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:
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, I am going to quote a Financial Post writer who observed that for sure debt is a concern when it comes to our future generations, but saddling them with a weaker economy than it needs to be is an even greater concern. That is—
Karen Vecchio Conservative Elgin—Middlesex—London, ON
Madam Chair, on April 24, 2020, the Prime Minister announced the Canada emergency rent benefit for qualifying commercial property owners and small business tenants. Within weeks there were multiple issues that arose and we were all contacted by our constituents. It has now been six months and the government has finally changed the program. What took so long?
Chrystia Freeland LiberalDeputy Prime Minister and Minister of Finance
Madam Chair, I am really pleased that in all the questions we have been receiving tonight, there seems to be a unanimous view that the new rent subsidy program we are debating is a good program that will support our businesses in the future.
Karen Vecchio Conservative Elgin—Middlesex—London, ON
Madam Chair, the rent program ended in September and nothing is yet in place. What is the advice from the minister to these businesses that are now closing and getting foreclosure notices?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, that is precisely why the new rent program we are debating tonight is retroactive to September 27.
Karen Vecchio Conservative Elgin—Middlesex—London, ON
Madam Chair, what is the minister's advice to the banks that are pulling these loans during COVID—19 and increasing interest rates on these companies?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, I believe that it is the responsibility of banks, landlords and all of us to be supporting the Canadian businesses—
Karen Vecchio Conservative Elgin—Middlesex—London, ON
Madam Chair, this is all fine and well, but in my riding of Elgin—Middlesex—London, I was contacted by a trampoline park owner. They are about to close three more trampoline parks. They have already closed four in Canada: one in Moncton, one in Winnipeg and two in Quebec. These are huge industries and this place alone has over 200 employees.
This is this business owner's family. His life savings have been invested in this. Prior to going into COVID-19, it was extremely successful. Each and every one of them was extremely successful, but if people cannot do business, they cannot pay the rent. For many months, they were not able to get support from the government. They have received notice from their bank that they are being foreclosed on.
What is the advice when 200 jobs are going to be lost and an additional three businesses are closing?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, without knowing the precise details of the enterprise, I cannot give precise guidance, but I would say this. If we can get this legislation passed with alacrity, which I really hope we can, then Canadian businesses will be able to get up to—
The Deputy Chair NDP Carol Hughes
The minister was cut off and there was still time left. I want to make sure the time is even. The member may want to be recognized before she stands again because the mike was turned off. I will allow a couple more seconds for the minister.
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, businesses can get up to 90% of rent covered, up to 65% of wages covered, plus a CEBA loan of $60,000, $20,000 of it forgivable.
Karen Vecchio Conservative Elgin—Middlesex—London, ON
Madam Chair, it is truly too late. I am looking at this business. There are 200 employees and people's life savings are gone down the system and all because we have an overwhelming problem with this pandemic, but the government was not there to help them in the beginning.
What do we tell 200 people and people who are losing their businesses today, not what we are going to be doing in two months but today, who went into this financially fine and had over $800,000 in the bank? We can say that we do not know all of this, but they had $800,000 in the bank and now they are way below that.
What are we telling these businesses that were successful and are no longer in business?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, the first thing I would say is this is not about support two months from now. This is about support really quickly.
The second thing I would say specifically to the Conservatives is that it is time for them to choose a lane. They need to decide whether they think we need to be offering meaningful support to Canadian businesses, as the questions I am getting now suggest, or whether their preoccupation is with debt and deficits. Pick a lane.