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.
Income Tax ActGovernment Orders
November 5th, 2020 / 8:35 p.m.
University—Rosedale Ontario
Liberal
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?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, during my time as minister of foreign affairs and during the NAFTA negotiations, I abided by a very effective rule: never answer hypothetical questions. It is inappropriate for a minister to answer such questions.
Bernard Généreux Conservative Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC
Mr. Chair, how was my question hypothetical? We know that the debt is $1 trillion and that it is bound to increase by 0.25% sooner or later.
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I would like to highlight something that the member said himself, specifically, that interest rates are currently very low. The interest rate we are paying today in Canada is at a 100-year low. It is very important that Canadians understand that.
Bernard Généreux Conservative Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC
Mr. Chair, clearly, the minister does not want to answer the question.
Bill C-9 is retroactive to what date?
In other words, when can people start taking advantage of the measures included in the bill, once it passes?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I thank the member for his excellent question.
That will depend on our actions and our willingness to pass it quickly. It will also depend a great deal on the Senate. I would be very grateful if the Conservative Party could speak with the Conservative senators and help us pass this important piece of legislation.