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.
Yves Perron Bloc Berthier—Maskinongé, QC
Madam Chair, I would like the Minister of Finance to share her thoughts about businesses that are not entitled to the subsidies.
Does she not feel uncomfortable about the fact that her party used the wage subsidy? Does she not feel that her party should, in good faith, acknowledge its poor choice and give that money back to taxpayers?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, I will continue with my response about the tourism sector. I just wanted to say that the situation facing all businesses that depend on our borders and on travellers was unique. The quarantine measures and border restrictions really hit those businesses—
Mike Lake Conservative Edmonton—Wetaskiwin, AB
Madam Chair, does the minister view Parliament as an essential service?
Income Tax ActGovernment Orders
November 5th, 2020 / 9:05 p.m.
University—Rosedale Ontario
Liberal
Chrystia Freeland LiberalDeputy Prime Minister and Minister of Finance
Madam Chair, I imagine I am the minister referred to, because there are a few of us here. I would certainly say that I am glad to be here answering questions tonight.
Mike Lake Conservative Edmonton—Wetaskiwin, AB
Madam Chair, I did not think that would be that tough a question, but I should not have been that surprised because in answering questions, or not answering questions, the minister has repeatedly reflected on her days negotiating trade agreements. I would remind the minister or maybe ask the minister if she sees the role that she would play negotiating an agreement with a foreign government as identical to being accountable to the Canadian people in their elected Parliament.
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, what I do see as identical is my accountability to members of the House and to Canadians in all of the roles that I have been privileged to serve in this government.
Mike Lake Conservative Edmonton—Wetaskiwin, AB
Madam Chair, I hope that we can get an answer to the question. It has been asked a couple of times.
What would be the impact of a 1% increase on interest rates to the federal debt?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, the really important thing to emphasize for Canadians when talking about the interest charges on our debt is this actually rather startling fact, which is today the interest charges on our debt—
Mike Lake Conservative Edmonton—Wetaskiwin, AB
Madam Chair, does the hon. member know what interest rate the Bank of Canada overnight rate was in August of 1971?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, one thing I pointed out in my speech last week was the way in which interest rates and the relationship between interest rates and growth have changed over the past decades.
Mike Lake Conservative Edmonton—Wetaskiwin, AB
Madam Chair, it was 5% in August 1971.
Does the hon. member know what the Bank of Canada overnight rate was in August of 1976?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, as I said, interest rates have varied over the past century. One very important fact was that only in the eighties and the nineties—
