This bill is from 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. The Library of Parliament has also written a full legislative summary of the 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.
Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other C-9s:
Tamara Jansen Conservative Cloverdale—Langley City, BC
Mr. Chair, Canadians need the finance committee to get to pre-budget consultations. When will the government stop the cover-up and end the filibuster?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I feel so strongly about the previous question, I am going to finish my answer. We cannot peddle snake oil to Canadians and we have to be clear with Canadians that it is better to act quickly with limited local restrictions than to wait too long and have a raging virus.
Tamara Jansen Conservative Cloverdale—Langley City, BC
Mr. Chair, the Liberals have been filibustering for 30 hours. I just left another one. Will the government stop the cover-up and end the filibuster at finance committee, yes or no?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, the government is very glad to be here in force this evening answering questions of all members of Parliament.
Bernard Généreux Conservative Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC
Mr. Chair, I have a very simple question. My constituents want the finance minister to tell them what Canada's debt is right now.
Chrystia Freeland LiberalDeputy Prime Minister and Minister of Finance
Mr. Chair, I apologize in advance for my French.
I will not give any new numbers, but I can repeat and remind members of the numbers that were announced in July.
Bernard Généreux Conservative Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC
Mr. Chair, in that case, what are the numbers?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, the debt that was announced in July was $1.060 trillion according the economic and fiscal snapshot.
Bernard Généreux Conservative Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC
Mr. Chair, according to the finance minister, what is the estimated deficit for this year, which will end in April?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I am sorry, but once again, I will not be giving out any new numbers this evening. They will be released later this year. However, in July, we gave a specific number for the projected deficit, which was $343.2 billion.
Bernard Généreux Conservative Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC
Mr. Chair, does the minister expect the deficit to climb to $400 billion or $450 billion by April?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, as I said last week and as we said in the throne speech, we will provide new numbers later this year.
Bernard Généreux Conservative Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC
Mr. Chair, the minister is well aware that the interest rate, which is very low right now, will not remain low forever.
If the interest rate were to go up 0.25% or 1%, what impact would that have on Canada's debt?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I am glad the member agrees with me that the interest rate is very low in Canada and around the world right now.
To be clear, in proportion to the size of our economy, Canada's interest rate is at a 100-year low.
Bernard Généreux Conservative Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC
Mr. Chair, if the rate went up, what impact would that have? It is a very simple question.
We know that we have a $1-trillion debt. If the interest rate were to go up just a quarter point, what impact would that have on Canada's finances?