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.
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.
Karen Vecchio Conservative Elgin—Middlesex—London, ON
Madam Chair, my lane is with Canadian businesses and I hope that the government will also do so. It is not about WE Charity. It is not about people like Mr. Silver and all of those things. It is about Canadian businesses and people losing their jobs across Canada. It is not about the friends and relatives of the Prime Minister. It is not about the friends of the Liberal government.
This said, I would like to know what I should tell the residents in Elgin—Middlesex—London, who know nobody because they are just average Canadians, who are losing their businesses today? What do I tell them when the government is saying we are here already? This program was already gone a month ago, so Liberals are late to the ball game. I am wondering what we tell businesses that are going out of business because the government has not been there.
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, I would tell them that it is not about what interest rates were in the 1990s, which seems to be the obsession of the member's caucus colleague. I would urge the members on the Conservative benches to really reflect on what they care about. Is it supporting Canadian businesses or is it debt?
Gabriel Ste-Marie Bloc Joliette, QC
Madam Chair, the wage subsidy bill this past spring did not list political parties.
A number of parties, including the Liberal Party, chose to give it a shot, and the Canada Revenue Agency chose to pay. However, the wage subsidy is meant to help businesses offset the loss in revenue as a result of the crisis. It is not meant to line the pockets of a political party that has raised nearly $9 million so far this year.
Does the government think that the taxes and collective debt of Quebeckers and Canadians should be funding millionaire political parties like the Liberal Party?
Income Tax ActGovernment Orders
November 5th, 2020 / 9:15 p.m.
University—Rosedale Ontario
Liberal
Chrystia Freeland LiberalDeputy Prime Minister and Minister of Finance
Madam Chair, I thank the member for his question.
The wage subsidy is designed to help employers protect the jobs that Canadians depend on and to rehire workers who have already been laid off. This support applies to employers of all sizes in all sectors, including not-for-profit organizations that have been hit hard by COVID-19.
To date, more than 3.8 million employees across the country are being supported by the wage subsidy. It is an important program—