up to $75,000 in monthly expenses. Bill C-14 would formalize the current administration of the rent subsidy, which includes, again, rent payable. This is very important.
To date, total approved applications are nearly 240,000, with a value of funds distributed to hard-working entrepreneurs across this country of nearly $1 billion.
We know that young people continue to suffer disproportionately from the economic impacts of COVID-19, particularly on the unemployment front. Bill C-14 would assist students by easing the financial burden of student debt during the recovery and, with that, eliminating the interest repayment on the federal portion of Canada's student loans and the Canada's apprenticeship loans for 2021-22. The measure would help 1.4 million Canadians, providing over $300 million in savings to students.
We have students' backs, and I am glad to say that we are vastly expanding the Canada summer jobs program, with approximately 120,000 job opportunities this year versus 80,000 in a prior year. This is great news for youth in my riding of Vaughan—Woodbridge and across Canada as we continue to recover from the impact of the COVID-19 pandemic.
Before I finish up my remarks today on Bill C-14, which I hope moves through the House quickly to assist families and businesses throughout our country, I note that much has been written about where our economy and our future are going, not only in Canada but also around the world. I read something over the holidays and it continues to strike me as something very important. It is from an International Monetary Fund series written by very well-known economists, authors and thinkers. We want to rebuild. We want to build a more inclusive society and we want to strengthen our social fabric. I will read a quote from an article I read that struck me as being at the core of this. It is from Ian Goldin, entitled “Rethinking Global Resilience”:
The devastation caused by COVID-19 compels us to redouble our efforts to create a fairer and more inclusive world. This requires that we address the threats that endanger our lives and exacerbate inequality, poverty, and climate change. Building a resilient and sustainable future requires action by all of us, from the individual level up to the global level. International cooperation is vital not only between governments, but through civil society, business, and professional collaboration. The networked problems of our time are amenable to networked solutions. We must use this crisis to build new and stronger bonds, in our communities, in our countries, and globally.
It is obviously great to be back here in Parliament, but we must continue to assist Canadians impacted by COVID-19. We must continue to have their backs.
The federal government is working with and listening to many stakeholders, some here in my riding. I have spoken to many small business owners, and I know how grateful they are for the Canada emergency business account. I know how much the Canada emergency response benefit made a difference in the lives of many citizens, particularly the many people who lost their jobs for no other reason than COVID-19.
This was not an economic recession caused by the capitalist or market system. This was caused by an exogenous event, and our government reacted strongly and continues to provide the help that Canadians from coast to coast to coast need. We have sectors that are in rough shape, including hospitality and tourism. We need to assist those sectors. They will gradually be assisted as the economy opens up, with the rollout of the vaccine.
I am going to end there. Again, it is great to be back, and I look forward to answering questions from my hon. colleagues.
