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.
Bernard Généreux Conservative Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC
Mr. Chair, we know that there will be a retroactive date from which applications can be filed.
Regardless of when the bill passes, what is that date?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I hope I have understood the question.
The commercial rent subsidy will be retroactive to September 27, so the month of October will be covered.
Bernard Généreux Conservative Montmagny—L'Islet—Kamouraska—Rivière-du-Loup, QC
Mr. Chair, a company in my riding purchased a business in mid-March, at the start of the pandemic. Since then, it has never been able to access the wage subsidy even though it never ceased operations.
Will Bill C-9 fix this problem with the previous bill? Will people who purchased a business at the beginning of the pandemic and became ineligible for the subsidy have access to it?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I thank my colleague for his very important question.
During the pandemic, we discovered that there were some very unique cases. I will ask the member to speak with me and my staff. We will look at the particulars of this company and see what we can do.
Ted Falk Conservative Provencher, MB
Mr. Chair, the Prime Minister boasted just recently that 378,000 new jobs were created in September. Economists are predicting only 58,000 new jobs in October. It seems to me that this is not a consistent plan for a reasonable recovery.
What is the government's plan for continued, consistent job growth?
Income Tax ActGovernment Orders
November 5th, 2020 / 8:45 p.m.
University—Rosedale Ontario
Liberal
Chrystia Freeland LiberalDeputy Prime Minister and Minister of Finance
Mr. Chair, the member is absolutely right that the September job numbers were strong, stronger than economists predicted. That is an accomplishment by all Canadians.
Having said that, as the member opposite knows, since then we have entered into a second wave of the pandemic. The provinces are fighting it. Many have put in place local lockdown provisions. That is the right thing to do, but the lockdowns will have a short-term cost.
Ted Falk Conservative Provencher, MB
Mr. Chair, to will follow up on my previous colleague's question about businesses that do not fit the box in the one-size-fits-all approach of the government subsidies being offered to business owners, what avenues are there for them to seek some kind of assistance from the government?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, inevitably, when we create programs to support Canadians, we need to have broad-based programs. Those are the programs we are voting on this week, and I know Canadian business owners need them and want them. An additional area where business owners can get support is through the regional development agencies.
Ted Falk Conservative Provencher, MB
Mr. Chair, in the recent throne speech, the Prime Minister indicated that Canada was going to borrow money and spend money because the Liberals recognized that Canadians could not. Whose money does the finance minister think they are borrowing?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, we could have made a choice not to provide the CERB to Canadian workers who lost their jobs because of COVID. We could have chosen not to provide the wage subsidy. We could have chosen not to provide the CEBA. Business owners would have gone broke. Canadians would have lost their homes. That was not our choice; it was the right choice.
Ted Falk Conservative Provencher, MB
Mr. Chair, Canadians have leveraged their assets and their homes to finance their businesses and pay for their everyday expenses. They have gone to their banks and their banks have given them lines of credit and established credit limits.
The Government of Canada has gone to the Bank of Canada. Has the Bank of Canada established a credit limit for the government?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, questions for the Bank of Canada are properly addressed to the Bank of Canada. I respect the independence of the Bank of Canada, and I urge all members of the House to do so as well.
When it comes to Canadian businesses, I know that a lot of Canadian business owners have made great—
Ted Falk Conservative Provencher, MB
Mr. Chair, that shows maybe how the minister has a failed understanding of how finances really work because when Canadians go to their banks, their banks tell them what their credit limits are. Has the Bank of Canada provided the Government of Canada, the borrower, a credit limit?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, if we want to get into a discussion of how finances really work as the member opposite suggests, I think we do need to realize that the relationship between the Government of Canada and the Bank of Canada is entirely different from the relationship between a commercial borrower and a commercial bank.
