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.
Mike Lake Conservative Edmonton—Wetaskiwin, AB
Madam Chair, the interest rate in 1976 was 9.25%.
Does the hon. member know what the Bank of Canada rate was in August 1981?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, what I would like the hon. member to reflect on is that only in the eighties and the nineties did the interest rate exceed the rate of growth. That is a fundamental—
Mike Lake Conservative Edmonton—Wetaskiwin, AB
Madam Chair, the Bank of Canada's overnight rate in August of 1981 was 20.78%.
Does the hon. minister understand the relevance of asking questions about what projected interest rates might be, given her government is taking on over $400 billion in new debt this year alone?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, I very much understand the relevance of history and the way in which Canada's very traumatic experience of debt in the 1990s is shaping the current debate. That is why I addressed that very directly in my speech—
Mike Lake Conservative Edmonton—Wetaskiwin, AB
Madam Chair, does the hon. member know how much the Chrétien-Martin Liberal government cut in transfers to the provinces for health care, social services and education in the late nineties because of the debt the Pierre Trudeau government ran up?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, I am really glad to have the member opposite ask questions about that because I think it is so important for us as a country to remember the lessons of the 1990s and to appreciate—
Mike Lake Conservative Edmonton—Wetaskiwin, AB
Madam Chair, the amount was $35 billion cut from transfers for health care, social services and education in the late nineties.
I am going to use my time to comment right now rather than question. As a parent of a 25-year old with autism, I care about not only what services are available for him now, but what services are going to be available for him two generations from now when we are no longer here to support him and look after him.
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?
Income Tax ActGovernment Orders
November 5th, 2020 / 9:10 p.m.
University—Rosedale Ontario
Liberal
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?
