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.
Mary Ng Liberal Markham—Thornhill, ON
Madam Chair, we have provided a range of program supports for businesses, and the regional development office in Quebec, CED-Q, provides additional support for those businesses that may not have access to the other programs that we have.
Sébastien Lemire Bloc Abitibi—Témiscamingue, QC
Madam Chair, it is all well and good to want to extend the program until 2021, but what will the parameters be as of January 2021? We know that business owners need predictability. We only know the parameters until December 31, 2020. What will they be after that?
Mary Ng Liberal Markham—Thornhill, ON
Madam Chair, absolutely, I agree with the member that businesses need this predictability. This is why we have this legislation here. What businesses can rely on is that there will be support all the way until June, and—
Sébastien Lemire Bloc Abitibi—Témiscamingue, QC
Madam Chair, once again, she did not answer my question.
Rent assistance must be given to those who need it, particularly to home-based businesses.
Will the program be adapted to that reality? Will there be provisions in the budget for the fixed costs of entrepreneurs who run a business out of their home?
Mary Ng Liberal Markham—Thornhill, ON
Madam Chair, we have provided a wide range of supports, from the CEBA loan to the wage subsidy as well as this commercial rent subsidy for businesses. It is a wide range of program supports that we are providing Canada's entrepreneurs and businesses.
Sébastien Lemire Bloc Abitibi—Témiscamingue, QC
Madam Chair, many business owners have paid a lot of money in interest charges since the beginning of the pandemic.
Will the assistance that has been announced enable business owners to pay off all of the interest charges they have incurred?
Is there a cap? How much can a business owner be reimbursed for?
Mary Ng Liberal Markham—Thornhill, ON
Madam Chair, this is where I am very happy to talk about the Canada emergency business account, which is interest-free: $40,000 is now going up to $60,000. Of that, $20,000 is forgivable, and it is interest-free.
Sébastien Lemire Bloc Abitibi—Témiscamingue, QC
Madam Chair, the question is, when will business owners have the money in their account? Can we have a date, for the sake of predictability?
Mary Ng Liberal Markham—Thornhill, ON
Madam Chair, our commitment is to make sure those businesses are supported with that liquidity.
Kody Blois Liberal Kings—Hants, NS
Madam Chair, I would like to use my five minutes to ask questions of my hon. colleague, the Deputy Prime Minister and Minister of Finance. On behalf of my constituents, I want to thank her for her tremendous work throughout this pandemic. She has been a real leader and I want to make sure that is on the record.
Unlike the member of Parliament for Carleton, who would ask a two-second question and expect a two-second response, I would like the minister to have the opportunity to answer the questions because I really do want to hear from her.
This bill deals with, of course, the wage subsidy and the rent subsidy, which are two really important programs. I have heard that from my constituents, particularly the wage subsidy for tourism-related businesses.
Can the minister speak to how these programs will remain the same, or to some of the changes, particularly as it relates to the rent subsidy?
Chrystia Freeland LiberalDeputy Prime Minister and Minister of Finance
Madam Chair, I would like to thank the hon. member for his really hard work, not only representing his riding, but also speaking for rural Canada. I always appreciate his advice on these issues.
When it comes to his question about what is so valuable about the measures all of us are supporting in this House tonight, we are now going to be able to say to small businesses across the country they will get up to 65% of their wages covered and up to 90% of their rent covered if they are subject to a local lockdown. Let us not forget about the expansion of CEBA, up to—
Kody Blois Liberal Kings—Hants, NS
Madam Chair, the point about the lockdown is extremely important. Here in Nova Scotia, we have been very blessed with the Atlantic bubble, and we have not seen some of the issues that other areas of the country have.
Could the minister go into a bit more detail on what that lockdown measures means for businesses being forced to shut down?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, I am glad the member mentioned the Atlantic bubble. This was controversial when Atlantic premiers first introduced it. The significant restrictions they—
