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.
Greg McLean Conservative Calgary Centre, AB
Madam Chair, the first question I have for the Minister of Finance is this: How much is budgeted to pay for the rent relief program?
Income Tax ActGovernment Orders
November 5th, 2020 / 10:50 p.m.
University—Rosedale Ontario
Liberal
Chrystia Freeland LiberalDeputy Prime Minister and Minister of Finance
Madam Chair, I am going to be giving specific updates in my fall economic—
Greg McLean Conservative Calgary Centre, AB
Madam Chair, I think it was $2.3 billion until December 31. What percentage of that is for municipal taxes to be paid?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, we have a broad understanding of the relevant expenses that can qualify for the rent subsidy.
Greg McLean Conservative Calgary Centre, AB
Madam Chair, what percentage is for mortgages to be paid to the banks?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, as I said, our objective in creating this program has been to reach a broad range of businesses—
Greg McLean Conservative Calgary Centre, AB
Madam Chair, has the minister thought about the unintended consequences of the 25% bump-up if a municipality goes into lockdown?
For instance, my municipality of Calgary is getting 90% of municipal taxes and the utility fees for 90% of the utility it owns, so it might be a motivation to actually cut down our economy when we do not necessarily need to. Can the minister respond to that?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, I have thought really carefully about the intended consequences of the lockdown support. What I believe this support will do is empower public health officers, mayors and premiers to do the right thing for health because that is going to be the right thing for the economy.
Greg McLean Conservative Calgary Centre, AB
Madam Chair, the balance sheet of the Bank of Canada has increased by $450 billion since the pandemic started. Of that, $175 billion is in the repo market. That means it has paid the banks. Can the minister tell us why so much?
Chrystia Freeland Liberal University—Rosedale, ON
Madam Chair, the members opposite seem to be confusing the job of the finance minister with the job of the Governor of the Bank of Canada. I understand the distinction, and I honour it.
Greg McLean Conservative Calgary Centre, AB
The answer, Madam Chair, is to keep interest rates low. Interest rates go down, outstanding bond prices go up. It is kind of a rule, but about 100% correlation: we will put it that way.
With $250 billion in the secondary market, how many billions of Canadian dollars has the Bank of Canada wasted and overpaid to institutions to redeem off-the-run securities in the financial markets?
Chrystia Freeland Liberal University—Rosedale, ON
Again, Madam Chair, the members opposite seem oddly keen on undermining the independence and the authority of the Bank of Canada, and I can think of nothing that is more pernicious and more dangerous in this difficult time. Our government believes in the independence of our Bank of Canada. We know how important that is to our economy.
Greg McLean Conservative Calgary Centre, AB
Madam Chair, who is responsible for the overpayments of the government's Crown corporation called the Bank of Canada?
