This bill was last introduced in the 43rd Parliament, 2nd Session, which ended in August 2021.
Chrystia Freeland Liberal
This bill has received Royal Assent and is now law.
This is from the published bill.
This enactment amends the Income Tax Act to revise the eligibility criteria, as well as the level of subsidization, under the Canada Emergency Wage Subsidy (CEWS) as part of the response to the coronavirus disease 2019. It also extends the CEWS to June 30, 2021. The enactment further amends the Income Tax Act to introduce the Canada Emergency Rent Subsidy (CERS) in order to support those hardest hit by the coronavirus disease 2019. This subsidy provides relief in respect of rent and interest on debt obligations incurred to acquire real property used by businesses, charities and not-for-profit organizations in the course of their businesses or other activities. The rent subsidy is effective as of September 27, 2020.
All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, she will not tell the people of Canada how much of their money is being debased to fund her government's spending.
I will ask one last time, and then we will know that she will not answer and she is covering it up. How much of the debt of the Government of Canada has been financed through printing by the Bank of Canada this year?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, it is profoundly irresponsible of the member opposite to suggest that a finance minister defending the independence of the Bank of Canada is “covering up” something. That is not how we do things in Canada.
I am happy for members here to ask questions about our programs. I am happy for members here to ask questions about our—
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, I do not think the minister has given a single number with regard to any of these questions. I do not know why that is. If it is because she believes that Canadians do not have the right to know, she should just say so.
She will not tell us the limits on the debt. She will not tell us how much the Bank of Canada has printed to fund her government's debt. She will not tell us whether the debt will be paid back before interest rates rise.
Is there anything, mathematical or numerical, about our debt that anyone on the government side can share with the Canadian taxpayers, who will have to repay that debt?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, let me say a couple of numerical and mathematical things for the member opposite.
The first is that the debt service charges, as a share of GDP, that Canada is paying today are the lowest in 100 years. Notwithstanding the very considerable support we have given the economy so far, the debt service charges are the lowest in 100 years. That is a very—
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, we are getting somewhere now.
How much would they go up in cost if interest rates rose just 1%?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, let me share another very important number with the member opposite. Seventy-six per cent of COVID-19 job losses recovered in Canada—
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, again, the minister cannot even tell us what it would cost Canadian taxpayers for interest rates to go up just 1%, which would still be far below the historical average. Why is she so afraid to give that number?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I am not afraid of much, and I would like the member opposite to come clean with Canadians. The Conservatives need to decide if they are the party of austerity or they believe in supporting Canadians through this crisis.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, we believe in supporting Canadians through this crisis. I can answer a question; now let us see if she can try. That is how it is done.
A 1% increase in interest would cost the Canadian taxpayers how much?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, let me share one motto I had during the NAFTA negotiations. It is a motto that has served us very well. I believe that engaging in hypothetical speculation is never appropriate for a minister of the Crown.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, does she think it is hypothetical speculation that someday interest rates could go up 1%? Is she telling us that she does not plan for that scenario?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, as I said in my speech last week, and as I have said a number of times this evening, we will be sharing detailed fiscal projections in the fall economic statement. That is not for tonight.
